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Speaker 1: The issues, the interviews and the inside. Ryan Bridge new

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Speaker 1: for twenty twenty four on the early edition with Smith

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Speaker 1: City New Zealand's furniture bands and a play at store.

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Speaker 1: News Talks dB.

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Speaker 2: Good morning at six half to five, you're on news Talk,

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Speaker 2: said V. I'm Ryan Bridge. Great to have you on

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Speaker 2: this Thursday morning. A lot to get through today. You

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Speaker 2: would have heard this yesterday that A and Z is

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Speaker 2: dropping its rates. It's three year and it's two year rate.

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Speaker 2: We've got the ASB economist Mark Smith on the show

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Speaker 2: just before seven o'clock. It's going to tell us why

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Speaker 2: he thinks we will actually get two rate cuts by Christmas.

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Speaker 2: Doesn't that sound nice? We'll talk to him just before

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Speaker 2: so just before six o'clock this morning. Also this today, JD.

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Speaker 2: Vance as making his big speech at the RNC, the

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Speaker 2: Republican National Convention. This is his first speech. Is Trump's

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Speaker 2: VP nominee. I watched the movie yesterday based on his memoir.

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Speaker 2: Quite a good movie and a very good book. Although

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Speaker 2: it's quickly running out. You can't buy it, certainly. I

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Speaker 2: went to three bookstores yesterday, couldn't find it anywhere, and

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Speaker 2: they're having to do a new print on a new

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Speaker 2: run on the printing. So I'll try and get my

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Speaker 2: hands on that book. But if you do want to

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Speaker 2: watch the movie, it's on Netflix. Mitch McCann's in the

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Speaker 2: US for US that is coming up after six point thirty.

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Speaker 2: This forgive me five thirty. I'm an hour out this morning.

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Speaker 2: Should there be a burger king in Tito or t

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Speaker 2: row depending on how you say it, We'll ask that question.

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Speaker 2: Plus look into that teacup murder mystery in Bangkok. It

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Speaker 2: is seven after five.

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Speaker 1: The agenda, and it's.

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Speaker 2: Going to say the eighteenth of July. US President Joe

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Speaker 2: Biden has called for a ban on assault rifles, including

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Speaker 2: AR fifteen's, the type used in the assassination attempt on

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Speaker 2: Donald Trump. Why to stand against Wiles America and join me, Ketty,

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Speaker 2: the brothers were off the Speaks of America. Biden made

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Speaker 2: the call during his first return to campaigning. Following the shooting.

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Speaker 2: Police in Thailand say it's likely six people who were

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Speaker 2: found dead in a hotel room died from cyanide poisoning.

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Speaker 2: It's believed one of the six who died had poisoned

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Speaker 2: the others following a dispute about bad investments and debt.

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Speaker 2: Traces of cyanide were found in cups in the hotel

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Speaker 2: room and in the blood of one of the deceased

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Speaker 2: back here. Now, eight organizations have joined up to give

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Speaker 2: seventy five percent discounts on quad bike crush protection devices

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Speaker 2: that are designed to reduce injuries and deaths. Safer Farm's

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Speaker 2: chair Lindy Nelson says this year is already the deadliest

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Speaker 2: for quad bike deaths and hopes the move will keep

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Speaker 2: farmers safe.

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Speaker 3: Some of these bikes are between six and eight hundred colograms,

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Speaker 3: so bit lands on you.

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Speaker 4: You're going to get.

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Speaker 5: Crushed, so roll over.

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Speaker 3: Protections provide that faith to survive.

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Speaker 2: Gore's Council had to warn motorists of icy roads earlier

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Speaker 2: in the week when temperatures plummeted to minus four point

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Speaker 2: two degrees very chilly. However, it turns out the frozen

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Speaker 2: roads were caused by the council leaving their garden sprinklers

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Speaker 2: on overnight. It says they will make double sure the

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Speaker 2: issue doesn't happen again.

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Speaker 1: It is known up Ryan Bridge, New for twenty twenty

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Speaker 1: four on early edition with Smith City, New Zealand's furniture

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Speaker 1: beds and a playing store news dog Ziddy.

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Speaker 2: Very foggy this morning, and Auckland too, so take care

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Speaker 2: on the roads. Just returning very briefly to that Thailand,

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Speaker 2: the teacup murder mystery in Thailand, because obviously everybody in

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Speaker 2: the room died, so they don't know exactly what happened.

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Speaker 2: But what they can do is look at the security

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Speaker 2: footage from outside the room to see who went in

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Speaker 2: and what happened. Basically, what happens that six people went

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Speaker 2: into the room. Well, actually one woman went in first,

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Speaker 2: so there was one woman in the room. Her name

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Speaker 2: was Sherri Chong. She's in the room alone. She orders

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Speaker 2: tea and food. Tea and food comes in. Waiter comes

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Speaker 2: in and says, shall I pour the tea? And she

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Speaker 2: says no, no, no, no, I'll do all that and he's like, okay,

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Speaker 2: well that's a bit weird, but all right. Anyway, then

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Speaker 2: the other five come in, and security footage says no

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Speaker 2: one else goes into the room, So there's the six

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Speaker 2: of them in there. Anyway, they're all dead, and there's cyanide.

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Speaker 2: Traces of cyanide found in some of the blood, and

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Speaker 2: traces of cyanide found in one of the tea cuts

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Speaker 2: and the food wasn't eaten. So what they think, this

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Speaker 2: is local police. What they think happened is that she

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Speaker 2: has poisoned the other five. There was a dispute between

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Speaker 2: a couple of them, overs and debts and stuff like that.

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Speaker 2: They think that she has poisoned the other five. I know,

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Speaker 2: go figure. They're still obviously that's not confirmed. They're still

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Speaker 2: trying to get to the bottom of it. Ten after five.

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Speaker 2: Now we're going to Tito or Trawl, depending on how

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Speaker 2: you say it, because they're going to build well, they

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Speaker 2: want to build a burger King, not just a burg King,

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Speaker 2: but a Starbucks on the main drag. And if you'll

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Speaker 2: know Tito because you drive through it, if you're going well,

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Speaker 2: whether you're going to Auckland or or down the North Island,

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Speaker 2: it's near Hamilton. Great place, got the corrugated iron buildings,

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Speaker 2: the corrugated capital of the world. They say, locals say,

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Speaker 2: it's going to ruin the character of the town. We

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Speaker 2: don't want them there. Drive through, you know they'll be

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Speaker 2: lit up. And actually, as I read on the story,

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Speaker 2: it does sound quite convenient. It's going to be open

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Speaker 2: from five am till two am, so It doesn't matter

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Speaker 2: whether you're a trucky. You know what, what doesn't matter

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Speaker 2: when you're driving seven days a week. These things are

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Speaker 2: going to be open. So if you're driving through, you're

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Speaker 2: all for this, aren't you? And I think you should

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Speaker 2: be too. I mean, progress is progress. It's going to happen,

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Speaker 2: whether it happens in Teto, what happens down the road,

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Speaker 2: it might as well happen at your place, so that

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Speaker 2: your town's still alive. I would have thought, but I'd

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Speaker 2: love to hear from you this morning. Nine two ninety

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Speaker 2: two is the number of text let us know what

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Speaker 2: you're feeling, Tito, BK, yay or nay. It's sort of

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Speaker 2: like the chemist warehouse. You know, a chemist wahouse pops

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Speaker 2: up everywhere. It kills the local pharmacy. But I mean,

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Speaker 2: it's just just what happens, isn't it supermarkets and butcher's.

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Speaker 2: I mean, it's it's just progress. So anyway, let me know.

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Speaker 2: Nine two ninety two. Do you want to see a

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Speaker 2: BK in Tito? It is twelve after five. We're talking

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Speaker 2: to y Sorry, we're going to talk about the Tay

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Speaker 2: aluminium smelter in just a few seconds because they've got

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Speaker 2: issues sourcing their energy.

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Speaker 1: The first word on the News of the Day early

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Speaker 1: edition with Ryan Bridge and Smith City, New Zealand's furniture

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Speaker 1: beds and a play at store News Talk Zippy.

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Speaker 2: And it's just gone fourteen after five New Zealand Aluminium

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Speaker 2: Smelters is going to have to reduce its electricity usage

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Speaker 2: at ty Point by a total of one hundred megawatts

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Speaker 2: from early August. If you want to know what one

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Speaker 2: hundred megawats means, it's about half of the energy that's

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Speaker 2: needed to Powerhawks Bay at this time of year. The

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Speaker 2: generator Meridian can request that they ramp down their energy

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Speaker 2: used to meet generation demands following a new supply agreement

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Speaker 2: that they started the month. Meridian says the production, sorry,

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Speaker 2: the reduction and power use will help them manage hydro

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Speaker 2: levels in the South Island Energy Resources altered. Our chief executive,

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Speaker 2: John Knegy is with me this morning. John, Good morning

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Speaker 2: to you. They seem to you, good morning, good morning.

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Speaker 2: Seems to be sort of okay with this. Should is

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Speaker 2: there a problem?

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Speaker 4: Is this a wider problem with the both the guess

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Speaker 4: and the electricity markets, and unfortunately none of this is

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Speaker 4: some is a great surprise that's been in the baking

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Speaker 4: for half a thousand odd.

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Speaker 2: Years because obviously in winter there's a there's greater demand

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Speaker 2: and there's also a dip in the in the hydro

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Speaker 2: lake levels, particularly in the South Island. Mean, most of

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Speaker 2: it is what is what? What is your solution to

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Speaker 2: this problem?

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Speaker 4: Oh? Well, look, I think predominantly actually we need to

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Speaker 4: revitalize the New Zealand gas markets because as you said,

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Speaker 4: we've we've got a major electricity user having to turn

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Speaker 4: down production. So that's that's a loss of economic output

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Speaker 4: and that's and that's not a good thing. That's not

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Speaker 4: a good way to run your energy system. But we're

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Speaker 4: also experiencing the same with major GUESS users, the methanol

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Speaker 4: producer and others fertilizer and steelmakers are also burning down

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Speaker 4: their production. Make sure that the declining because they've got

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Speaker 4: decline in gas reserves. Declining guess reserves can be used

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Speaker 4: in the electricity actually prop up the electricity system. So

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Speaker 4: you know, we're not we're not in a we're not

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Speaker 4: in a great we're not in a great shape. And

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Speaker 4: of course with the decline guesses is now we have

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Speaker 4: the threat of blackouts we're struggling to get the lights

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Speaker 4: on and we're getting constant threat of blackouts. We're actually

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Speaker 4: because of gas again, we're not building the GUS fired

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Speaker 4: peekers that the electricity system needs. And a lot of that,

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Speaker 4: of course comes back to previous government's policy settings.

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Speaker 2: So that's the future exploration of oil and gas. I mean,

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Speaker 2: so that has been reversed. Is that basically going to

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Speaker 2: fix the problem or is there actually more that you

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Speaker 2: need to be done in terms of legislation.

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Speaker 4: Oh well, look, I wish it was as easy as that,

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Speaker 4: because of course get new gas exploration and appraisal. There's

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Speaker 4: a long term while a long term issue, and I mean,

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Speaker 4: of course we do have our incumbent producers, you know,

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Speaker 4: who are in situ, and once the oil and gas

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Speaker 4: band has been removed from the legislation, because it's still

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Speaker 4: in place, they are more likely to be the most

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Speaker 4: likely to be the ones who can look at neighboring

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Speaker 4: fields to try and quickly ramp up production. But I

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Speaker 4: guess the point is Ryan, you know, if you can't

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Speaker 4: get extra gas, we're likely to continue to lose industrial

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Speaker 4: production and we have the constant at a blackouts and

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Speaker 4: the solutions are unfortunately that we continue to import coal

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Speaker 4: be using our electricity system because it's such a vital

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Speaker 4: balancing fuel at the moment and now electricity system, or

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Speaker 4: we import gas. When new renewables are fantastic, we need

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Speaker 4: more of them, but we're always going to need gas

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Speaker 4: to back their up. And Mark be sure that the

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Speaker 4: electricity market functions properly. I mean the fact that rio

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Speaker 4: Are the aluminium smelter and Meridian have struck it there

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Speaker 4: as fantastic. But again it comes back to it's not

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Speaker 4: a great way. Bending down industrial production is not a

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Speaker 4: great way to run an your energy system now.

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Speaker 2: And as you say, it happens every winter, doesn't it

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Speaker 2: that they're having to do this, John, thank you very

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Speaker 2: much for your time. John Cantegie with us this morning,

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Speaker 2: executive at Energy Resources ALTEDOA. Coming up next to what

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Speaker 2: the Commerce Commission has to say about Auckland Airport's plans

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Speaker 2: for expansion and what that means for your airfes.

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Speaker 1: Get ahead of the headlines. Ryan Bridge you for twenty

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Speaker 1: twenty four on early edition with Smith City, New Zealand's

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Speaker 1: Furniture Beds and a Planet Store News Talk zid BE.

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Speaker 2: Twenty one after five The Commerce Commission says Auckland Airport's

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Speaker 2: planned charges to airlines over the next five years are

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Speaker 2: too high and could result in excess profits. The airport

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Speaker 2: is set to undergo a multi billion dollar redevelopment, including

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Speaker 2: a combined domestic and international terminal. Auckland Airport was set

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Speaker 2: to increase aeronautical charges to airlines, a cost which would

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Speaker 2: have been passed on to passengers according to those airlines.

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Speaker 2: The executive director of the Border Airlines Representatives, Catho Brian

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Speaker 2: is with me Kath good morning. They have found that

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Speaker 2: the charges, well the plans for expansion were reasonable, but

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Speaker 2: that the profit was going to be too high.

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Speaker 3: Yeah, that's right. So you know, for the second period running,

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Speaker 3: given that airport set prices every five years, Auckland Airport

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Speaker 3: has been found to be targeting excessive profits, which is

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Speaker 3: what the Commission, the language like Commission uses and they

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Speaker 3: are doing that by setting a target return that is

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Speaker 3: too high against the kind of rule set that the

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Speaker 3: Commission requires them to follow, and you know, in this

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Speaker 3: case it really is extremely high. So Auckland Airport this

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Speaker 3: time is targeting a return of eight point seventy percent

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Speaker 3: on aeron re call capex and against the commission midpoint

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Speaker 3: of six point nine and eight. So you know, and

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Speaker 3: those are all numbers, right, But actually what that that

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Speaker 3: kind of looks like is something like two hundred and

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Speaker 3: twenty six million dollars of excess profits. So not all

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Speaker 3: the profits, just profits that are unreasonable.

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Speaker 2: Quite a lot, quite quite a lot, right, Quite what

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Speaker 2: is that? Because the original plan the airline said would

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Speaker 2: have increased fares by forty six dollars for a domestic

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Speaker 2: fare by twenty thirty two. Do you think now the

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Speaker 2: airport will just come back and say, all right, we'll

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Speaker 2: adjust our pricing in line with what the ComCom says

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Speaker 2: and everything will be fine.

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Speaker 3: I think that's exactly what they will say, you know.

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Speaker 3: And the last time they set prices in the pricesing

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Speaker 3: Event three, they reduced their prices by thirty three million,

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Speaker 3: But then again, at that time the delta was much smaller,

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Speaker 3: so at that time they were targeting a much less

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Speaker 3: high like return, if you like. And this time they've

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Speaker 3: really gone to town. So it was pretty clear that

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Speaker 3: the Commission was going to find that this way, that

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Speaker 3: average return or whack was too high. And so here

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Speaker 3: we are, and so I don't think though, that deals

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Speaker 3: with the problem of how expensive the capital plan that

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Speaker 3: the airport has is. At six odds billion.

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Speaker 2: Ye, do you think are you saying, do you think

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Speaker 2: they're baking in a bit of fat when they take

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Speaker 2: these plans to the concoction?

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Speaker 3: Well, I guess you know. The rules say that the

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Speaker 3: airport can can set its capex and can set a

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Speaker 3: tiger return, and the rules say that the airport can

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Speaker 3: set those prices as they wish, and that airlines must pay.

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Speaker 3: And you know, we don't have any kind of contract

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Speaker 3: or agreement. We just get the bill, and so you

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Speaker 3: can see why we get a little bit wound up

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Speaker 3: about it.

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Speaker 2: Certainly when you're getting an IOU that's got two hundred

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Speaker 2: million dollars potentially in excess profits attached to it, I

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Speaker 2: can see why you would be. Kat, thank you very

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Speaker 2: much for your time. We have to leave it there,

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Speaker 2: Katho Brian who is with us from the Board of

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Speaker 2: Airlines Representatives this morning, just gone twenty five after five

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Speaker 2: women in the secret Service.

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Speaker 1: Next separating the fact from the section Kid's Billing edition

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Speaker 1: with Smith City, New Zealand's furniture beds and apply it

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Speaker 1: Store News talksb Welcome.

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Speaker 2: Back to just gone twenty seven after five Now have

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Speaker 2: you seen the story floating around in the last couple

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Speaker 2: of days about the US Secret Service after that assassination

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Speaker 2: attempt on President Trump? The internet's been going nuts, not

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Speaker 2: because how did it happen? What a cockup? Who's responsible?

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Speaker 2: But also because a number of the agents trying to

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Speaker 2: protect the president were women. According to Time magazine, this

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Speaker 2: is based on video of the shooting. One of these

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Speaker 2: agents looked quite frazzled and couldn't get a gun back

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Speaker 2: into its holster. Another apparently frantically shouted what are we doing?

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Speaker 2: Where are we going? After the shots were fired, and

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Speaker 2: Meghan McCain, the daughter of John McCain, the former presidential nominee, tweeted,

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Speaker 2: this is why the notion of men and women being

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Speaker 2: that's the same is just absurd. You need to be

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Speaker 2: taller than the candidate to protect them with your body.

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Speaker 2: Why do they have these short women guarding Trump? Quite

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Speaker 2: an explosive opinion from Meghan McCain. Some are blaming the

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Speaker 2: diversity inclusion targets. Apparently they've got a target of having

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Speaker 2: thirty percent of the Secrets Service agents as women and

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Speaker 2: I can remember similar ants from some firefighters. Male firefighters

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Speaker 2: a few years back they didn't trust women, well smaller

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Speaker 2: women to be able to pull them out of a

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Speaker 2: burning building should the need arise. And others say that

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Speaker 2: these arguments are sexist, that women can and should do anything, etc.

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Speaker 2: Both of these arguments I think kind of have merit.

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Speaker 2: It's a fact that men are generally taller and bigger

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Speaker 2: than women, but that doesn't mean all men are. I

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Speaker 2: can think of many women who are taller and bigger

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Speaker 2: than me who could frankly beat the crap out of

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Speaker 2: me if I needed a bodyguard or saving from a

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Speaker 2: burning building. Their sex wouldn't be an issue to me.

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Speaker 2: But if the person is smaller and not as strong,

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Speaker 2: whether it's a Secret Service agent or whether it's a firefighter,

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Speaker 2: shouldn't there be minimum standards that apply to ensure safety.

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Speaker 2: Surely safety would be top of mind when it comes

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Speaker 2: to both of those occupations firefighters and to the Secret Service.

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Speaker 2: So perhaps Meghan McCain, no matter how outrageous, has a

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Speaker 2: point on this one. Twenty nine minutes after five, we're

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Speaker 2: really going to speak to Mitch McCann, who is out

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Speaker 2: of the United States, A US correspondent about the Republican

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Speaker 2: National Convention, because it's a big day today for JD. Vance.

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Speaker 2: It's his first speech as Trump's nominee for vice president.

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Speaker 2: He's with us just after the news.

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Speaker 4: Do I remind you of your daddy?

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Speaker 1: In my phone?

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Speaker 2: Alamod or hanging out the passenger.

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Speaker 1: On your radio and online on iHeartRadio early edition with

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Speaker 1: Ryan Bridge and Smith City, New Zealand's furniture bids and

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Speaker 1: a playing store. News Talk said be.

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Speaker 2: Now, Maks Karna sn myself, let you help me shell,

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Speaker 2: good morning. It is twenty four away from six year

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Speaker 2: on news talks, he'd be on Ryan Bridge. Trump is

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Speaker 2: narrowly leading Biden in a new poll. This is pole

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Speaker 2: was taken after the assassination attempts and what was it

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Speaker 2: two weekends ago? Now, so the numbers forty three percent

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Speaker 2: to forty one percent. This is the popular poll. And

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Speaker 2: remember you can you can win the popular vote in

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Speaker 2: the United States but actually not be president. It happened

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Speaker 2: to Hillary Clinton because of the electoral college system. So

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Speaker 2: just two points in it, and that still is within

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Speaker 2: the margin of era as well. So I mean, certainly

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Speaker 2: a bump for Trump. He's he's looking good but nothing

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Speaker 2: is a sure thing, nothing is a done thing. We're

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Speaker 2: going to talk to Mitch McCann who's in the States

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Speaker 2: in about ten minutes time. Also, this fascinating photos out

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Speaker 2: this morning, rare images of the Marsho Piro tribe. This

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Speaker 2: is one of the uncontacted indigenous tribe in Peru in

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Speaker 2: the Amazon Rainforest. They don't talk to anyone but themselves.

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Speaker 2: They live in total isolation and there's photos of them

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Speaker 2: which are very rare to be taken, let alone published,

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Speaker 2: that are being published because they say that they are

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Speaker 2: coming into more and more frequent contact with other humans

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Speaker 2: because there's logging going on in the area and they

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Speaker 2: say that it's basically destroying their local habitat and are

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Speaker 2: coming out and running into loggers all the time. So

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Speaker 2: photos have been taken and sad I would encourage you

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Speaker 2: to go and have a look. It is fascinating that

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Speaker 2: there are still people in the world today who live

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Speaker 2: in total isolation from the rest of us. Twenty two

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Speaker 2: away from.

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Speaker 1: Six Bryan Bridge, right.

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Speaker 2: Who're starting with Michael Sergle this morning, who has some

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Speaker 2: news from Dunedin. Michael, the highest rates rise in the

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Speaker 2: country is in the Deep South.

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Speaker 6: Yes, every council in the country is raising rates faster

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Speaker 6: than inflation, with some raising their rates five or even

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Speaker 6: six times fast. Gore District facing the steepest rates rise

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Speaker 6: in the country, with local rates up twenty one point

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Speaker 6: four percent regional rates up thirteen point six six percent.

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Speaker 6: Mayor Ben Bell blaming it on raising costs and what

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Speaker 6: he calls broken funding and finance models. Also facing high

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Speaker 6: rates rises the cyclone effect at Hawk's Bay, Westland District,

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Speaker 6: Central Otago, Protdoa and Dunedin. The Eden's deputy mayor having

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Speaker 6: sleepless nights about the scale of the rates rises. Council's

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Speaker 6: telling us the costs of basics like insurance, interest, water, infrastructure,

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Speaker 6: rubbish collections and roading all going up much faster than

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Speaker 6: the CPI inflation figure.

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Speaker 2: That there's a massive increase is in it And how's

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Speaker 2: the weather?

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Speaker 6: Interned and today lowcloud of possible shower this morning, fine

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Speaker 6: this afternoon reaching eleven degrees.

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Speaker 2: Thanks so much, Michael, Emily, Ansels and christ chats for

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Speaker 2: us this morning. Emily. Work on Selwyn's Rollston College's second

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Speaker 2: campus is recommencing.

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Speaker 7: Yeah, morning, Ryan. It secured some small wins after the

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Speaker 7: education Ministry slashed back its first stage. The college still

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Speaker 7: loses offices and counseling, and its gym remains half the

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Speaker 7: size originally proposed, but it's gained an extra sports field

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Speaker 7: and a larger weights room, among other things. Now Principal

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Speaker 7: Rachel Skelton says they'll fight to ensure Stage two begins

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Speaker 7: immediately after Stage one's twenty twenty six opening. She says

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Speaker 7: it's clear about needing a full high school with all

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Speaker 7: functional parts, and they'll hold the Ministry to account as

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Speaker 7: that is what children deserve.

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Speaker 2: Weather today low.

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Speaker 7: Cloud and patrie drizzle. Easterly is developing this afternoon with

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Speaker 7: a high of twelve degrees.

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Speaker 2: Thanks Emily, We're going to Azaria Howell, who's in Wellington

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Speaker 2: for us this morning. Water reforms, what's going on here

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Speaker 2: as AI.

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Speaker 8: Yeah, councils in the Wellington region are essentially asking for

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Speaker 8: more time around water reform.

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Speaker 2: Now.

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Speaker 8: Ten Lower North Island councils and local Government New Zealand

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Speaker 8: separately have written to the government in a submission opposing

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Speaker 8: the current timelines for local water done Well, which is

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Speaker 8: the replacement for three Waters Now. It's worth noticing the

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Speaker 8: bill is currently before Select Committee so it is being

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Speaker 8: looked at further and could be changed. Upper Huts Council

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Speaker 8: saying the timeline to submit a delivery plan within a

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Speaker 8: year of the new bill's enactment is unrealistic. The councils

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Speaker 8: are warning current deadlines to reach financial sustainability for water

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Speaker 8: services by twenty twenty eight could cause challenges with affordability.

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Speaker 8: The submission from the group of ten councils states it

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Speaker 8: will take fifteen to twenty years of ongoing investment and

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Speaker 8: will require the government to make some financial commitments as

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Speaker 8: well before they can achieve that financially sustainable water network.

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Speaker 8: Local Government Minister Simeon Brown says local water done well

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Speaker 8: will enable councils and communities to determine what works best

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Speaker 8: for them.

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Speaker 2: Could take some time then. Azaria.

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Speaker 8: Weather today, yeah, it could take some time. Wheather today

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Speaker 8: mostly cloudy, drizzle here and there, clearing this evening, light

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Speaker 8: winds across the capital and a high of fourteen today.

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Speaker 2: Azari Hall and Wellington for us, thank you, never ready

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Speaker 2: mantas with us in Auckland, good morning, good morning.

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Speaker 9: I mean just on the back of Azaria is whether

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Speaker 9: our biggest story.

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Speaker 10: You're in Auckland is that four?

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Speaker 2: Isn't it terrible? Worst I've seen it.

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Speaker 9: Well, I'm glad you said that, because we were talking

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Speaker 9: about that in the newsroom and I said, I've been

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Speaker 9: living here now for twenty seven years, and that is

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Speaker 9: the worst folk of you could barely see in front

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Speaker 9: of you, I know, and I think three or four

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Speaker 9: of us all arrived at the same time, because I

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Speaker 9: mean I was only coming across town, but some of

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Speaker 9: the others had to drive so slowly on the motorway.

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Speaker 9: So if you're waking up this morning Auckland, you.

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Speaker 2: Know it's seriously bad. Yeah, because everyone's old.

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Speaker 10: Neh, you're so dramatic.

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Speaker 2: No, I've never seen it that bad. Leo, our producer,

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Speaker 2: said the same thing when he got in. So there's

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Speaker 2: you're not alone.

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Speaker 10: Yes, okay, Well that there you have it right.

436
00:23:49,640 --> 00:23:52,240
Speaker 2: Switching for me. Actually, this is about remote work and

437
00:23:53,160 --> 00:23:56,040
Speaker 2: working from home. Maybe you should just work from home today?

438
00:23:57,160 --> 00:23:59,760
Speaker 9: Well you see, yes, very god, you're quite right, because

439
00:24:00,040 --> 00:24:02,359
Speaker 9: this is a research room recruitment agency Robert Haff and

440
00:24:02,400 --> 00:24:04,960
Speaker 9: it shows that forty percent of kiwis they are made

441
00:24:05,000 --> 00:24:07,840
Speaker 9: to work five days in the office, but thirty percent

442
00:24:07,880 --> 00:24:11,480
Speaker 9: of mandated for three or four now, Meghan Alexander says,

443
00:24:11,640 --> 00:24:13,919
Speaker 9: look at employees, you've got to be clear with your

444
00:24:13,960 --> 00:24:16,560
Speaker 9: reasons when you're making that switch, because she says, you

445
00:24:16,560 --> 00:24:20,480
Speaker 9: know and as we know, employees there preferring net flexibility

446
00:24:20,680 --> 00:24:23,919
Speaker 9: of hybrid work structure, leaving work, you know, when they

447
00:24:23,920 --> 00:24:24,760
Speaker 9: need to pick up the kids.

448
00:24:24,760 --> 00:24:26,679
Speaker 10: I think after the lockdown, it's never going to be

449
00:24:26,680 --> 00:24:27,240
Speaker 10: the same, is it.

450
00:24:27,359 --> 00:24:27,439
Speaker 11: No?

451
00:24:27,640 --> 00:24:28,320
Speaker 2: I don't think so long.

452
00:24:28,359 --> 00:24:29,639
Speaker 10: Absolutely so with this fog.

453
00:24:29,720 --> 00:24:31,640
Speaker 2: Plus you'll die on the way to work with the fog,

454
00:24:32,080 --> 00:24:35,640
Speaker 2: so just be careful. What about once the fog lives?

455
00:24:35,680 --> 00:24:36,399
Speaker 2: What's the weather like?

456
00:24:36,560 --> 00:24:40,560
Speaker 10: You know, cloudy in rain? Far of bed tidings a

457
00:24:40,680 --> 00:24:42,119
Speaker 10: hive sixteen thanks.

458
00:24:41,880 --> 00:24:43,359
Speaker 2: Never never read of Matam and what con for us?

459
00:24:43,400 --> 00:24:46,520
Speaker 2: This morning? Seventeen away from Sexier on news Talk said

460
00:24:46,520 --> 00:24:48,399
Speaker 2: b We're live to the States.

461
00:24:48,040 --> 00:24:52,600
Speaker 1: Next international correspondence with ends and eye insurance, Peace of

462
00:24:52,640 --> 00:24:55,640
Speaker 1: mind for New Zealand business.

463
00:24:55,080 --> 00:24:59,680
Speaker 2: Fourteen to six. Big day for jd Vance, the Trump's

464
00:24:59,720 --> 00:25:02,960
Speaker 2: peck for vice president as running mate for the campaign.

465
00:25:03,080 --> 00:25:05,920
Speaker 2: Mitch mccannon's stateside for US Mitch, Good morning, big day

466
00:25:06,359 --> 00:25:08,720
Speaker 2: for him his first speech as the nominee.

467
00:25:09,119 --> 00:25:11,280
Speaker 11: Yeah, good afternoon, Ryan from the US where there is

468
00:25:11,320 --> 00:25:12,479
Speaker 11: a new election drama.

469
00:25:12,600 --> 00:25:15,120
Speaker 2: It seems every single hour of the last week.

470
00:25:15,200 --> 00:25:15,400
Speaker 4: JD.

471
00:25:15,560 --> 00:25:17,720
Speaker 11: Vance is going to be at the convention tonight. He's

472
00:25:17,760 --> 00:25:20,600
Speaker 11: going to take center stage with that speech. And he

473
00:25:20,800 --> 00:25:23,680
Speaker 11: was named as the VP pick only two days after

474
00:25:23,720 --> 00:25:28,440
Speaker 11: Donald Trump was almost assassinated by that gunman in Pennsylvania.

475
00:25:28,520 --> 00:25:31,760
Speaker 11: Tonight provides an opportunity for many in the country to find.

476
00:25:31,600 --> 00:25:33,359
Speaker 2: Out what Vance is all about.

477
00:25:33,440 --> 00:25:36,800
Speaker 11: He grew up poor in the Appalachians in southwest Ohio.

478
00:25:36,960 --> 00:25:39,520
Speaker 11: He ended up going to the Yale Law School. He

479
00:25:39,600 --> 00:25:41,760
Speaker 11: served in the military, he wrote a New York Times

480
00:25:41,800 --> 00:25:44,639
Speaker 11: best selling memoir which was turned into a movie, and

481
00:25:44,720 --> 00:25:47,960
Speaker 11: became a US senator. So tonight he's going to introduce

482
00:25:48,040 --> 00:25:51,280
Speaker 11: himself to the country. And the theme of the convention tonight,

483
00:25:51,359 --> 00:25:54,919
Speaker 11: Ryan is make America Strong Again. It will focus on

484
00:25:54,960 --> 00:25:56,960
Speaker 11: foreign policy and border security.

485
00:25:57,080 --> 00:25:58,200
Speaker 2: It follows last.

486
00:25:58,040 --> 00:26:01,159
Speaker 11: Night's theme, which was make America Safe Again with a

487
00:26:01,200 --> 00:26:03,479
Speaker 11: heavy emphasis on migrant crime.

488
00:26:04,400 --> 00:26:06,480
Speaker 2: Right, let's go to the other side. Now, Joe Biden's

489
00:26:06,560 --> 00:26:08,960
Speaker 2: in Nevada, Yes he is.

490
00:26:08,960 --> 00:26:12,080
Speaker 11: He's speaking trying to court Latino voters today. And let's

491
00:26:12,080 --> 00:26:14,000
Speaker 11: start with a new pole that's come out in just

492
00:26:14,080 --> 00:26:17,400
Speaker 11: the last couple of hours showing how much trouble Joe

493
00:26:17,400 --> 00:26:20,320
Speaker 11: Biden is in with his own party. The Associated Press

494
00:26:20,359 --> 00:26:23,560
Speaker 11: poll found that nearly two thirds of Democrats say Joe

495
00:26:23,600 --> 00:26:26,880
Speaker 11: Biden should withdraw from the presidential race and let his

496
00:26:26,920 --> 00:26:30,120
Speaker 11: party nominate a different candidate. It also found only three

497
00:26:30,160 --> 00:26:33,679
Speaker 11: and ten Democrats now are extremely or very confident he

498
00:26:33,760 --> 00:26:37,040
Speaker 11: has the mental capacity to serve as president. So that's

499
00:26:37,040 --> 00:26:40,160
Speaker 11: about thirty percent. Not good for Joe Biden. And we've

500
00:26:40,160 --> 00:26:43,199
Speaker 11: also found out in the last hour Adam Schiff, a

501
00:26:43,240 --> 00:26:46,919
Speaker 11: prominent Democrat from California, has written a letter asking for

502
00:26:47,000 --> 00:26:50,000
Speaker 11: Joe Biden to step down. So while that assassination news,

503
00:26:50,400 --> 00:26:53,399
Speaker 11: our attended assassination news, may have taken the spotlight of

504
00:26:53,480 --> 00:26:56,639
Speaker 11: Joe Biden, it seems the issue of Democrats wanting to

505
00:26:56,680 --> 00:26:58,240
Speaker 11: step down is not going anywhere.

506
00:26:58,359 --> 00:27:00,800
Speaker 2: Yeah, I think Biden was hoping that that take the focus,

507
00:27:00,840 --> 00:27:02,919
Speaker 2: the spotlight off it and he could just sneak on

508
00:27:03,000 --> 00:27:06,720
Speaker 2: in there, But that may be wishful thinking. Mitch, thank

509
00:27:06,760 --> 00:27:09,320
Speaker 2: you for that. Mitch McCann with US, a US correspondent.

510
00:27:09,359 --> 00:27:11,360
Speaker 2: It is twelve away from.

511
00:27:11,280 --> 00:27:13,840
Speaker 1: Six Ray and Bridge.

512
00:27:14,000 --> 00:27:16,560
Speaker 2: Our banks, some of our banks, i should say, predicting

513
00:27:16,640 --> 00:27:19,919
Speaker 2: rate cuts as soon as next month, following inflation dipping

514
00:27:19,960 --> 00:27:22,240
Speaker 2: to a three year low, reaching three point three percent

515
00:27:22,280 --> 00:27:25,520
Speaker 2: in the June quarter. That still falls outside the Reserve

516
00:27:25,560 --> 00:27:27,800
Speaker 2: Banks target band of one to three percent. As we know,

517
00:27:28,000 --> 00:27:31,560
Speaker 2: am Z's already reacted positively to the move. They've count

518
00:27:31,600 --> 00:27:34,280
Speaker 2: their three year home loan rates to six point three

519
00:27:34,400 --> 00:27:36,640
Speaker 2: five percent and the two year rate to six point

520
00:27:36,760 --> 00:27:40,119
Speaker 2: four nine percent. Joining me now is ASB Senior economist

521
00:27:40,160 --> 00:27:42,520
Speaker 2: Mark Smith, Mark, good morning to you, thanks for being

522
00:27:42,520 --> 00:27:42,840
Speaker 2: with me.

523
00:27:43,680 --> 00:27:44,160
Speaker 5: Good morning.

524
00:27:44,200 --> 00:27:47,280
Speaker 2: Right, you're predicting two cuts before Christmas? Have I got

525
00:27:47,280 --> 00:27:48,640
Speaker 2: that right? Yeah?

526
00:27:48,720 --> 00:27:51,960
Speaker 5: That's correct. The twenty five basis point cut in October

527
00:27:52,000 --> 00:27:54,800
Speaker 5: and then another twenty five basis point cut in November.

528
00:27:55,240 --> 00:27:58,280
Speaker 2: Why won't we need to wait for the quarter three

529
00:27:58,440 --> 00:28:01,200
Speaker 2: data for you to make that that prediction.

530
00:28:02,720 --> 00:28:05,720
Speaker 5: It really comes down to a number of things impacting

531
00:28:05,760 --> 00:28:10,120
Speaker 5: the inflation process. One, yes, the pres event really needs

532
00:28:10,119 --> 00:28:12,000
Speaker 5: to be sure that inflation is going to be below

533
00:28:12,119 --> 00:28:15,520
Speaker 5: three percent pore cutting, but they also need to see

534
00:28:15,560 --> 00:28:17,880
Speaker 5: other things to be confident as well that it will

535
00:28:17,880 --> 00:28:21,239
Speaker 5: stay there once they do cut. Now, to us, it's

536
00:28:21,280 --> 00:28:25,560
Speaker 5: a number of factors. One, really, the economy is very soft,

537
00:28:25,920 --> 00:28:29,320
Speaker 5: and pricing pressures are certainly calling. We've seen that in

538
00:28:29,359 --> 00:28:35,680
Speaker 5: the inflation data. Essentially domestic inflation is calling. External inflation

539
00:28:35,880 --> 00:28:38,920
Speaker 5: is eventually non existent. So we've had the COVID prehium

540
00:28:38,960 --> 00:28:44,360
Speaker 5: and that's significantly unwinding in terms of the domestic inflation components.

541
00:28:44,760 --> 00:28:48,000
Speaker 5: Pressures in the housing market are calling and it expected

542
00:28:48,000 --> 00:28:51,440
Speaker 5: to call further. And some of those surfaces components are

543
00:28:51,560 --> 00:28:54,880
Speaker 5: certainly calling as well, and there were linked the labor market,

544
00:28:55,000 --> 00:28:57,040
Speaker 5: and it's really the major source of where we see

545
00:28:57,080 --> 00:28:58,480
Speaker 5: inflation calling from here.

546
00:28:59,040 --> 00:29:01,360
Speaker 2: What would be worse for the Reserve Bank? Would it

547
00:29:01,440 --> 00:29:06,680
Speaker 2: be prolonged pain like we're seeing now or what happened

548
00:29:06,680 --> 00:29:08,880
Speaker 2: in Australia where inflation bounce back up.

549
00:29:10,480 --> 00:29:13,360
Speaker 5: Yeah, probably more of the latter. I think from the

550
00:29:13,400 --> 00:29:16,080
Speaker 5: Reserve Bank's point of view, it's really it's like the

551
00:29:16,160 --> 00:29:19,440
Speaker 5: regrets analysis. So really what you want to make sure

552
00:29:19,520 --> 00:29:23,200
Speaker 5: is when you do start to ease policy, you have

553
00:29:23,320 --> 00:29:28,200
Speaker 5: to be completely sure that inflation will settle below three resistent. Now,

554
00:29:28,240 --> 00:29:30,640
Speaker 5: the RBA probably took there far off to break a

555
00:29:30,640 --> 00:29:34,480
Speaker 5: little bit too early after the RBNSA. It's really that regret.

556
00:29:34,960 --> 00:29:36,880
Speaker 5: But then on the other side of the coin, you

557
00:29:36,880 --> 00:29:39,680
Speaker 5: don't want to drive the economy completely into the ground

558
00:29:41,160 --> 00:29:43,600
Speaker 5: until you start to ease policy. So it's really a

559
00:29:43,680 --> 00:29:46,880
Speaker 5: trade off between those two things. Now tournaments of the

560
00:29:47,000 --> 00:29:49,600
Speaker 5: RBS's view, we think the view of the risks are

561
00:29:49,640 --> 00:29:53,320
Speaker 5: certainly shifting. For what was certainly the risk is we

562
00:29:53,400 --> 00:29:55,800
Speaker 5: want to make sure inflation is going to settle it

563
00:29:55,800 --> 00:29:58,640
Speaker 5: below th represent. I think we are very confident of

564
00:29:58,680 --> 00:30:01,480
Speaker 5: that now in the Reserve Bank increasing their confident that

565
00:30:01,960 --> 00:30:05,400
Speaker 5: as well. But we're also mindful that there's significant damage

566
00:30:05,400 --> 00:30:08,920
Speaker 5: that you can cause if you leave the OCA high

567
00:30:09,040 --> 00:30:09,520
Speaker 5: for two long.

568
00:30:09,760 --> 00:30:12,560
Speaker 2: Yeah, you don't want to screw the poach very quickly

569
00:30:12,600 --> 00:30:17,760
Speaker 2: before we go how long before we feel richer? If

570
00:30:17,800 --> 00:30:19,400
Speaker 2: you know what I mean, Because I mean it's one

571
00:30:19,440 --> 00:30:21,120
Speaker 2: thing to cut rates and it's and it's you know,

572
00:30:21,160 --> 00:30:23,520
Speaker 2: you're predicting two cuts by Christmas, But when will we

573
00:30:23,560 --> 00:30:26,920
Speaker 2: actually feel like we're not so hard up?

574
00:30:29,160 --> 00:30:31,240
Speaker 5: The thing is that a lot of the slowdown is

575
00:30:31,280 --> 00:30:34,320
Speaker 5: policy induced, but there are other factors going on as well.

576
00:30:34,480 --> 00:30:36,840
Speaker 5: Now it's going to be quite a while before that happens.

577
00:30:37,160 --> 00:30:39,360
Speaker 5: And that's really the care reason why we think the

578
00:30:39,440 --> 00:30:43,040
Speaker 5: Reserve that will start to cut the ocr and that's

579
00:30:43,040 --> 00:30:46,040
Speaker 5: to provide a little bit of interest readily to people

580
00:30:46,040 --> 00:30:48,600
Speaker 5: out there. We know a lot of households are struggling,

581
00:30:48,880 --> 00:30:51,440
Speaker 5: but a lot of businesses are struggling as well. A

582
00:30:51,600 --> 00:30:54,600
Speaker 5: corporate profitability is the lowest it's been as a share

583
00:30:54,760 --> 00:30:58,040
Speaker 5: of incomes in the least thirty years. So they need

584
00:30:58,080 --> 00:31:00,960
Speaker 5: to really provide some relief. Not they need to households,

585
00:31:01,040 --> 00:31:02,400
Speaker 5: but the businesses as well.

586
00:31:02,760 --> 00:31:04,800
Speaker 2: Mark, thanks very much for your time. That's Mark Smith,

587
00:31:04,800 --> 00:31:08,960
Speaker 2: the ASB senior economists. After yesterday's inflation data still not

588
00:31:09,040 --> 00:31:10,680
Speaker 2: in the band of one to three percent where it

589
00:31:10,760 --> 00:31:14,080
Speaker 2: needs to be three point three percent for the June quarter.

590
00:31:14,320 --> 00:31:18,520
Speaker 2: But Mark says, without even knowing what quarter three says,

591
00:31:18,760 --> 00:31:21,600
Speaker 2: they are picking a rate cut. A two rate cuts,

592
00:31:21,600 --> 00:31:24,440
Speaker 2: I should say, by Christmas, one in October and one

593
00:31:24,520 --> 00:31:28,480
Speaker 2: in November. Mike Hosking Next, News and Views you trust

594
00:31:28,520 --> 00:31:29,520
Speaker 2: to start your day.

595
00:31:29,720 --> 00:31:33,200
Speaker 1: It's early edition with Ryan Bridge and Smith City, New

596
00:31:33,280 --> 00:31:36,600
Speaker 1: Zealand's Furniture Beds and a playing store. News Talk zid.

597
00:31:36,440 --> 00:31:39,040
Speaker 2: Be six to six on news Talks, it'd be Mike

598
00:31:39,080 --> 00:31:41,160
Speaker 2: Hosking is with your next Good morning.

599
00:31:42,160 --> 00:31:45,680
Speaker 12: Yes, good morning, good good news.

600
00:31:45,800 --> 00:31:46,000
Speaker 2: Right.

601
00:31:46,080 --> 00:31:47,800
Speaker 12: No, it was the introduction. It was sort of like

602
00:31:47,840 --> 00:31:49,840
Speaker 12: you were going to say something and delay me, and

603
00:31:49,880 --> 00:31:52,000
Speaker 12: I thought, okay, fair enough, old check out, and then

604
00:31:52,040 --> 00:31:56,520
Speaker 12: suddenly I'm on, sorry, no, don't apologize the electricity. So

605
00:31:56,560 --> 00:31:59,280
Speaker 12: you're talking about t y yes earlier on. So so

606
00:31:59,320 --> 00:32:01,880
Speaker 12: we've got Electric Kiwi on this morning, and I'm pretty

607
00:32:01,880 --> 00:32:04,280
Speaker 12: sure we've had them on before, and so they're never

608
00:32:04,360 --> 00:32:06,520
Speaker 12: taking they're not taking any new customers at the moment

609
00:32:06,680 --> 00:32:10,400
Speaker 12: because they because of the wholesale market in this country.

610
00:32:10,400 --> 00:32:12,440
Speaker 12: It's very convolute and complex sort of system we run

611
00:32:12,480 --> 00:32:14,240
Speaker 12: in this country, but it's all supply and demand based

612
00:32:14,280 --> 00:32:15,440
Speaker 12: at the end of the day, and so if you

613
00:32:15,680 --> 00:32:18,000
Speaker 12: doesn't rain enough and then your your hydro goes down

614
00:32:18,040 --> 00:32:20,160
Speaker 12: and then suddenly the price spikes and stuff like that.

615
00:32:20,320 --> 00:32:24,600
Speaker 12: People like Electric Kiwi, who are just retailers, can't afford

616
00:32:24,640 --> 00:32:26,680
Speaker 12: to take on any new customers based on the fact

617
00:32:26,680 --> 00:32:28,440
Speaker 12: that every customer you take on at the current price

618
00:32:28,440 --> 00:32:29,120
Speaker 12: you're paying for power.

619
00:32:29,120 --> 00:32:31,480
Speaker 2: Of course, they're losing dough because wholesale has gone up,

620
00:32:31,520 --> 00:32:32,000
Speaker 2: so they.

621
00:32:31,880 --> 00:32:34,360
Speaker 12: Need They're arguing, you want to do something with the market.

622
00:32:34,440 --> 00:32:36,440
Speaker 12: My problem is I can't work out what it is

623
00:32:36,480 --> 00:32:38,120
Speaker 12: they want to do with the market because most of

624
00:32:38,120 --> 00:32:40,040
Speaker 12: the people, of course are make any money a gen tailor,

625
00:32:40,160 --> 00:32:43,640
Speaker 12: so you generate plus you retail, and therefore that's the

626
00:32:43,640 --> 00:32:45,800
Speaker 12: way to do it, whereas people like him come along

627
00:32:45,840 --> 00:32:48,640
Speaker 12: and go right, I'll go to you. You generate the power,

628
00:32:48,800 --> 00:32:50,360
Speaker 12: tell me how much you're going to charge me for

629
00:32:50,400 --> 00:32:52,000
Speaker 12: a unit, I'll buy it off you. And then I've

630
00:32:52,000 --> 00:32:53,760
Speaker 12: got to flick it on to say you as a

631
00:32:53,800 --> 00:32:56,560
Speaker 12: customer at a profit, and I can't do that anymore.

632
00:32:56,720 --> 00:32:57,760
Speaker 2: And so the market.

633
00:32:57,520 --> 00:32:59,960
Speaker 12: Doesn't seem to work if you're looking to generate competition,

634
00:33:00,040 --> 00:33:01,920
Speaker 12: and so that you're sitting at home going, oh my god,

635
00:33:02,000 --> 00:33:04,120
Speaker 12: my power bills four hundred dollars? Where do I go?

636
00:33:04,240 --> 00:33:06,200
Speaker 12: Can I change companies? All that sort of stuff, So

637
00:33:06,440 --> 00:33:08,680
Speaker 12: it seems a bit stuck. Yeah, So he wants the

638
00:33:08,680 --> 00:33:10,840
Speaker 12: Commerce Commission involved, which is interesting because of course the

639
00:33:10,840 --> 00:33:13,480
Speaker 12: Commas Commission, Greg Forum, we're also talking to you this morning.

640
00:33:14,000 --> 00:33:16,760
Speaker 12: He'll be happy on our behalf, he claims, But Review

641
00:33:16,800 --> 00:33:18,800
Speaker 12: is only happy on behalf of himself, based on the

642
00:33:18,800 --> 00:33:22,160
Speaker 12: fact that the costs being passed on by Auckland Airport

643
00:33:22,200 --> 00:33:24,880
Speaker 12: and their redevelopment have been pinged by the Commerce Commission

644
00:33:24,920 --> 00:33:28,320
Speaker 12: as being excessive. Yeah, and therefore, when you pass it

645
00:33:28,360 --> 00:33:30,440
Speaker 12: on to the airlines. The airlines of course passed it

646
00:33:30,480 --> 00:33:31,800
Speaker 12: on to us, and you and I end up paying

647
00:33:31,840 --> 00:33:34,000
Speaker 12: for a flash airport at Auckland and so see, you see,

648
00:33:34,000 --> 00:33:37,320
Speaker 12: it's all a convoluted mess at the moment.

649
00:33:37,360 --> 00:33:38,920
Speaker 2: But we'll wait, or you will help out.

650
00:33:38,960 --> 00:33:40,720
Speaker 12: We will wade our way through it this morning.

651
00:33:40,720 --> 00:33:43,240
Speaker 2: Break it down this morning. Thank you, Mike. Mike with

652
00:33:43,360 --> 00:33:46,400
Speaker 2: you after six o'clock. It is coming up four to two.

653
00:33:46,520 --> 00:33:49,320
Speaker 2: I'll be back with you tomorrow for your Friday edition

654
00:33:49,520 --> 00:33:54,840
Speaker 2: of Early Edition. Have a great day.

655
00:34:06,720 --> 00:34:09,359
Speaker 1: For more from News Talk set B, listen live on

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Speaker 1: air or online, and keep our shows with you wherever

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Speaker 1: you go with our podcasts on iHeartRadio