1 00:00:01,000 --> 00:00:03,440 Speaker 1: The only drive show you can try the truck to 2 00:00:03,480 --> 00:00:06,200 Speaker 1: ask the questions which we get the answers, find the 3 00:00:06,240 --> 00:00:10,319 Speaker 1: fact saying and give the analysis. Here the duplicl and 4 00:00:10,440 --> 00:00:13,960 Speaker 1: drive with one New Zealand and the power of satellite 5 00:00:13,960 --> 00:00:15,440 Speaker 1: mobile news. Doorgs be. 6 00:00:17,040 --> 00:00:20,440 Speaker 2: Afternoon. The government's made its long awaited supermarket announcement. It's 7 00:00:20,480 --> 00:00:23,520 Speaker 2: cutting red tape for any potential new supermarket entrants who 8 00:00:23,560 --> 00:00:25,920 Speaker 2: want to set up here. Consent processes will be made 9 00:00:25,960 --> 00:00:28,960 Speaker 2: easier and supermarkets will qualify to be fast tracked through 10 00:00:28,960 --> 00:00:32,720 Speaker 2: the approvals process. Finance Minister Nichola Willis is with us. Nichola, Hello, 11 00:00:33,720 --> 00:00:35,519 Speaker 2: hi Eather. So is it the case that they will 12 00:00:35,520 --> 00:00:38,040 Speaker 2: apply for one consent for all of their shops? Is 13 00:00:38,040 --> 00:00:38,840 Speaker 2: that how it works? 14 00:00:39,680 --> 00:00:41,680 Speaker 3: Well? They could apply for one at a time or 15 00:00:41,720 --> 00:00:43,760 Speaker 3: they could apply for many at a time. Over to them. 16 00:00:43,960 --> 00:00:45,760 Speaker 3: Of course, the more the better, is what I say. 17 00:00:45,840 --> 00:00:48,839 Speaker 2: But is it one consent that will apply for all 18 00:00:48,880 --> 00:00:51,279 Speaker 2: of the stores rather than one consent persal. 19 00:00:52,080 --> 00:00:55,840 Speaker 3: For the resource consent they would apply for each project 20 00:00:56,040 --> 00:00:59,080 Speaker 3: for the building consent process. What we're creating as a 21 00:00:59,120 --> 00:01:03,080 Speaker 3: new multi proof line which will mean that they can 22 00:01:03,120 --> 00:01:06,080 Speaker 3: get one pre approved consent for all of the buildings 23 00:01:06,120 --> 00:01:08,319 Speaker 3: they might want to do across the country and then 24 00:01:08,360 --> 00:01:12,319 Speaker 3: go to one building consent authority that can consent them 25 00:01:12,560 --> 00:01:14,840 Speaker 3: no matter where they are in the country, instead of 26 00:01:14,840 --> 00:01:16,560 Speaker 3: having to go to the one of the sixty eight 27 00:01:16,600 --> 00:01:23,080 Speaker 3: different territorial authorities who currently run bespoke and Byzantine consenting processes. 28 00:01:23,120 --> 00:01:24,520 Speaker 3: They can have one fast track. 29 00:01:24,840 --> 00:01:26,880 Speaker 2: So at the moment it takes about four years to 30 00:01:26,920 --> 00:01:29,400 Speaker 2: set up a store, how long how much shorter do 31 00:01:29,440 --> 00:01:30,520 Speaker 2: you anticipate this will be? 32 00:01:31,800 --> 00:01:34,319 Speaker 3: Well, for four years is at the outer length of 33 00:01:34,360 --> 00:01:37,560 Speaker 3: what we've heard about. Were advise that this will reduce 34 00:01:37,600 --> 00:01:40,240 Speaker 3: the process to a matter of months rather than years. 35 00:01:41,040 --> 00:01:43,920 Speaker 3: And actually it's about as fast as these people want 36 00:01:43,959 --> 00:01:46,720 Speaker 3: to go. So if they're investment ready they can apply 37 00:01:46,840 --> 00:01:50,320 Speaker 3: for fast track, that process will run very quickly, and 38 00:01:50,400 --> 00:01:52,360 Speaker 3: they can also at the same time apply for these 39 00:01:52,400 --> 00:01:55,880 Speaker 3: streamlined building consents, which means that really it's just a 40 00:01:55,880 --> 00:01:57,320 Speaker 3: matter of how quickly they can build. 41 00:01:58,600 --> 00:02:00,040 Speaker 2: Is this basically aimed at cost. 42 00:02:01,880 --> 00:02:04,840 Speaker 3: Well, it's aimed at anyone who was looking at New 43 00:02:04,920 --> 00:02:07,960 Speaker 3: Zealand saying yeah, we think there's a market opportunity there, 44 00:02:07,960 --> 00:02:11,000 Speaker 3: but gosh, it all looks a bit complicated, looks a 45 00:02:11,000 --> 00:02:14,040 Speaker 3: bit hard, don't know what the processes might take forever, 46 00:02:14,120 --> 00:02:17,320 Speaker 3: will be really expensive. And yes, we've tested it with 47 00:02:17,400 --> 00:02:20,440 Speaker 3: Costco because we thought it was pretty important to talk 48 00:02:20,440 --> 00:02:22,520 Speaker 3: to someone who's already been through the process and can 49 00:02:22,560 --> 00:02:25,040 Speaker 3: tell us would this shift the dial, and they have 50 00:02:25,160 --> 00:02:28,240 Speaker 3: confirmed for us that yes, this would shift the dial. 51 00:02:28,560 --> 00:02:31,920 Speaker 3: They've also confirmed for us that they are considering opening 52 00:02:31,960 --> 00:02:34,200 Speaker 3: news stores in New Zealand over the next four years 53 00:02:34,400 --> 00:02:36,000 Speaker 3: and that changes like that support it. 54 00:02:36,320 --> 00:02:38,320 Speaker 2: How are you going to crack down on predatory pricing? 55 00:02:39,840 --> 00:02:43,200 Speaker 3: So predatory pricing is something that's not allowed on the 56 00:02:43,240 --> 00:02:46,239 Speaker 3: Commerce Act currently, but there have only been two successful 57 00:02:46,320 --> 00:02:49,600 Speaker 3: prosecutions in New Zealand since the nineties, and that's because 58 00:02:49,600 --> 00:02:52,680 Speaker 3: our Commerce Act is basically out of date with what 59 00:02:52,960 --> 00:02:56,239 Speaker 3: countries around the world now have. They have a specific 60 00:02:56,639 --> 00:03:00,480 Speaker 3: economic impact test in law, so that everyone's there about 61 00:03:00,480 --> 00:03:03,720 Speaker 3: where the line is. So we're essentially going to borrow 62 00:03:03,760 --> 00:03:06,240 Speaker 3: with pride and do what other countries around the world 63 00:03:06,240 --> 00:03:08,799 Speaker 3: have already done in their Commerce Act and put those 64 00:03:08,840 --> 00:03:12,200 Speaker 3: new provisions in so it's crystal clear. It makes prosecutions 65 00:03:12,280 --> 00:03:15,119 Speaker 3: easier and makes everyone aware of where the boundaries are. 66 00:03:15,160 --> 00:03:18,400 Speaker 3: Because what we don't want to see is a great 67 00:03:18,440 --> 00:03:21,160 Speaker 3: new entrant coming into the market and getting stamped on 68 00:03:21,280 --> 00:03:23,639 Speaker 3: by the incumbents who are trying to squeeze them out. 69 00:03:23,680 --> 00:03:25,160 Speaker 3: We need to stop that from happening. 70 00:03:25,200 --> 00:03:27,399 Speaker 2: Are you still considering breaking up the duopoly? 71 00:03:29,040 --> 00:03:32,600 Speaker 3: Well, I'm still going through a thorough process to assess 72 00:03:32,720 --> 00:03:35,760 Speaker 3: the risks of that, the costs of that, and how 73 00:03:35,800 --> 00:03:38,640 Speaker 3: that measures up against the benefits consumers would get on 74 00:03:38,680 --> 00:03:41,840 Speaker 3: the other side. Because there are arguments on both sides here. 75 00:03:41,920 --> 00:03:43,840 Speaker 3: I hear all of those who say, oh gosh, you 76 00:03:43,880 --> 00:03:47,280 Speaker 3: know that there would be problems with that. Equally, there 77 00:03:47,280 --> 00:03:50,680 Speaker 3: could be significant advantages from that. So I'm taking a 78 00:03:50,800 --> 00:03:54,120 Speaker 3: very thorough process. This would be a really significant intervention, 79 00:03:54,200 --> 00:03:56,960 Speaker 3: So it's not something that the government takes lightly, and 80 00:03:57,000 --> 00:03:59,120 Speaker 3: I'm continuing analysis of those options. 81 00:03:59,280 --> 00:04:00,839 Speaker 2: Likely. Have you caught a on the latest with Port 82 00:04:00,840 --> 00:04:01,280 Speaker 2: of Todng. 83 00:04:02,960 --> 00:04:03,760 Speaker 3: No, I have not. 84 00:04:04,240 --> 00:04:06,360 Speaker 2: Okay, Port of Todung is urging the government to act 85 00:04:06,440 --> 00:04:08,920 Speaker 2: quickly and rectify the wording in the fast track legislation 86 00:04:09,000 --> 00:04:12,640 Speaker 2: to resolve the situation because they have had excuse me, 87 00:04:12,640 --> 00:04:15,640 Speaker 2: their fast track application put on hold after a judicial review. 88 00:04:17,160 --> 00:04:20,680 Speaker 3: Yes, I am aware of that matter. I won't speak 89 00:04:20,720 --> 00:04:23,960 Speaker 3: about matters before the courts. But what I can confirm 90 00:04:24,040 --> 00:04:27,839 Speaker 3: is that when the government introduces this fast track measure 91 00:04:27,880 --> 00:04:31,000 Speaker 3: for supermarkets, we will at the same time take the 92 00:04:31,080 --> 00:04:34,480 Speaker 3: opportunity to take a few remedial measures on the underlying 93 00:04:34,520 --> 00:04:37,320 Speaker 3: fast track legislation to make sure it's working as well 94 00:04:37,320 --> 00:04:37,840 Speaker 3: as possible. 95 00:04:37,839 --> 00:04:40,000 Speaker 2: Okay, good stuff, Hey, thanks very much, Nicola Willi's Finance 96 00:04:40,040 --> 00:04:40,680 Speaker 2: min Stop. 97 00:04:40,880 --> 00:04:44,080 Speaker 1: For more from Heather Duplessy Allen Drive. Listen live to 98 00:04:44,160 --> 00:04:47,200 Speaker 1: news talks. It'd be from four pm weekdays, or follow 99 00:04:47,240 --> 00:04:49,000 Speaker 1: the podcast on iHeartRadio.