1 00:00:00,080 --> 00:00:02,759 Speaker 1: Now, by the way, I was confused earlier with Nikola 2 00:00:03,240 --> 00:00:06,400 Speaker 1: about why the Prime Minister is calling Chippy bow Jangles. 3 00:00:07,040 --> 00:00:09,840 Speaker 1: And I've had our text from the highest levels of government. 4 00:00:09,960 --> 00:00:13,160 Speaker 1: I don't want to say who, but the highest levels 5 00:00:13,160 --> 00:00:15,319 Speaker 1: of government to try to clarify it. And it's bo 6 00:00:15,440 --> 00:00:19,439 Speaker 1: Jandals bo jandals because he's flip flopping. That's what the 7 00:00:19,440 --> 00:00:21,799 Speaker 1: Prime Minister said in parliament. Here it is and of course, 8 00:00:21,880 --> 00:00:24,960 Speaker 1: mister speaker, the worst thing of all is the constant 9 00:00:24,960 --> 00:00:28,040 Speaker 1: flip flopping from the man that I call mister bo Jandals, 10 00:00:28,480 --> 00:00:36,480 Speaker 1: mister bo jendles on the huddle of me this evening, 11 00:00:36,560 --> 00:00:38,080 Speaker 1: Craig re Any of the Sea to you and Philo 12 00:00:38,200 --> 00:00:40,360 Speaker 1: Riley of Iron Duke Partners, and Craig, you had your hands, 13 00:00:40,520 --> 00:00:42,040 Speaker 1: your head in your hands. This is just too lame 14 00:00:42,080 --> 00:00:42,280 Speaker 1: for you. 15 00:00:42,560 --> 00:00:45,440 Speaker 2: Yeah, it's not really the kind of high level discourse 16 00:00:45,479 --> 00:00:46,559 Speaker 2: that we'd helped to find in post. 17 00:00:46,720 --> 00:00:49,440 Speaker 1: Well, listen, when you get into Parliament, I'm gonna hold you. 18 00:00:49,479 --> 00:00:51,080 Speaker 1: I'm going to hold this as your standard and if 19 00:00:51,080 --> 00:00:53,519 Speaker 1: you do lame dad jokes, We're gonna put do same 20 00:00:53,520 --> 00:00:56,160 Speaker 1: thing to you. Okay, deal, I love it. What did 21 00:00:56,200 --> 00:00:58,560 Speaker 1: you think phil of the budget is. 22 00:00:58,480 --> 00:01:01,440 Speaker 3: She business us. You on use the word credible, and 23 00:01:01,480 --> 00:01:02,880 Speaker 3: that's my old almal matters, you know. And I thought 24 00:01:02,920 --> 00:01:05,039 Speaker 3: there was actually a pretty good, pretty good description of 25 00:01:05,040 --> 00:01:08,520 Speaker 3: that to thread the needle between fiscal consolidation, start to 26 00:01:08,520 --> 00:01:10,319 Speaker 3: get that debt being paid down all that's going to 27 00:01:10,319 --> 00:01:11,759 Speaker 3: be a year or two away, and at the same 28 00:01:11,840 --> 00:01:13,720 Speaker 3: time stay true to their growth agender. I think they 29 00:01:13,720 --> 00:01:15,880 Speaker 3: did a reasonable job of that. There will be some complaints, 30 00:01:15,920 --> 00:01:17,640 Speaker 3: but certainly I think business people would be. 31 00:01:17,600 --> 00:01:19,680 Speaker 1: Prety supportedl I think that tax incentive thing is enough 32 00:01:19,760 --> 00:01:20,160 Speaker 1: for growth. 33 00:01:20,240 --> 00:01:23,399 Speaker 3: Yeah, it's actually quite good because it's not just the 34 00:01:23,520 --> 00:01:27,000 Speaker 3: challenge with a depreciation just on capital is if you 35 00:01:27,280 --> 00:01:28,880 Speaker 3: only put the depreciation on things you can hit a 36 00:01:28,880 --> 00:01:30,800 Speaker 3: handle with, like a machine or a car or a 37 00:01:30,800 --> 00:01:33,080 Speaker 3: truck or whatever, that misses out quite a bit of 38 00:01:33,120 --> 00:01:35,000 Speaker 3: the economy. Now, so the fact that they're also doing 39 00:01:35,000 --> 00:01:37,360 Speaker 3: it on software and it and stuff, that that really 40 00:01:37,400 --> 00:01:37,959 Speaker 3: makes the difference. 41 00:01:38,040 --> 00:01:39,840 Speaker 1: Well, I mean, you talk about growth, what she said, 42 00:01:39,920 --> 00:01:42,160 Speaker 1: half of it is super charged in the first five years, 43 00:01:42,160 --> 00:01:44,360 Speaker 1: so that means we get point five percent of growth 44 00:01:44,680 --> 00:01:46,640 Speaker 1: over five years. So it's point one point one point 45 00:01:46,680 --> 00:01:47,440 Speaker 1: that's nothing. 46 00:01:47,840 --> 00:01:50,480 Speaker 3: But it is it'll actually help build confidence that people 47 00:01:50,560 --> 00:01:52,240 Speaker 3: can investment. I was just thinking, I was just talking 48 00:01:52,240 --> 00:01:54,040 Speaker 3: to my staff today, what can we now buy? You know, 49 00:01:54,080 --> 00:01:57,440 Speaker 3: because what's going on. All these policies have an impact 50 00:01:57,440 --> 00:01:59,720 Speaker 3: on it for a short time because eventually starts to 51 00:01:59,760 --> 00:02:02,120 Speaker 3: become just what we do around here. So what if 52 00:02:02,120 --> 00:02:03,760 Speaker 3: I was a sensible government, you'd had that, you'd have 53 00:02:03,800 --> 00:02:05,480 Speaker 3: it for four or five years, and then you change it, 54 00:02:05,480 --> 00:02:06,080 Speaker 3: you do something else. 55 00:02:06,080 --> 00:02:07,840 Speaker 1: Only reason I'm picking it this is because Trump and 56 00:02:07,880 --> 00:02:11,560 Speaker 1: Rishie Sunk both went one hundred percent time limited apparently right. 57 00:02:11,600 --> 00:02:13,840 Speaker 1: So it just caused everybody to feel like they had 58 00:02:13,880 --> 00:02:16,760 Speaker 1: to invest immediately while their option was open for that 59 00:02:16,800 --> 00:02:19,400 Speaker 1: financial year, and they really got significant growth. 60 00:02:19,440 --> 00:02:21,720 Speaker 3: Yeah, you'll also get pointless growth. Someone on want of 61 00:02:21,720 --> 00:02:23,400 Speaker 3: it is just because they can get one hundred percent back. 62 00:02:23,400 --> 00:02:25,519 Speaker 3: So you want you want to incentivize growth, but you 63 00:02:25,560 --> 00:02:27,240 Speaker 3: want to make that a logical pathway so that I 64 00:02:27,360 --> 00:02:29,520 Speaker 3: just don't go and buy five new computers because that's pointless. 65 00:02:29,520 --> 00:02:32,320 Speaker 3: That's not productivity growth. That's that's actually a very fair point. 66 00:02:32,880 --> 00:02:35,680 Speaker 2: We saw during COVID there was a very similar type 67 00:02:35,680 --> 00:02:38,520 Speaker 2: of project in order to encourage business confidence. What you 68 00:02:38,560 --> 00:02:41,680 Speaker 2: saw was businesses bringing forward investment that would have happened 69 00:02:41,680 --> 00:02:44,240 Speaker 2: anywhere just simply to get ahold of the tax benefit. 70 00:02:44,880 --> 00:02:46,840 Speaker 2: So if you if you allow it over a longer period, 71 00:02:46,960 --> 00:02:49,520 Speaker 2: but it actually does that. The challenge I have is 72 00:02:49,680 --> 00:02:51,440 Speaker 2: whether or not it's really going to shift the needle. 73 00:02:51,639 --> 00:02:53,799 Speaker 2: As you see in terms of our productivity and our 74 00:02:53,840 --> 00:02:57,720 Speaker 2: growth problems, it's quite small levels of change. Yes, it's 75 00:02:57,720 --> 00:03:00,360 Speaker 2: an encouraging sign. We want to see more in investment 76 00:03:00,400 --> 00:03:03,280 Speaker 2: in plant and equipment and productivity, but that also means 77 00:03:03,280 --> 00:03:06,079 Speaker 2: more investment in skills. Yeah, it also means more investment, 78 00:03:06,320 --> 00:03:09,720 Speaker 2: you know, in the population. And we've just increased tuition 79 00:03:09,760 --> 00:03:12,160 Speaker 2: fees by six percent. We've just made a bunch of 80 00:03:12,200 --> 00:03:14,000 Speaker 2: other changes that have made it slightly harder to get 81 00:03:14,040 --> 00:03:17,200 Speaker 2: into education. And so that's the challenge is to get 82 00:03:17,200 --> 00:03:18,720 Speaker 2: all those settings right at the same time. 83 00:03:18,760 --> 00:03:20,679 Speaker 3: And they didn't induce much in science, for example, which 84 00:03:20,720 --> 00:03:24,600 Speaker 3: is another one. There was actually nothing just paying for 85 00:03:25,000 --> 00:03:27,480 Speaker 3: CALA and changes and so on. So no real new investment. 86 00:03:27,560 --> 00:03:30,000 Speaker 3: So hopefully that's next year. Hopefully. But yeah, I mean 87 00:03:30,000 --> 00:03:31,600 Speaker 3: it's a use for what I'm not criticising, it's usefuy for. 88 00:03:31,680 --> 00:03:34,000 Speaker 3: It's bigger than I would have expected, but to Christ's point, 89 00:03:34,040 --> 00:03:35,160 Speaker 3: that could be more and I hope they do. 90 00:03:35,400 --> 00:03:37,040 Speaker 1: OK. And what do you think of the bout the Crist? 91 00:03:37,200 --> 00:03:40,040 Speaker 2: Well, obviously from the ctu's perspective, our big concern was 92 00:03:40,080 --> 00:03:42,680 Speaker 2: the taking of the pay equity money. You know, there's 93 00:03:42,680 --> 00:03:45,200 Speaker 2: twelve point eight billion dollars being taken from that constant, 94 00:03:45,200 --> 00:03:48,080 Speaker 2: from that contingency. You know that that works out at 95 00:03:48,120 --> 00:03:50,960 Speaker 2: about three hundred and sixty thousand dollars a day or 96 00:03:51,120 --> 00:03:55,640 Speaker 2: six thousand dollars essentially at how being taken from those workers. 97 00:03:56,120 --> 00:03:57,840 Speaker 2: We wanted to see that if it was going to 98 00:03:57,880 --> 00:04:00,040 Speaker 2: be taken, then expensed in things that would make a 99 00:04:00,080 --> 00:04:04,440 Speaker 2: real difference to the affected workforces. Instead, we didn't see that. 100 00:04:05,080 --> 00:04:08,840 Speaker 2: We saw benefits being taken from eighteen nineteen year olds. Fine, 101 00:04:09,240 --> 00:04:12,680 Speaker 2: but there's no clarity as to what parental levels of 102 00:04:12,720 --> 00:04:14,920 Speaker 2: responsibility look like. It looks like decisions are yet to 103 00:04:14,920 --> 00:04:15,360 Speaker 2: be made. 104 00:04:15,680 --> 00:04:17,800 Speaker 1: Yes, that was weird. I thought that was weird. Did 105 00:04:17,839 --> 00:04:19,360 Speaker 1: you not think that was It was very strange to 106 00:04:19,400 --> 00:04:21,440 Speaker 1: have made. Can you go and announce that you're going 107 00:04:21,480 --> 00:04:23,360 Speaker 1: to take the doll off eighteen and nineteen year olds 108 00:04:23,360 --> 00:04:24,400 Speaker 1: and it's going to say you what was it? One 109 00:04:24,440 --> 00:04:26,760 Speaker 1: hundred and sixty three million dollars a year or be 110 00:04:26,760 --> 00:04:28,880 Speaker 1: four years. Sorry, but then you don't know quite how 111 00:04:28,880 --> 00:04:29,400 Speaker 1: the package wire. 112 00:04:29,839 --> 00:04:31,640 Speaker 2: And from a technical perspective, in order to be able 113 00:04:31,680 --> 00:04:34,719 Speaker 2: to forecast the saving, you need to be able to 114 00:04:34,720 --> 00:04:37,320 Speaker 2: know how many people are not going to receive that benefit. 115 00:04:37,360 --> 00:04:40,000 Speaker 1: Yes, now, Craig, you've worked on badgets, right, So what 116 00:04:40,120 --> 00:04:42,440 Speaker 1: happened here? Let's just make this up at the last minute. 117 00:04:42,600 --> 00:04:44,840 Speaker 2: Honest answer is I don't know. My guess is that 118 00:04:44,839 --> 00:04:47,800 Speaker 2: they've made an assumption about the number of people who 119 00:04:47,800 --> 00:04:50,600 Speaker 2: won't be receiving that benefit, but they've yet to make 120 00:04:50,720 --> 00:04:51,720 Speaker 2: final decisions. 121 00:04:51,800 --> 00:04:53,920 Speaker 1: But why would you not have made final decisions? Quest 122 00:04:53,920 --> 00:04:56,279 Speaker 1: somebody genuine don't know, genuinely don't know. 123 00:04:57,440 --> 00:04:59,680 Speaker 2: My guess is that the politics of that is that 124 00:04:59,720 --> 00:05:02,320 Speaker 2: there's working out exactly how they're going to do that 125 00:05:02,360 --> 00:05:04,960 Speaker 2: and how they're going to communicate it, and they probably 126 00:05:04,960 --> 00:05:07,800 Speaker 2: didn't want that to be a side show when they 127 00:05:07,800 --> 00:05:09,000 Speaker 2: were making the decisions today. 128 00:05:09,120 --> 00:05:11,400 Speaker 3: Yeah, Now, what's a bit with lots of governments that 129 00:05:11,480 --> 00:05:13,040 Speaker 3: where you make a bit of a budget statement. It's 130 00:05:13,040 --> 00:05:15,360 Speaker 3: a bit of hooplar and clouds. 131 00:05:15,640 --> 00:05:17,680 Speaker 1: He had the time to finish it is that what 132 00:05:17,720 --> 00:05:18,080 Speaker 1: it is. 133 00:05:18,000 --> 00:05:20,080 Speaker 3: Well, it's also because it is a bit complicated to 134 00:05:20,080 --> 00:05:21,600 Speaker 3: try and work it out, and you're also working with 135 00:05:21,640 --> 00:05:25,640 Speaker 3: a set of officials with incomplete data and trying to 136 00:05:25,680 --> 00:05:27,560 Speaker 3: shift a big ship around to say what would this mean. 137 00:05:27,600 --> 00:05:30,240 Speaker 3: I mean, amst's got a lot on so it's I 138 00:05:30,279 --> 00:05:32,240 Speaker 3: think it's a forgivable thing, and it will hold them 139 00:05:32,279 --> 00:05:33,400 Speaker 3: to account if it's utterly wrong. 140 00:05:33,440 --> 00:05:33,760 Speaker 1: Of course. 141 00:05:33,960 --> 00:05:35,320 Speaker 2: The other thing is that there were a number of 142 00:05:35,400 --> 00:05:37,600 Speaker 2: other savings and changes in sad MSD, you know, the 143 00:05:37,720 --> 00:05:40,760 Speaker 2: welfare systems, and these are complicated systems that work together, 144 00:05:41,360 --> 00:05:43,240 Speaker 2: and so you need to make all these You should 145 00:05:43,480 --> 00:05:45,400 Speaker 2: make all these decisions at once so you can work 146 00:05:45,400 --> 00:05:48,160 Speaker 2: out what's really happening. As Phil said, tame will tell 147 00:05:48,200 --> 00:05:51,000 Speaker 2: whether or not we actually see some real unintended consequences 148 00:05:51,000 --> 00:05:51,679 Speaker 2: of that decision. 149 00:05:51,760 --> 00:05:53,040 Speaker 1: Yeah, all right, we'll take a break. I want to 150 00:05:53,040 --> 00:05:55,280 Speaker 1: talk to you about key. We save an exit. Right 151 00:05:55,320 --> 00:05:57,560 Speaker 1: it back with the huddle, Craig, Grinnie and Phil O'Reilly. Craig, 152 00:05:57,560 --> 00:05:59,119 Speaker 1: what did you make of the key We say changes. 153 00:05:59,160 --> 00:06:01,560 Speaker 1: I reckon they don't go far to cap them for everybody. 154 00:06:02,560 --> 00:06:04,320 Speaker 2: The concern I have for the qisaver stuff is that 155 00:06:04,360 --> 00:06:08,800 Speaker 2: it really impacts low income New Zealanders. Einstein famously said 156 00:06:08,800 --> 00:06:11,200 Speaker 2: the most powerful force in the universe wasn't gravity, it 157 00:06:11,240 --> 00:06:14,960 Speaker 2: was compound interest, And even small amounts of change for 158 00:06:15,160 --> 00:06:17,440 Speaker 2: low income groups can make a real difference to the 159 00:06:17,480 --> 00:06:19,960 Speaker 2: amount that they get to save over time. The extension 160 00:06:20,040 --> 00:06:24,159 Speaker 2: to seventeen sixteen seventeen year olds, that's good, but the 161 00:06:24,279 --> 00:06:27,480 Speaker 2: challenge we have is that even small changes make big differences, 162 00:06:27,520 --> 00:06:29,680 Speaker 2: and we end up paying for it anyway later on, 163 00:06:29,839 --> 00:06:32,359 Speaker 2: because we pay for it, either through additional support or 164 00:06:32,360 --> 00:06:33,440 Speaker 2: housing support or other things. 165 00:06:33,560 --> 00:06:35,599 Speaker 1: But the thing about it is we are actually giving 166 00:06:35,680 --> 00:06:37,480 Speaker 1: these people the pension right. We're all going to get 167 00:06:37,520 --> 00:06:41,400 Speaker 1: the paintient hopefully whenever we hit sixty five, so we 168 00:06:41,600 --> 00:06:43,920 Speaker 1: basically we're double subsidizing this now. 169 00:06:44,000 --> 00:06:46,840 Speaker 2: But the more we can make savings now, the more 170 00:06:46,880 --> 00:06:49,520 Speaker 2: that we can encourage a culture of saving now, the 171 00:06:49,520 --> 00:06:52,560 Speaker 2: more sustainable the pension system will be in the future, 172 00:06:52,680 --> 00:06:55,240 Speaker 2: and importantly, the deeper the capital we'll have in New 173 00:06:55,360 --> 00:06:58,839 Speaker 2: Zealand to support businesses to support other investments. You only 174 00:06:58,880 --> 00:07:01,080 Speaker 2: need to go to Australia, where they've got enormous pension 175 00:07:01,080 --> 00:07:04,360 Speaker 2: industries and they've got great public transport and how much how. 176 00:07:04,360 --> 00:07:07,040 Speaker 1: Much government contribution is there in Australia. 177 00:07:06,640 --> 00:07:10,480 Speaker 2: So there's there's a government contribution to employers pay twelve 178 00:07:10,520 --> 00:07:13,240 Speaker 2: percent overall. If you want to move to a system 179 00:07:13,240 --> 00:07:15,640 Speaker 2: where in New Zealand where employers are paying twelve percent, 180 00:07:15,720 --> 00:07:20,600 Speaker 2: I'm thoroughly behind you, and they don't pay anything at all. 181 00:07:20,160 --> 00:07:23,360 Speaker 2: But in terms of the but also we only have 182 00:07:23,400 --> 00:07:26,280 Speaker 2: a three percent currently rising to four percent of a 183 00:07:26,320 --> 00:07:31,480 Speaker 2: time employer contributions, so they can offset that on that site. 184 00:07:31,800 --> 00:07:34,520 Speaker 2: But in terms of New Zealand where even those small 185 00:07:34,600 --> 00:07:37,800 Speaker 2: changes I worry for low income groups. For other income groups, 186 00:07:37,920 --> 00:07:40,200 Speaker 2: I think you know it makes pretty marginal differences, but 187 00:07:40,320 --> 00:07:42,280 Speaker 2: for low income workers it really does make a difference. 188 00:07:42,640 --> 00:07:44,480 Speaker 3: In Australia, you get lots of text benefits by the way, 189 00:07:44,480 --> 00:07:47,280 Speaker 3: so that's the way the Australian government leans into it. Well, 190 00:07:47,400 --> 00:07:49,240 Speaker 3: I'm interested by the fact I agree with the means 191 00:07:49,280 --> 00:07:51,560 Speaker 3: testing of it. How goodly you could have taken it 192 00:07:51,640 --> 00:07:54,200 Speaker 3: all away, but by by Craig's point, for the time being, 193 00:07:54,200 --> 00:07:57,000 Speaker 3: at least until the til the overall till those co 194 00:07:57,160 --> 00:07:59,600 Speaker 3: payments come up a bit, so I think they've probably 195 00:07:59,600 --> 00:08:03,160 Speaker 3: got there outright. If you'd asked me this question ten 196 00:08:03,200 --> 00:08:05,320 Speaker 3: years ago, would employers support gone from three to four? 197 00:08:05,320 --> 00:08:06,720 Speaker 3: I would have said no when I was a business 198 00:08:06,720 --> 00:08:09,800 Speaker 3: New Zealand. Right now, actually you didn't see any comment 199 00:08:09,800 --> 00:08:13,160 Speaker 3: from them today actually because the employers now kind of 200 00:08:13,160 --> 00:08:16,400 Speaker 3: buy it. They've seen the benefit of it. They really 201 00:08:16,480 --> 00:08:18,400 Speaker 3: like the fact that they can have a conversation with 202 00:08:18,440 --> 00:08:20,800 Speaker 3: the new people about that. They feel as though they're 203 00:08:20,800 --> 00:08:23,560 Speaker 3: helping provide. So I actually think employers will support four 204 00:08:23,600 --> 00:08:26,000 Speaker 3: and four, and I think they'll actually support more than 205 00:08:26,000 --> 00:08:27,880 Speaker 3: that over time if it's well signals. So actually, I 206 00:08:27,920 --> 00:08:30,320 Speaker 3: think the whole debate is changing. Where we've still got 207 00:08:30,360 --> 00:08:32,880 Speaker 3: it wrong is not means testing national super But that's 208 00:08:32,880 --> 00:08:34,719 Speaker 3: a debate that we'll have to have some of the 209 00:08:34,760 --> 00:08:37,120 Speaker 3: big Right, I can be so old because I don't 210 00:08:37,120 --> 00:08:38,360 Speaker 3: have to worry about that, because I'm old enough to 211 00:08:38,360 --> 00:08:40,160 Speaker 3: get it with that worry about. But I think we 212 00:08:40,200 --> 00:08:43,000 Speaker 3: do have to have a conversation about rebalancing that whole issue. 213 00:08:43,280 --> 00:08:45,760 Speaker 3: And I think we've just started to do that today 214 00:08:45,800 --> 00:08:50,000 Speaker 3: because we've unfrozen kiwisaver as a public policy debate. And 215 00:08:50,080 --> 00:08:52,520 Speaker 3: if I was the finance and super sector, I'd be 216 00:08:52,520 --> 00:08:54,600 Speaker 3: now saying, well, what else can we do about super? 217 00:08:54,720 --> 00:08:55,080 Speaker 1: The one thing. 218 00:08:55,120 --> 00:08:57,160 Speaker 2: I really want to as I support you in that 219 00:08:57,280 --> 00:08:59,240 Speaker 2: because I think you if businesses are going to invest more, 220 00:08:59,280 --> 00:09:02,440 Speaker 2: that's fantastic. There is a loophole in the current proposals 221 00:09:02,440 --> 00:09:05,000 Speaker 2: which does have my concern, which is that an employee 222 00:09:05,040 --> 00:09:08,280 Speaker 2: can choose he says with air quotes to go back 223 00:09:08,280 --> 00:09:11,400 Speaker 2: to three percent, and if they do, their employer gets. 224 00:09:11,240 --> 00:09:13,319 Speaker 1: To go back to that. Do you think they'll be pressure. 225 00:09:13,440 --> 00:09:15,520 Speaker 2: I think you'll see a lot of contracts pre written 226 00:09:15,600 --> 00:09:18,960 Speaker 2: seeing I agree to only go to three percent and 227 00:09:19,040 --> 00:09:21,560 Speaker 2: as a consequence, the employer only gets to go to 228 00:09:21,679 --> 00:09:22,200 Speaker 2: three percent. 229 00:09:22,280 --> 00:09:24,079 Speaker 3: Yeah, I actually make that compulsory. I actually said that 230 00:09:24,080 --> 00:09:26,959 Speaker 3: the employers. It's for For the first time it's voluntary, 231 00:09:26,960 --> 00:09:28,559 Speaker 3: but a year after that it's compulsory. I actually do 232 00:09:28,600 --> 00:09:30,960 Speaker 3: that because, as I say, I think the employment now 233 00:09:31,000 --> 00:09:33,559 Speaker 3: employers will abuse me all night, no doubt, but I 234 00:09:33,600 --> 00:09:35,760 Speaker 3: actually think employers are up for this. And when I 235 00:09:35,800 --> 00:09:39,199 Speaker 3: talk to them, they see the Australian situation and they 236 00:09:39,200 --> 00:09:41,320 Speaker 3: see exactly what Craig's talking about this and vispent an 237 00:09:41,320 --> 00:09:43,640 Speaker 3: infrastructure that comes from the stuff and that and the 238 00:09:43,679 --> 00:09:46,000 Speaker 3: kind of the national security and feeling of well being 239 00:09:46,000 --> 00:09:47,840 Speaker 3: that comes from it. So I think they're up for it, 240 00:09:47,880 --> 00:09:48,760 Speaker 3: and I think we shall push it. 241 00:09:48,800 --> 00:09:50,040 Speaker 2: Hit because one of the things we really need to 242 00:09:50,040 --> 00:09:51,960 Speaker 2: do in news in with our key receaver scheme is 243 00:09:52,200 --> 00:09:54,960 Speaker 2: eighty percent of our key receiver funds are actually invested overseas. 244 00:09:55,040 --> 00:09:56,679 Speaker 2: Oh yeah, And one of the things we should be 245 00:09:56,720 --> 00:09:59,040 Speaker 2: looking at is if funds are going to become more mandatory, 246 00:09:59,160 --> 00:10:00,920 Speaker 2: if there's going to be more it in, how can 247 00:10:00,960 --> 00:10:03,640 Speaker 2: we make sure more of that is being invested in 248 00:10:03,679 --> 00:10:06,480 Speaker 2: New Zealand, so where benefiting from that growth and helping 249 00:10:07,440 --> 00:10:08,400 Speaker 2: having a vistable proposition. 250 00:10:08,880 --> 00:10:10,760 Speaker 1: You have agreed so much with each other that I 251 00:10:10,800 --> 00:10:13,280 Speaker 1: think feel that when Craig becomes an MP, you should 252 00:10:13,280 --> 00:10:16,640 Speaker 1: become his electrity, just as a side housele I might 253 00:10:16,679 --> 00:10:22,480 Speaker 1: even for little I mean, would you know, okay, very quickly, 254 00:10:22,480 --> 00:10:24,439 Speaker 1: because I've only got about a minutely, welcome you to this. 255 00:10:26,559 --> 00:10:31,040 Speaker 1: He's getting the labors. I haven't got very long. So 256 00:10:31,160 --> 00:10:33,560 Speaker 1: just give me your stupid little names for the budget please, Craig. 257 00:10:33,360 --> 00:10:36,959 Speaker 2: You first, the reverse robin Hood budget. It's taking from 258 00:10:36,960 --> 00:10:39,120 Speaker 2: the taking from the poor and giving to the rich. 259 00:10:39,280 --> 00:10:40,880 Speaker 1: Well, the rich is not feeling it because the rich 260 00:10:41,040 --> 00:10:43,200 Speaker 1: just got their key. We save and contributions cut off. 261 00:10:43,200 --> 00:10:44,760 Speaker 3: I think it's treading the needle. I think they've done 262 00:10:44,760 --> 00:10:46,679 Speaker 3: a good job of trying to thread that needle between 263 00:10:46,679 --> 00:10:49,040 Speaker 3: growth and consolidation. So good for them. 264 00:10:49,200 --> 00:10:51,920 Speaker 1: Thank you both, really appreciate it. I'm enjoying this marriage, 265 00:10:51,920 --> 00:10:54,840 Speaker 1: this political marriage, exceptin right now. Craig Renny the CTO 266 00:10:54,960 --> 00:10:58,880 Speaker 1: and Fillo Raleyvine Duke partners. For more from Hither Duplessy 267 00:10:58,920 --> 00:11:01,760 Speaker 1: Alan Drive, Listen live to news talks it'd be from 268 00:11:01,800 --> 00:11:05,400 Speaker 1: four pm weekdays, or follow the podcast on iHeartRadio.