1 00:00:05,720 --> 00:00:06,080 Speaker 1: Again. 2 00:00:06,960 --> 00:00:07,120 Speaker 2: Hi. 3 00:00:07,200 --> 00:00:10,000 Speaker 1: I'm Liam Dan, New Zealand Herald Business Editor at Large 4 00:00:10,280 --> 00:00:14,040 Speaker 1: and welcome to this episode of Money Talks. This is 5 00:00:14,040 --> 00:00:17,040 Speaker 1: a podcast about money, but we're not going to tell 6 00:00:17,079 --> 00:00:19,119 Speaker 1: you how to get rich, and we're not going to 7 00:00:19,200 --> 00:00:22,520 Speaker 1: try and pick the next interest rate move. In this series, 8 00:00:22,760 --> 00:00:25,919 Speaker 1: I'll be talking to interesting New Zealanders about how money 9 00:00:26,079 --> 00:00:29,160 Speaker 1: has shaped their lives and what they've learned over the years. 10 00:00:30,200 --> 00:00:32,920 Speaker 1: For today's podcast, I'm joined by Chris Quinn, CEO of 11 00:00:32,920 --> 00:00:36,040 Speaker 1: food Stuff's North Island. They run Pack and Save New 12 00:00:36,080 --> 00:00:39,640 Speaker 1: World and for Square Supermarkets. Chris is also the CEO 13 00:00:39,800 --> 00:00:42,840 Speaker 1: designate of the proposed merger of food Stuffs North Island 14 00:00:42,880 --> 00:00:45,599 Speaker 1: and South Island Cure. Chris, Welcome to Money. 15 00:00:45,360 --> 00:00:47,480 Speaker 2: Talks, Thanks Liam, and thanks for having me. Yeah. 16 00:00:47,520 --> 00:00:50,360 Speaker 1: Look great. Look we'll dive into the usual money talk stuff. 17 00:00:50,400 --> 00:00:53,240 Speaker 1: But I guess maybe because it is a bit of 18 00:00:53,240 --> 00:00:55,800 Speaker 1: the elephant in the room, what's up with the Commerce 19 00:00:55,800 --> 00:00:59,440 Speaker 1: Commission proposal at the moment you're sort of watch and 20 00:00:59,440 --> 00:01:00,200 Speaker 1: wait at the moment. 21 00:01:00,720 --> 00:01:03,760 Speaker 3: So we've been in a clearance application process for the 22 00:01:03,760 --> 00:01:08,320 Speaker 3: Comments Commission since middle December. There is three possible stages 23 00:01:08,520 --> 00:01:11,720 Speaker 3: in those applications, so they've chosen just last week to 24 00:01:11,760 --> 00:01:14,360 Speaker 3: go to a third stage, which is a statement of 25 00:01:14,440 --> 00:01:17,720 Speaker 3: unresolved issues. So they feel that there are still a 26 00:01:17,800 --> 00:01:20,000 Speaker 3: narrow set of issues that need to be spent more 27 00:01:20,000 --> 00:01:22,800 Speaker 3: time on. So they've just advised us last week that 28 00:01:22,840 --> 00:01:24,720 Speaker 3: they need about three months to do that. So that 29 00:01:24,760 --> 00:01:27,680 Speaker 3: will take us through to the first of October, where 30 00:01:27,720 --> 00:01:30,280 Speaker 3: will get the next update on their decision around clearance. 31 00:01:30,959 --> 00:01:34,200 Speaker 3: We've had our shareholders vote nine percent in favor of 32 00:01:34,200 --> 00:01:37,720 Speaker 3: doing this. We've done our other work, so we're very 33 00:01:37,760 --> 00:01:39,480 Speaker 3: keen to get on with the benefits of this for 34 00:01:39,520 --> 00:01:42,440 Speaker 3: our customers, but we need to respect the process and 35 00:01:42,480 --> 00:01:42,959 Speaker 3: work through it. 36 00:01:43,120 --> 00:01:43,280 Speaker 2: Yeah. 37 00:01:43,360 --> 00:01:45,760 Speaker 1: Sure, I mean there's obviously a lot of scrutiny about 38 00:01:45,800 --> 00:01:49,800 Speaker 1: supermarkets and the feeling that is there enough competition and 39 00:01:50,040 --> 00:01:52,880 Speaker 1: because we've just been through this inflationary period, prices have 40 00:01:53,320 --> 00:01:56,520 Speaker 1: been really in the spotlight. How much do you think 41 00:01:56,720 --> 00:02:00,280 Speaker 1: the average shop is going to notice this merrige? Is 42 00:02:00,320 --> 00:02:02,360 Speaker 1: it a back end? You know? To what extent is 43 00:02:02,360 --> 00:02:05,640 Speaker 1: it actually going to have a meaningful impact on one 44 00:02:05,680 --> 00:02:06,880 Speaker 1: way or the other? Do you think? 45 00:02:07,240 --> 00:02:07,440 Speaker 2: Yeah? 46 00:02:07,440 --> 00:02:11,560 Speaker 3: Look, firstly, we get the scrutiny and the prominence I 47 00:02:11,560 --> 00:02:14,520 Speaker 3: guess of the sector. There's not many organizations that are 48 00:02:14,560 --> 00:02:17,040 Speaker 3: a New Zealand household deals with two and a half 49 00:02:17,080 --> 00:02:19,000 Speaker 3: times a week. And we know in a cost of 50 00:02:19,040 --> 00:02:21,560 Speaker 3: living time where things are tough for a lot of households, 51 00:02:22,040 --> 00:02:24,400 Speaker 3: you know, our percentage of what makes up weekly household 52 00:02:24,440 --> 00:02:26,600 Speaker 3: cost is decent. It depends on where the house is 53 00:02:26,639 --> 00:02:29,720 Speaker 3: at in terms of mortgage or rental or ultricity, in 54 00:02:29,760 --> 00:02:32,040 Speaker 3: various things. But we're right amongst the top household bills. 55 00:02:32,120 --> 00:02:34,720 Speaker 3: So we understand and we respect it, and we need 56 00:02:34,760 --> 00:02:36,959 Speaker 3: to be accountable back to New Zealanders for what's happening 57 00:02:37,000 --> 00:02:39,680 Speaker 3: in terms of food price, in terms of this merger, 58 00:02:39,720 --> 00:02:42,280 Speaker 3: you know, we number one thing for New Zealanders right 59 00:02:42,320 --> 00:02:44,919 Speaker 3: now by far, and choosing where to shop is price. 60 00:02:45,480 --> 00:02:47,640 Speaker 3: You know, they look around for the deals. It's a 61 00:02:47,760 --> 00:02:49,400 Speaker 3: very competitive. 62 00:02:48,800 --> 00:02:49,720 Speaker 2: Market from the point of view. 63 00:02:49,720 --> 00:02:51,600 Speaker 3: If you can shop in another store tomorrow, there is 64 00:02:51,600 --> 00:02:54,680 Speaker 3: nothing binding you to one of our stores. There's also, 65 00:02:54,919 --> 00:02:57,000 Speaker 3: in our view, nothing in the way of anyone entering 66 00:02:57,000 --> 00:02:59,880 Speaker 3: this market if they see an opportunity. And you know, 67 00:03:00,360 --> 00:03:03,520 Speaker 3: in a time where we're talking about infrastructure quite a lot, 68 00:03:04,080 --> 00:03:05,960 Speaker 3: you know the capital required. 69 00:03:06,360 --> 00:03:07,799 Speaker 2: I don't think many New. 70 00:03:07,800 --> 00:03:10,720 Speaker 3: Zealanders probably understand the size of these businesses, you know, 71 00:03:10,800 --> 00:03:15,359 Speaker 3: a medium to large supermarket employees hundreds of people, deploys 72 00:03:15,400 --> 00:03:18,440 Speaker 3: tens of millions of dollars of capital, and in the end, 73 00:03:18,720 --> 00:03:21,080 Speaker 3: we return about four cents in the retail dollar in 74 00:03:21,160 --> 00:03:24,440 Speaker 3: terms of profit back into the business. So we understand 75 00:03:24,440 --> 00:03:27,280 Speaker 3: the scrutiny. That's why we've been quite transparent about price 76 00:03:27,440 --> 00:03:32,000 Speaker 3: versus price increases and cost increases. And while we're proposing 77 00:03:32,040 --> 00:03:34,760 Speaker 3: this merger because it's the biggest thing we can see 78 00:03:34,800 --> 00:03:37,680 Speaker 3: to cut our back end costs, but make no difference 79 00:03:37,760 --> 00:03:40,200 Speaker 3: to the number of stores in New Zealand, who owns 80 00:03:40,240 --> 00:03:43,440 Speaker 3: those stores, the level of retail competition. We will still 81 00:03:43,440 --> 00:03:45,960 Speaker 3: have the same family in the same community own the 82 00:03:46,000 --> 00:03:49,080 Speaker 3: same store after the merger. We'll just cost lest as 83 00:03:49,120 --> 00:03:51,720 Speaker 3: a business to run that must make a difference over 84 00:03:51,800 --> 00:03:53,240 Speaker 3: time to the price of products. 85 00:03:53,360 --> 00:03:55,640 Speaker 1: Sure, yeah, okay, Look, we can come back to a 86 00:03:55,640 --> 00:03:58,160 Speaker 1: bit of you know, chat about groceries and things. But 87 00:03:58,520 --> 00:04:00,760 Speaker 1: I want to jump right back now and ask you 88 00:04:00,960 --> 00:04:03,680 Speaker 1: if you've got a very early memory of money, what's 89 00:04:03,680 --> 00:04:05,480 Speaker 1: the first memory you have of sort of holding money 90 00:04:05,480 --> 00:04:06,680 Speaker 1: in your hand and that sort of thing. 91 00:04:07,000 --> 00:04:09,680 Speaker 3: Look, it's interesting, I don't know that I can remember 92 00:04:09,680 --> 00:04:11,960 Speaker 3: the first time I held money. I remember post office 93 00:04:11,960 --> 00:04:12,800 Speaker 3: savings bank. 94 00:04:12,720 --> 00:04:14,000 Speaker 2: Pass box at school. 95 00:04:14,040 --> 00:04:17,680 Speaker 3: I remember the handwritten numbers, which you look back now 96 00:04:17,720 --> 00:04:19,960 Speaker 3: and think it was never wrong. So you know, maybe 97 00:04:19,960 --> 00:04:23,560 Speaker 3: technology hasn't helped us that much. And I do remember 98 00:04:24,080 --> 00:04:26,640 Speaker 3: it wasn't money, but it was sort of trading in business. 99 00:04:26,640 --> 00:04:29,520 Speaker 3: So when I was at intermediate school, we're talking seventies, 100 00:04:29,560 --> 00:04:32,200 Speaker 3: late seventies here. You know how fads go through, so 101 00:04:32,240 --> 00:04:35,880 Speaker 3: it's trading various things. Marbles was the big currency at 102 00:04:35,880 --> 00:04:36,200 Speaker 3: the time. 103 00:04:36,520 --> 00:04:38,400 Speaker 1: Marbles comes and goes in cycles, didn't. 104 00:04:38,720 --> 00:04:41,800 Speaker 3: Yeah, And morning break and lunchtime was you were straight 105 00:04:41,839 --> 00:04:44,719 Speaker 3: to the courtyard to play marbles games with all your mates, 106 00:04:45,400 --> 00:04:47,360 Speaker 3: and I remember that sort of It taught you a 107 00:04:47,400 --> 00:04:49,479 Speaker 3: lot of the basics. So if you set up a game, 108 00:04:49,520 --> 00:04:51,840 Speaker 3: you had to be the most attractive game, so marketing help. 109 00:04:52,440 --> 00:04:54,360 Speaker 2: You had to rig the odds as much as you 110 00:04:54,400 --> 00:04:55,360 Speaker 2: could so you did well. 111 00:04:55,560 --> 00:04:59,440 Speaker 3: I even remember building a basic wood sort of pinball machine. 112 00:05:00,240 --> 00:05:02,599 Speaker 3: You know, probably five years later, found bags and bags 113 00:05:02,600 --> 00:05:04,239 Speaker 3: of marbles at home and thought what was that about. 114 00:05:04,560 --> 00:05:06,640 Speaker 1: So you're quite good at the trading and the you know, 115 00:05:06,839 --> 00:05:10,200 Speaker 1: you deal for what were they called? Again? There was 116 00:05:10,240 --> 00:05:11,520 Speaker 1: the sort of silvery one. 117 00:05:11,720 --> 00:05:12,520 Speaker 2: Yes, there was here. 118 00:05:12,560 --> 00:05:14,359 Speaker 3: There was the sort of ball bearing type ones, and 119 00:05:14,400 --> 00:05:16,680 Speaker 3: there was the big ones and small ones. And it's 120 00:05:16,680 --> 00:05:20,640 Speaker 3: funny you reflect on it. It taught you marketing, customers, trade, 121 00:05:20,839 --> 00:05:23,760 Speaker 3: you know, sort of how to grow. What it didn't 122 00:05:23,760 --> 00:05:26,120 Speaker 3: teach you was marbles would have no value beyond time. 123 00:05:26,200 --> 00:05:28,440 Speaker 1: Yeah, but did you grow up in a family where 124 00:05:29,160 --> 00:05:32,440 Speaker 1: money was discussed and where you you know, it was 125 00:05:32,520 --> 00:05:35,440 Speaker 1: sort of business and things was a part of life. 126 00:05:35,800 --> 00:05:41,279 Speaker 3: Looks it's interesting my parents, you know, I lost relatively young, 127 00:05:41,320 --> 00:05:43,440 Speaker 3: so they were fifty and sixty. I was twenty one 128 00:05:43,480 --> 00:05:48,400 Speaker 3: when my father passed. But they were you know, white collar, 129 00:05:48,480 --> 00:05:50,880 Speaker 3: normal New Zealand. So my dad was a health inspector. 130 00:05:51,000 --> 00:05:54,240 Speaker 3: We lived in Auckland, Hawks Bay, then Lower Hut. He 131 00:05:54,279 --> 00:05:57,160 Speaker 3: moved from being sort of frontline to teaching them by 132 00:05:57,160 --> 00:06:00,600 Speaker 3: correspondence my mum. After you know, there were three of us, 133 00:06:00,640 --> 00:06:03,200 Speaker 3: I'm the oldest. After you know, school started for all 134 00:06:03,200 --> 00:06:05,920 Speaker 3: of us. Kids started a job at insurance company offers so, 135 00:06:06,440 --> 00:06:09,880 Speaker 3: you know, money. They were very community minded people. They 136 00:06:10,080 --> 00:06:13,440 Speaker 3: had a great set of friends. I don't remember money 137 00:06:13,480 --> 00:06:16,120 Speaker 3: being a pressure, but I never remember feeling like we 138 00:06:16,120 --> 00:06:18,320 Speaker 3: were in any way wealthy. 139 00:06:18,680 --> 00:06:18,839 Speaker 1: You know. 140 00:06:18,839 --> 00:06:21,560 Speaker 3: I remember Dad sort of thought he'd really made it 141 00:06:21,560 --> 00:06:23,400 Speaker 3: when he got an eight year old commodore. 142 00:06:23,560 --> 00:06:25,279 Speaker 2: You know, that was sort of that was the big time. 143 00:06:25,680 --> 00:06:27,359 Speaker 1: And in those days, get new cars were sort of 144 00:06:27,360 --> 00:06:27,960 Speaker 1: out of the question. 145 00:06:28,000 --> 00:06:32,479 Speaker 3: And those yeah, that was not imaginable. But they taught 146 00:06:32,760 --> 00:06:35,719 Speaker 3: good values. They were never you know, I got the 147 00:06:35,760 --> 00:06:39,719 Speaker 3: sense they were careful but not under pressure day to day. 148 00:06:39,920 --> 00:06:43,360 Speaker 1: Yeah. Do you remember much about the supermarkets or going 149 00:06:43,400 --> 00:06:45,359 Speaker 1: down to four square or something in those days? I 150 00:06:45,400 --> 00:06:47,839 Speaker 1: just before we were on here, we were talking about 151 00:06:47,880 --> 00:06:50,480 Speaker 1: that nineteen ninety four receipt that they found and how 152 00:06:50,880 --> 00:06:54,080 Speaker 1: food prices have changed since then. But when you think 153 00:06:54,120 --> 00:06:57,360 Speaker 1: back to the differences with the say the late seventies, 154 00:06:58,839 --> 00:07:01,560 Speaker 1: walking around those they sort of little super values and 155 00:07:01,640 --> 00:07:04,960 Speaker 1: all squares and things. You know, what do you see 156 00:07:04,960 --> 00:07:07,360 Speaker 1: as the big big differences and what do you recall 157 00:07:07,400 --> 00:07:08,200 Speaker 1: from from that era? 158 00:07:08,480 --> 00:07:10,680 Speaker 3: Look, I remember, you know, if you said where was 159 00:07:10,800 --> 00:07:12,520 Speaker 3: home and when you grow up, I'd say Lower Huart 160 00:07:12,560 --> 00:07:15,280 Speaker 3: because we moved there sort of late primary school. So 161 00:07:15,320 --> 00:07:19,000 Speaker 3: that's sort of my best memories. So I remember a 162 00:07:19,040 --> 00:07:21,560 Speaker 3: new New World opening in Lower Hut opposite where Queen's 163 00:07:21,600 --> 00:07:23,960 Speaker 3: Gate is now, and that was the big deal. The 164 00:07:24,000 --> 00:07:26,560 Speaker 3: Pack and Save opening and Patoni. You know, these things 165 00:07:26,600 --> 00:07:29,400 Speaker 3: were big moments in terms of in your community. You 166 00:07:29,440 --> 00:07:31,840 Speaker 3: sort of notice them and people talked about it. I 167 00:07:31,920 --> 00:07:34,400 Speaker 3: don't think I was entrusted with the household shopping at 168 00:07:34,400 --> 00:07:38,920 Speaker 3: any point. So, but my first after school job that 169 00:07:39,000 --> 00:07:42,120 Speaker 3: paid any money was in a paint and wallpaper retail 170 00:07:42,120 --> 00:07:44,400 Speaker 3: shop called each See where he and sons and Queen's 171 00:07:44,440 --> 00:07:47,240 Speaker 3: Drive and Lower Hut. The college I went to had 172 00:07:47,240 --> 00:07:50,080 Speaker 3: Wednesday afternoons off and Saturday mornings on classes. Because the 173 00:07:50,120 --> 00:07:52,760 Speaker 3: borders there was no retail on the weekend, right, so 174 00:07:52,880 --> 00:07:55,640 Speaker 3: wednes was when you got a haircut or bought a 175 00:07:55,680 --> 00:07:58,480 Speaker 3: new shirt or whatever you needed to do. So I 176 00:07:58,480 --> 00:08:01,560 Speaker 3: do remember working in that shop, paying two dollars fifty 177 00:08:01,600 --> 00:08:06,480 Speaker 3: an hour, and you know, labeling paint cans, occasionally been 178 00:08:06,520 --> 00:08:10,440 Speaker 3: trusted to advise a customer on something, doing deliveries, and 179 00:08:10,480 --> 00:08:12,720 Speaker 3: then went on my uncle and aunt in a funny 180 00:08:12,760 --> 00:08:15,640 Speaker 3: twist of fate, thirty years later owned the New World 181 00:08:15,680 --> 00:08:19,880 Speaker 3: and walk Worth. Oh well, my university holidays four years 182 00:08:19,880 --> 00:08:20,240 Speaker 3: in a row. 183 00:08:20,240 --> 00:08:20,800 Speaker 2: I worked there. 184 00:08:20,920 --> 00:08:23,480 Speaker 1: Yeah, when you first started getting just a little bit 185 00:08:23,520 --> 00:08:25,360 Speaker 1: of money, like from the paint shop, job and things 186 00:08:25,360 --> 00:08:27,760 Speaker 1: were the things that you were passionate about that you 187 00:08:27,760 --> 00:08:29,760 Speaker 1: were saving up for. Were you savor or you spend 188 00:08:29,760 --> 00:08:30,040 Speaker 1: it all? 189 00:08:30,440 --> 00:08:32,520 Speaker 2: I was I was closer to spender than savor. 190 00:08:32,600 --> 00:08:36,200 Speaker 3: Yeah, yeah, you know, and classic key we teenage boy, 191 00:08:36,240 --> 00:08:38,760 Speaker 3: it was about cars and for me, you know, my 192 00:08:38,840 --> 00:08:41,079 Speaker 3: mates we were tramping in camp. You know, we lived 193 00:08:41,320 --> 00:08:43,079 Speaker 3: close to the towers, so I've had a full part 194 00:08:43,080 --> 00:08:45,600 Speaker 3: of New Zealand. We were doing that pretty regularly. So 195 00:08:45,679 --> 00:08:47,920 Speaker 3: you bought, you know, a new pair of boots or 196 00:08:47,960 --> 00:08:49,959 Speaker 3: a new pack or you know, and then cars when 197 00:08:50,000 --> 00:08:53,040 Speaker 3: the time came. My first car I think cost five 198 00:08:53,120 --> 00:08:54,360 Speaker 3: hundred dollars, so let's you know. 199 00:08:54,640 --> 00:08:57,200 Speaker 1: Keeping them perspective during what it was. 200 00:08:57,400 --> 00:08:59,520 Speaker 2: It was a reno ten, which is sort of embarrassed. 201 00:09:01,040 --> 00:09:03,120 Speaker 1: Yea, often a disaster, isn't it? 202 00:09:03,280 --> 00:09:05,760 Speaker 2: Pretty much? Yeah, I learned a lot about fixing them. 203 00:09:05,840 --> 00:09:09,200 Speaker 1: Yeah. Yeah that At school, were you academic and do 204 00:09:09,240 --> 00:09:11,480 Speaker 1: you think you sort of at that time had an 205 00:09:11,480 --> 00:09:14,680 Speaker 1: idea that business might be for you? Yeah? 206 00:09:14,679 --> 00:09:16,800 Speaker 3: If I look back, you know, I was sort of 207 00:09:16,840 --> 00:09:22,160 Speaker 3: focused on more business topics, so maths, accounting, economics dropped 208 00:09:22,200 --> 00:09:24,880 Speaker 3: the sciences towards the end, you know, probably physics through 209 00:09:24,920 --> 00:09:27,240 Speaker 3: the sixth form. I remember what do they call that 210 00:09:27,240 --> 00:09:31,400 Speaker 3: now year twelve, which is I reflect because both my 211 00:09:31,480 --> 00:09:34,360 Speaker 3: kids went technology and science. Ones are ecatronics engineer ones 212 00:09:34,400 --> 00:09:39,600 Speaker 3: are clinical embriologists. So they thought business was a bad idea. 213 00:09:39,760 --> 00:09:42,440 Speaker 3: But you know, I think, you know, focused on business 214 00:09:42,640 --> 00:09:46,840 Speaker 3: and university. I did accounting in law, but went into 215 00:09:46,920 --> 00:09:50,200 Speaker 3: an accounting role as my first full time job. 216 00:09:50,400 --> 00:09:52,600 Speaker 1: And you think, you know, some of those jobs, part 217 00:09:52,600 --> 00:09:54,600 Speaker 1: time jobs that you had, did that sort of help 218 00:09:54,840 --> 00:09:55,760 Speaker 1: make you think about Look. 219 00:09:55,800 --> 00:09:58,520 Speaker 3: I think what they taught me, particularly working from uncle 220 00:09:58,559 --> 00:10:00,319 Speaker 3: and aunt, was how to work hard, right, you know, 221 00:10:00,440 --> 00:10:02,600 Speaker 3: and the value of hard work and the hard work 222 00:10:02,960 --> 00:10:06,800 Speaker 3: supported success of their business. And also you know, this 223 00:10:06,920 --> 00:10:09,040 Speaker 3: was in Walkworth at the time. That was a small 224 00:10:09,080 --> 00:10:12,640 Speaker 3: sleepy you know, well outside of Auckland Town. It would 225 00:10:12,679 --> 00:10:15,160 Speaker 3: get very busy in summer because there was the beaches. 226 00:10:15,800 --> 00:10:18,920 Speaker 3: But it taught you about community, It taught you about 227 00:10:19,000 --> 00:10:21,160 Speaker 3: people and stuff. I learned about standards. 228 00:10:21,200 --> 00:10:21,400 Speaker 2: You know. 229 00:10:21,480 --> 00:10:24,680 Speaker 3: My uncle was very store had to be clean front 230 00:10:24,679 --> 00:10:28,520 Speaker 3: and back. You know, you looked after things, and even 231 00:10:28,720 --> 00:10:30,800 Speaker 3: in a very very small way, you know, retol crime 232 00:10:30,880 --> 00:10:32,959 Speaker 3: was a thing then, and you know I saw him 233 00:10:33,000 --> 00:10:35,840 Speaker 3: deal with those incidents. So he learned a lot about 234 00:10:35,840 --> 00:10:37,319 Speaker 3: hard work and a lot about community. 235 00:10:37,640 --> 00:10:40,320 Speaker 1: Yeah, and look, losing your parents so young, it's a 236 00:10:40,400 --> 00:10:43,439 Speaker 1: pretty big shock, especially at twenty one. Yeah, did that 237 00:10:43,480 --> 00:10:45,720 Speaker 1: sort of change your outlook on life generally? 238 00:10:46,000 --> 00:10:46,240 Speaker 2: Yeah? 239 00:10:46,280 --> 00:10:49,800 Speaker 3: I think it built some independence pretty quick. You know, 240 00:10:49,880 --> 00:10:51,839 Speaker 3: you sort of go, hey, you kind of have to 241 00:10:51,880 --> 00:10:54,959 Speaker 3: go and make this for yourself, younger siblings to. 242 00:10:55,320 --> 00:10:55,920 Speaker 2: Keep an eye on. 243 00:10:56,000 --> 00:10:59,719 Speaker 3: Yeah, and you know, so I think in a sad way, 244 00:11:00,240 --> 00:11:02,599 Speaker 3: you know, you sort of pull yourself up and so 245 00:11:02,720 --> 00:11:04,080 Speaker 3: you've got to get on with it. Yeah. 246 00:11:04,200 --> 00:11:07,000 Speaker 1: Yeah. So coming out of university, did you go, you know, 247 00:11:07,080 --> 00:11:09,120 Speaker 1: straight into a job or did you travel or anything. 248 00:11:09,400 --> 00:11:11,560 Speaker 3: I was in my fifth year of study. I wasn't 249 00:11:12,080 --> 00:11:13,720 Speaker 3: wasn't bad. I was trying to do two to. 250 00:11:15,760 --> 00:11:19,559 Speaker 2: Right. I went part time because. 251 00:11:19,280 --> 00:11:21,160 Speaker 3: I just got to a point where you go, actually, 252 00:11:21,120 --> 00:11:23,160 Speaker 3: I'd rather have a job and start creating a career. 253 00:11:23,200 --> 00:11:26,000 Speaker 3: And there was good opportunity at the time to do 254 00:11:26,080 --> 00:11:28,320 Speaker 3: that sort of dual learning, where you were in a 255 00:11:28,400 --> 00:11:30,480 Speaker 3: job but also going to university, you know. 256 00:11:30,440 --> 00:11:33,160 Speaker 2: Two or three hours a week, so that that worked 257 00:11:33,200 --> 00:11:33,600 Speaker 2: really well. 258 00:11:33,600 --> 00:11:36,600 Speaker 3: And the first company I worked for was ICI Paint, 259 00:11:36,640 --> 00:11:39,240 Speaker 3: so it was in their paint manufacturing plant and Gracefield 260 00:11:39,240 --> 00:11:39,640 Speaker 3: and low Hut. 261 00:11:40,440 --> 00:11:42,760 Speaker 2: And it was a great job because it taught you 262 00:11:42,800 --> 00:11:43,559 Speaker 2: the basics of. 263 00:11:43,480 --> 00:11:49,640 Speaker 3: Business raw materials, manufacturing, cost processing, quality, wholesaling, retailing, end 264 00:11:49,679 --> 00:11:50,960 Speaker 3: to end view of business. 265 00:11:51,200 --> 00:11:54,760 Speaker 1: Yeah, and you know you've got It's gone on to 266 00:11:54,760 --> 00:11:56,880 Speaker 1: be a very successful career. Was there a point at 267 00:11:56,880 --> 00:11:58,840 Speaker 1: which you feel like, you know, you made a bit 268 00:11:58,880 --> 00:12:02,559 Speaker 1: of a leap up gone into the workplace. When did 269 00:12:02,559 --> 00:12:04,560 Speaker 1: you feel like, well, oh, okay, actually now this is 270 00:12:04,640 --> 00:12:08,040 Speaker 1: getting pretty serious and start managing people and things like that. 271 00:12:08,160 --> 00:12:11,320 Speaker 3: Yeah, look, I think that was mid to late twenties. 272 00:12:12,240 --> 00:12:14,079 Speaker 3: I look back in on you often. Sometimes you get 273 00:12:14,080 --> 00:12:15,640 Speaker 3: asked to speak to groups and say, you know, how 274 00:12:15,640 --> 00:12:17,679 Speaker 3: did your career come about? And I always find it, 275 00:12:17,800 --> 00:12:19,600 Speaker 3: you know, sort of how don't know that I've got 276 00:12:19,600 --> 00:12:22,679 Speaker 3: that much to teach people, But I do remember at 277 00:12:22,720 --> 00:12:25,640 Speaker 3: school in sixth form, I was shoulder tapped by one 278 00:12:25,640 --> 00:12:28,520 Speaker 3: of the senior teachers saying are you coming back next year? 279 00:12:28,520 --> 00:12:30,240 Speaker 3: And if you are, would you be up for being 280 00:12:30,400 --> 00:12:32,800 Speaker 3: head day boy at the school. You look back now 281 00:12:32,800 --> 00:12:35,680 Speaker 3: and go, that was a head hunt, right. There was 282 00:12:35,720 --> 00:12:39,440 Speaker 3: no offer and no money, but you know, you reflect 283 00:12:39,480 --> 00:12:43,040 Speaker 3: and go wonder how that came about, and then people, 284 00:12:43,160 --> 00:12:45,520 Speaker 3: you know, people say, what do you think makes up 285 00:12:45,520 --> 00:12:47,760 Speaker 3: your ability to have a career. One first thing is 286 00:12:47,760 --> 00:12:50,280 Speaker 3: what you've learned at university will not be what you do, 287 00:12:51,760 --> 00:12:54,280 Speaker 3: but it does teach you to think, It teaches you 288 00:12:54,320 --> 00:12:56,240 Speaker 3: to learn, and it teaches you to work hard. 289 00:12:57,000 --> 00:12:57,680 Speaker 2: But then you know. 290 00:12:57,720 --> 00:13:00,280 Speaker 3: Once I moved from a company called my I Tell, 291 00:13:00,280 --> 00:13:03,040 Speaker 3: a small tech company only seventy people that ended up 292 00:13:03,280 --> 00:13:05,280 Speaker 3: through the late eighties and all of the economic things 293 00:13:05,280 --> 00:13:08,240 Speaker 3: that were going on closing in New Zealand, and I 294 00:13:08,280 --> 00:13:10,520 Speaker 3: was part of the team that sold the distribution rights 295 00:13:10,520 --> 00:13:14,440 Speaker 3: for the product to Telecom. Telecom was five telecoms at 296 00:13:14,440 --> 00:13:18,080 Speaker 3: the time before it merged, and that worked out pretty well. 297 00:13:18,280 --> 00:13:20,920 Speaker 3: And I joined the sales and marketing group in Telecom 298 00:13:20,960 --> 00:13:23,880 Speaker 3: Wellington Limited. But at the time there were no competitors, 299 00:13:23,880 --> 00:13:25,800 Speaker 3: but I knew they were coming because we'd been selling 300 00:13:25,840 --> 00:13:26,920 Speaker 3: tech to enable them. 301 00:13:27,040 --> 00:13:31,520 Speaker 2: So you started getting involved with people and sales. 302 00:13:31,320 --> 00:13:35,520 Speaker 3: And I have a vivid memory of in the Mitail Times, 303 00:13:35,960 --> 00:13:39,040 Speaker 3: a European GM who was someone in the audience at 304 00:13:39,040 --> 00:13:41,360 Speaker 3: a team catch up was complaining that the salespeople earned 305 00:13:41,400 --> 00:13:44,160 Speaker 3: more money than he did, and he said, well, you're 306 00:13:44,200 --> 00:13:46,600 Speaker 3: welcome to try, but you go to a low base, 307 00:13:46,760 --> 00:13:48,559 Speaker 3: you take the risk on commission and if you failed 308 00:13:48,559 --> 00:13:50,880 Speaker 3: two quarters in a row, you lose the job. And 309 00:13:51,000 --> 00:13:54,040 Speaker 3: just reminded me reporting is one thing, creating the results 310 00:13:54,080 --> 00:13:54,480 Speaker 3: as another. 311 00:14:01,320 --> 00:14:04,840 Speaker 1: You've actually held a lot of director's roles and chairman 312 00:14:05,120 --> 00:14:07,760 Speaker 1: roles as well. You know, how do you find that 313 00:14:07,880 --> 00:14:09,960 Speaker 1: role and also how did you make the leap into 314 00:14:10,360 --> 00:14:12,160 Speaker 1: getting involved with being on boards as well. 315 00:14:13,200 --> 00:14:16,839 Speaker 3: The first board things was ice House, so Telecom was 316 00:14:16,880 --> 00:14:18,680 Speaker 3: a partner of ice House. One of the things we 317 00:14:18,800 --> 00:14:22,400 Speaker 3: regularly did was put a director on and someone I 318 00:14:22,440 --> 00:14:25,640 Speaker 3: still work without in the in the startup community, a 319 00:14:25,640 --> 00:14:27,480 Speaker 3: lot gy called Rod Snodgrass sort of was it. 320 00:14:27,520 --> 00:14:29,040 Speaker 2: He came to me and said, I'm going to step down, 321 00:14:29,280 --> 00:14:30,200 Speaker 2: would you like to do it? 322 00:14:31,200 --> 00:14:34,520 Speaker 3: I was fascinated by what startup meant and what innovation 323 00:14:34,600 --> 00:14:37,320 Speaker 3: and tech investing in New Zealand looked like. I don't 324 00:14:37,360 --> 00:14:39,480 Speaker 3: think I knew anything about being a director at the time, 325 00:14:39,800 --> 00:14:42,560 Speaker 3: and it's been great actually, And I would firmly recommend 326 00:14:42,640 --> 00:14:45,560 Speaker 3: senior leaders to hold a board position while you hold 327 00:14:45,560 --> 00:14:47,960 Speaker 3: an executive position because in a funny way, you get 328 00:14:47,960 --> 00:14:51,400 Speaker 3: to see yourself. So around the board you see what 329 00:14:51,480 --> 00:14:53,360 Speaker 3: a management team show up like and the good and 330 00:14:53,360 --> 00:14:53,880 Speaker 3: the bad of that. 331 00:14:54,240 --> 00:14:57,000 Speaker 1: Sometimes sides of the fence look at myself. 332 00:14:56,640 --> 00:14:58,280 Speaker 3: Of now board and going yeah, I can see why 333 00:14:58,320 --> 00:15:03,520 Speaker 3: I frustrate them some days. And also as an executive, 334 00:15:03,520 --> 00:15:06,000 Speaker 3: as a senior leader, you go, I think I understand 335 00:15:06,000 --> 00:15:08,920 Speaker 3: what a board need from me. I think the key 336 00:15:09,000 --> 00:15:13,280 Speaker 3: about boards is, you know, nose and hands out, enable 337 00:15:13,400 --> 00:15:16,640 Speaker 3: the leadership team to be accountable and support them to deliver, 338 00:15:16,800 --> 00:15:19,880 Speaker 3: but be their critical friend. And you learn a lot 339 00:15:19,880 --> 00:15:22,520 Speaker 3: about where boards should start and stop and where leadership 340 00:15:22,560 --> 00:15:25,520 Speaker 3: needs to step in. So it's been really developmental. 341 00:15:25,720 --> 00:15:27,600 Speaker 1: Yeah, so what are the ones that people might know 342 00:15:27,640 --> 00:15:28,840 Speaker 1: that you're involved with at the moment. 343 00:15:29,920 --> 00:15:31,680 Speaker 3: So I've been on the board of Loyalty in New Zealand, 344 00:15:31,720 --> 00:15:33,600 Speaker 3: although there is a change coming with that which we've 345 00:15:33,600 --> 00:15:36,840 Speaker 3: just announced. I'm on the board of New Zealand Initiative, 346 00:15:36,840 --> 00:15:39,800 Speaker 3: and I chair the board at the Giltrap Group. Just 347 00:15:39,880 --> 00:15:41,880 Speaker 3: being an incredibly big year with a very sad passing 348 00:15:41,880 --> 00:15:45,120 Speaker 3: of Sir Colin Yeah. 349 00:15:43,840 --> 00:15:45,360 Speaker 2: A New Zealand business legend. 350 00:15:45,600 --> 00:15:48,800 Speaker 3: Yeah, you know, and I know when people say you've 351 00:15:48,800 --> 00:15:51,440 Speaker 3: taken over from Colin, you go no, no, no, No 352 00:15:51,480 --> 00:15:54,640 Speaker 3: one can take over from Colin. You know, I'm just 353 00:15:55,320 --> 00:15:59,120 Speaker 3: loving supporting the two sons that own the business and 354 00:15:59,720 --> 00:16:02,720 Speaker 3: being part of that industry, which is a fantastic intersection 355 00:16:02,760 --> 00:16:03,800 Speaker 3: of passion and business for me. 356 00:16:03,880 --> 00:16:06,120 Speaker 1: So you're quite passionate about cars, aren't you. And you're 357 00:16:06,120 --> 00:16:07,560 Speaker 1: talking about the racing earlier. 358 00:16:07,280 --> 00:16:11,520 Speaker 3: The thing that keeps you permanently poor. Yeah, but it is, 359 00:16:11,680 --> 00:16:13,960 Speaker 3: you know, it's a passion and so it's a privilege 360 00:16:14,000 --> 00:16:16,560 Speaker 3: to be part of a really cool New Zealand business 361 00:16:16,600 --> 00:16:17,120 Speaker 3: like that. 362 00:16:16,920 --> 00:16:18,440 Speaker 2: That is growing and grown and grind. 363 00:16:18,560 --> 00:16:20,640 Speaker 1: Yeah. What do you drive now? Do you drive something 364 00:16:20,680 --> 00:16:21,120 Speaker 1: that you're. 365 00:16:21,120 --> 00:16:22,480 Speaker 2: A Volkswagen to rig? 366 00:16:22,840 --> 00:16:27,240 Speaker 3: You know, you know, something that can put mountain bikes 367 00:16:27,240 --> 00:16:29,880 Speaker 3: on the back of cantire trailer. It's sort of you know, 368 00:16:29,920 --> 00:16:31,240 Speaker 3: it's a yeah, perfect thing for me. 369 00:16:31,400 --> 00:16:34,120 Speaker 1: Yeah, sure, sure, I've got a few quick fire questions. 370 00:16:34,760 --> 00:16:38,040 Speaker 1: We always ask what's the poorest you ever been? Oh? 371 00:16:38,120 --> 00:16:40,880 Speaker 3: I think it was the day I moved into my 372 00:16:40,920 --> 00:16:42,880 Speaker 3: first house, which was on the western hills of Lower 373 00:16:42,920 --> 00:16:46,920 Speaker 3: hut was back when you could buy a house for 374 00:16:47,280 --> 00:16:48,680 Speaker 3: you know, I think it was one hundred and five 375 00:16:48,680 --> 00:16:52,160 Speaker 3: thousand dollars brand new house built by Fletcher Building on 376 00:16:52,200 --> 00:16:54,200 Speaker 3: a small piece of land on the western hills above 377 00:16:54,240 --> 00:16:56,480 Speaker 3: Lower Hut. I put the five thousand dollars on a 378 00:16:56,480 --> 00:17:00,920 Speaker 3: credit card because I didn't have it, and know you 379 00:17:00,920 --> 00:17:02,600 Speaker 3: looked at it and went, gosh, that mortgage is I 380 00:17:02,600 --> 00:17:04,000 Speaker 3: could never imagine paying it off. 381 00:17:05,359 --> 00:17:08,280 Speaker 2: So good to get the start and lived. 382 00:17:07,960 --> 00:17:10,160 Speaker 3: In it for a year with you know, the driveway, 383 00:17:10,240 --> 00:17:13,119 Speaker 3: no landscaping, because anything you had to do you had 384 00:17:13,160 --> 00:17:15,800 Speaker 3: to do yourself. You couldn't afford to pay someone. So 385 00:17:15,880 --> 00:17:17,760 Speaker 3: that was probably the moment where you went, well, this 386 00:17:17,880 --> 00:17:19,919 Speaker 3: is you know, going to have to take this on. 387 00:17:20,200 --> 00:17:22,480 Speaker 1: Yeah. Yeah, when you were feeling that poor, you know, 388 00:17:22,560 --> 00:17:24,480 Speaker 1: did that affect your choices and the way you were 389 00:17:24,520 --> 00:17:27,360 Speaker 1: spending And I'm thinking about the supermarket shop probably. 390 00:17:27,280 --> 00:17:31,560 Speaker 3: Yeah, it's almost embarrassing them that I can't recall what 391 00:17:31,640 --> 00:17:34,040 Speaker 3: supermarket shop felt like so much. Then obviously I was 392 00:17:34,080 --> 00:17:35,720 Speaker 3: doing it. I was living you know, in the in 393 00:17:35,760 --> 00:17:38,320 Speaker 3: the place on my own, just before I got married. 394 00:17:38,400 --> 00:17:40,640 Speaker 3: Later about you know, six nine months after I bought 395 00:17:40,640 --> 00:17:41,000 Speaker 3: the house. 396 00:17:41,480 --> 00:17:43,280 Speaker 1: But of a blur, isn't it. 397 00:17:43,280 --> 00:17:45,640 Speaker 3: It was sort of you know, probably at other things 398 00:17:45,680 --> 00:17:47,520 Speaker 3: on your mind as priorities. This was at a time 399 00:17:47,520 --> 00:17:51,000 Speaker 3: where interest rates were in the teens. Yeah, so you know, I. 400 00:17:50,960 --> 00:17:53,280 Speaker 2: Certainly felt that probably most Yeah. 401 00:17:53,080 --> 00:17:55,600 Speaker 1: That's right. How about flipping it around, what's the most 402 00:17:55,960 --> 00:17:57,560 Speaker 1: indulgent purchase you've ever made? 403 00:17:58,000 --> 00:18:00,840 Speaker 3: Oh, look, it would be it's probably a car thing, 404 00:18:01,000 --> 00:18:04,480 Speaker 3: you know, a sports car for fun. You know, my 405 00:18:04,640 --> 00:18:07,080 Speaker 3: son did a reasonable amount of motorsport and that's a 406 00:18:07,280 --> 00:18:09,560 Speaker 3: that's a passion that you know, coll admiration for people 407 00:18:09,600 --> 00:18:11,040 Speaker 3: that go all the way on the investment in that. 408 00:18:11,119 --> 00:18:13,680 Speaker 3: It's you know, of all the sports, it's the most 409 00:18:13,720 --> 00:18:15,080 Speaker 3: hardest to solve economically. 410 00:18:15,280 --> 00:18:16,880 Speaker 2: Yeah, so it would. 411 00:18:16,680 --> 00:18:19,080 Speaker 1: Probably myself, like a business, just to survive. 412 00:18:19,160 --> 00:18:22,399 Speaker 3: You need a lot of support, yeah, and just complete aside. 413 00:18:22,440 --> 00:18:24,600 Speaker 3: But New Zealand is punching so far above its weight 414 00:18:24,640 --> 00:18:27,560 Speaker 3: and isn't it? And particularly given the lack of economic 415 00:18:27,680 --> 00:18:30,080 Speaker 3: power we have. You know, you look at the big 416 00:18:30,080 --> 00:18:31,920 Speaker 3: players in the world. They're coming with the billions of 417 00:18:32,000 --> 00:18:34,480 Speaker 3: large countries. We should be really proud of us. 418 00:18:34,600 --> 00:18:37,840 Speaker 1: Yeah, yeah, absolutely, And so do you can you work 419 00:18:37,920 --> 00:18:39,600 Speaker 1: on engines and fixed cars. 420 00:18:40,600 --> 00:18:43,240 Speaker 3: Time is probably the biggest barrier, but I can. And 421 00:18:43,920 --> 00:18:45,760 Speaker 3: what I love about doing it now versus doing it 422 00:18:45,800 --> 00:18:47,679 Speaker 3: when you're young. You needed to fix it that night 423 00:18:47,720 --> 00:18:51,640 Speaker 3: because you drive it to that one that's not driven 424 00:18:51,680 --> 00:18:54,000 Speaker 3: every day. You can do it a little slower and 425 00:18:54,000 --> 00:18:54,760 Speaker 3: have a little more fun. 426 00:18:54,960 --> 00:18:59,040 Speaker 1: Yeah. Sure. One we've been asking and so Christopher Luxan 427 00:18:59,080 --> 00:19:01,520 Speaker 1: on the campaign trail was asked about what he spent 428 00:19:01,560 --> 00:19:04,840 Speaker 1: on supermarket shopping. You probably saw the story and I 429 00:19:04,880 --> 00:19:06,520 Speaker 1: think he kind of misread the question a bit to 430 00:19:06,560 --> 00:19:08,560 Speaker 1: be honest that he said sixty dollars because he's down 431 00:19:08,600 --> 00:19:11,560 Speaker 1: in Wellington and basically topping up in coffee and things. 432 00:19:11,560 --> 00:19:13,840 Speaker 1: But what does your supermarket shop look like? Are you 433 00:19:13,920 --> 00:19:15,280 Speaker 1: a big supermarket shopper? 434 00:19:15,520 --> 00:19:19,959 Speaker 3: Look, I go, I'm in stores very often, but not 435 00:19:20,119 --> 00:19:23,000 Speaker 3: you know, doing a household shop. You know that generally 436 00:19:23,359 --> 00:19:25,440 Speaker 3: is sort of mid twes to three hundred a week 437 00:19:25,440 --> 00:19:28,399 Speaker 3: from what I see, and that's you know, supermarkets is 438 00:19:28,440 --> 00:19:31,640 Speaker 3: part of what goes into the house. But very conscious 439 00:19:31,680 --> 00:19:34,280 Speaker 3: that the you know, it's very real to me what 440 00:19:34,440 --> 00:19:37,280 Speaker 3: happen has happened with food price inflation, what's happened with 441 00:19:37,320 --> 00:19:39,560 Speaker 3: supply costs to us, and what's happened with our pricing. 442 00:19:39,880 --> 00:19:42,760 Speaker 3: We've tried to be really transparent about that because we 443 00:19:42,800 --> 00:19:45,760 Speaker 3: feel that accountability to New Zealand households we get we 444 00:19:45,760 --> 00:19:48,000 Speaker 3: sit high on this spend list we've got to show 445 00:19:48,040 --> 00:19:50,320 Speaker 3: them we're doing all we can to suppress the impact 446 00:19:50,320 --> 00:19:51,040 Speaker 3: of what's going on. 447 00:19:51,160 --> 00:19:52,960 Speaker 1: I mean, it was it was a shock in the 448 00:19:53,000 --> 00:19:55,880 Speaker 1: sense that New Zealand or the world, we hadn't really 449 00:19:55,880 --> 00:19:59,399 Speaker 1: had that kind of inflation for decades and then suddenly 450 00:19:59,440 --> 00:20:03,080 Speaker 1: it hits, and you know, I guess I sort of 451 00:20:03,160 --> 00:20:06,960 Speaker 1: underestimated how much people hate it. They you know, that 452 00:20:07,240 --> 00:20:08,320 Speaker 1: the pain of it, that there was a lot of 453 00:20:08,400 --> 00:20:10,720 Speaker 1: anger and all that sort of stuff. Did you guys 454 00:20:10,720 --> 00:20:13,040 Speaker 1: feel that, I mean, it's sort of I would say, 455 00:20:13,240 --> 00:20:16,840 Speaker 1: looking at the economics of it, the food side is 456 00:20:16,880 --> 00:20:19,240 Speaker 1: coming back down to sort of normal levels of inflation, 457 00:20:19,359 --> 00:20:21,800 Speaker 1: but there was a real spike there, especially fruit and 458 00:20:21,880 --> 00:20:22,680 Speaker 1: veggies for a while. 459 00:20:22,760 --> 00:20:23,399 Speaker 2: Yeah, there was. 460 00:20:23,480 --> 00:20:25,520 Speaker 3: And look, you know, so the good news right now 461 00:20:25,680 --> 00:20:27,960 Speaker 3: is we're down well below one percent for the last 462 00:20:27,960 --> 00:20:31,159 Speaker 3: three months. You know, our retail price increases sitting at 463 00:20:31,200 --> 00:20:34,879 Speaker 3: a round point four point five, supply costs increases to 464 00:20:34,960 --> 00:20:37,000 Speaker 3: us still sitting in the threes three percent or so, 465 00:20:37,400 --> 00:20:40,000 Speaker 3: and food price inflation somewhere around the same as our 466 00:20:40,440 --> 00:20:43,000 Speaker 3: retail prices. We've been lower in two and higher and one. 467 00:20:43,720 --> 00:20:46,639 Speaker 3: But you go back you know, thirteen fourteen months, we 468 00:20:46,640 --> 00:20:49,639 Speaker 3: were talking about twelves, you know, in terms of percent 469 00:20:49,680 --> 00:20:53,639 Speaker 3: increase month compared to month a year ago. When you 470 00:20:53,640 --> 00:20:55,920 Speaker 3: look back at it, you know, COVID threw us into 471 00:20:55,920 --> 00:20:58,200 Speaker 3: the limelight. There was only two things on the news. 472 00:20:58,280 --> 00:21:01,480 Speaker 3: There was COVID and so making place, and any small 473 00:21:01,520 --> 00:21:04,320 Speaker 3: thing we did, good or bad, got coverage. And you 474 00:21:04,440 --> 00:21:06,720 Speaker 3: just got to You've got to accept in return for 475 00:21:06,800 --> 00:21:09,840 Speaker 3: the privilege to operate in every community, comes comes the 476 00:21:09,920 --> 00:21:12,679 Speaker 3: scrutiny and the transparency, and it's okay, we need to 477 00:21:12,680 --> 00:21:14,400 Speaker 3: stand up to it. But if I look at it now, 478 00:21:14,560 --> 00:21:17,199 Speaker 3: you know, I think in hindsight we're going Actually, the 479 00:21:17,200 --> 00:21:19,199 Speaker 3: weather events did have an impact on products. 480 00:21:19,160 --> 00:21:20,480 Speaker 1: You can see it now with the fre not a 481 00:21:20,520 --> 00:21:22,800 Speaker 1: surprise coming down so much right. 482 00:21:22,920 --> 00:21:25,280 Speaker 3: And globally there's been so many things go on. You know, 483 00:21:25,359 --> 00:21:28,400 Speaker 3: Coco's up three hundred percent, Olive oils up three hundred percent, and. 484 00:21:28,359 --> 00:21:29,800 Speaker 1: You go to the olio. 485 00:21:30,040 --> 00:21:32,320 Speaker 2: How do we suppress that in New Zealand. 486 00:21:32,400 --> 00:21:34,000 Speaker 3: You know, in the end, you go, you buy as 487 00:21:34,000 --> 00:21:37,320 Speaker 3: well as you possibly can, respect your supplies, make sure 488 00:21:37,359 --> 00:21:39,400 Speaker 3: that it's fair. But you've got to do the job 489 00:21:39,440 --> 00:21:41,400 Speaker 3: because our customers are expecting us to buy. 490 00:21:41,400 --> 00:21:41,640 Speaker 2: Well. 491 00:21:41,840 --> 00:21:44,119 Speaker 1: Yeah, I guess the supplies are now just dealing with 492 00:21:44,200 --> 00:21:46,920 Speaker 1: the last stuff seems to be things like power prices 493 00:21:46,920 --> 00:21:48,840 Speaker 1: and rates and all that sort of stuff that they 494 00:21:48,880 --> 00:21:50,199 Speaker 1: have to deal with, right. 495 00:21:50,280 --> 00:21:52,560 Speaker 3: I think there is room and it's been interesting watching 496 00:21:52,600 --> 00:21:55,280 Speaker 3: the process in Australia. There is room to make sure 497 00:21:55,359 --> 00:21:58,520 Speaker 3: that particularly our global supplies are treating New Zealand fairly. Yeah, 498 00:21:59,480 --> 00:22:01,359 Speaker 3: you know, we've had a lot of scrutiny. You know, 499 00:22:01,480 --> 00:22:04,440 Speaker 3: our numbers are prett in trails have been well well 500 00:22:04,480 --> 00:22:05,320 Speaker 3: sort of laid out. 501 00:22:05,480 --> 00:22:06,800 Speaker 1: So is that one of the reasons that you would 502 00:22:06,880 --> 00:22:08,600 Speaker 1: argue for scale. 503 00:22:09,320 --> 00:22:11,199 Speaker 2: I think scale for buying matters, you know. 504 00:22:11,280 --> 00:22:13,240 Speaker 3: And if you think about the market in New Zealand, 505 00:22:13,280 --> 00:22:17,520 Speaker 3: our direct competitor is Australasian, so they bring Australasian scale. 506 00:22:18,520 --> 00:22:20,600 Speaker 3: The other players that are part of the New Zealand 507 00:22:20,600 --> 00:22:24,200 Speaker 3: competitive landscape now so Costco, massive global and very respected retail. 508 00:22:24,200 --> 00:22:25,359 Speaker 2: They do a very good job. 509 00:22:26,400 --> 00:22:29,320 Speaker 3: And other entrants to New Zealand will probably come with 510 00:22:29,359 --> 00:22:33,320 Speaker 3: global scale. Even new players like the Warehouse Group are national. 511 00:22:33,440 --> 00:22:35,360 Speaker 3: So when we sit here and go what do we 512 00:22:35,400 --> 00:22:37,880 Speaker 3: need to do to do better pricing for our customers, 513 00:22:38,080 --> 00:22:40,000 Speaker 3: that's where the merger comes from. 514 00:22:40,119 --> 00:22:42,200 Speaker 1: And at the HERA, we've been writing stories about Aldi 515 00:22:42,359 --> 00:22:45,000 Speaker 1: coming in for about twenty years. Yes, do you think 516 00:22:45,000 --> 00:22:45,720 Speaker 1: that'll ever happen. 517 00:22:46,040 --> 00:22:48,040 Speaker 3: It can happen tomorrow if they want to. Yeah, there 518 00:22:48,119 --> 00:22:51,240 Speaker 3: there is no barrier to them coming. They will just 519 00:22:51,440 --> 00:22:54,520 Speaker 3: I assume assess the opportunity to deploy the capital, because 520 00:22:54,520 --> 00:22:58,359 Speaker 3: this is a large capital, lower margin game compared to 521 00:22:58,400 --> 00:23:01,600 Speaker 3: many business models. When you get it running well and 522 00:23:01,640 --> 00:23:03,679 Speaker 3: when you're very efficient, when you have enough scale, you 523 00:23:03,760 --> 00:23:06,040 Speaker 3: can get four cents in the dollar return, and that's 524 00:23:06,400 --> 00:23:09,679 Speaker 3: that can be a fair return and enables you to invest. 525 00:23:09,920 --> 00:23:11,600 Speaker 3: You know, every time we open a new store, that 526 00:23:11,680 --> 00:23:13,400 Speaker 3: is tens of millions of dollars of investment. 527 00:23:13,600 --> 00:23:15,760 Speaker 1: Yeah, And I mean you'll know from the telco industry 528 00:23:15,760 --> 00:23:19,119 Speaker 1: that often it is difficult in the country the size 529 00:23:19,160 --> 00:23:21,240 Speaker 1: to get beyond say two big players and a third 530 00:23:21,320 --> 00:23:25,399 Speaker 1: challenger brand kind of thing. There's just issues with the 531 00:23:26,080 --> 00:23:27,560 Speaker 1: size of the population for some of these. 532 00:23:28,320 --> 00:23:30,280 Speaker 3: You know, you keep thinking, we're a little bit over 533 00:23:30,320 --> 00:23:33,960 Speaker 3: five million, the same physical size as Japan. So the 534 00:23:34,000 --> 00:23:37,920 Speaker 3: case to invest is different here and needs different things. 535 00:23:38,240 --> 00:23:40,919 Speaker 3: The barriers that make a difference to the cost in 536 00:23:40,960 --> 00:23:42,800 Speaker 3: New Zealand would be you know, what's the Foreign Direct 537 00:23:42,840 --> 00:23:46,639 Speaker 3: Investment rules, what's Overseas Investment Act doing for people who 538 00:23:46,720 --> 00:23:49,080 Speaker 3: might want to come to New Zealand, what's land availability, 539 00:23:49,200 --> 00:23:52,919 Speaker 3: the RIMA and just basically being a simple country to 540 00:23:52,960 --> 00:23:53,399 Speaker 3: do business. 541 00:23:53,880 --> 00:23:56,119 Speaker 1: And this government is talking about changing some things that 542 00:23:56,200 --> 00:23:56,720 Speaker 1: so maybe that. 543 00:23:58,600 --> 00:24:02,040 Speaker 3: Very positive principles being gust We think that makes the 544 00:24:02,040 --> 00:24:04,440 Speaker 3: biggest difference to getting competition here is to make it 545 00:24:04,520 --> 00:24:06,240 Speaker 3: simpler for people to come and set up. 546 00:24:06,440 --> 00:24:09,040 Speaker 1: Yeah, how do you feel about ideas like GST or 547 00:24:09,080 --> 00:24:11,200 Speaker 1: fruit and veggies? Would that make a difference you think? 548 00:24:11,240 --> 00:24:13,800 Speaker 3: Look, I think we love the simplicity of New Zealand's 549 00:24:13,840 --> 00:24:18,280 Speaker 3: GST system. So you know, firstly, if the government made 550 00:24:18,359 --> 00:24:20,399 Speaker 3: any government made a change in that area, then it 551 00:24:20,440 --> 00:24:24,840 Speaker 3: would be transparently passed through, no debate about that. However, 552 00:24:24,880 --> 00:24:27,120 Speaker 3: the cost to deliver it the you know, you watch 553 00:24:27,160 --> 00:24:30,240 Speaker 3: the Australian model where you know, if a salad's handmade 554 00:24:30,280 --> 00:24:33,480 Speaker 3: in store versus bagged, there are GST differences and you 555 00:24:33,560 --> 00:24:36,240 Speaker 3: sort of go, that's a complexity that is hard for 556 00:24:36,320 --> 00:24:39,520 Speaker 3: customers to understand, hard for stores to understand to get 557 00:24:39,600 --> 00:24:42,560 Speaker 3: right all of the time. You know, does it genuinely 558 00:24:42,560 --> 00:24:45,000 Speaker 3: add the value as opposed to let's look at the 559 00:24:45,000 --> 00:24:47,359 Speaker 3: core cost drivers of getting fresh produce on shelf and 560 00:24:47,359 --> 00:24:48,520 Speaker 3: said we can make those better. 561 00:24:48,680 --> 00:24:51,600 Speaker 1: Yeah, we were talking earlier about that. You know that 562 00:24:51,720 --> 00:24:54,960 Speaker 1: the receipt from nineteen ninety four that they had a 563 00:24:55,000 --> 00:24:57,440 Speaker 1: story on and the different changes and prices are the 564 00:24:57,520 --> 00:25:00,600 Speaker 1: categories of do you see the change in prices? You know, 565 00:25:00,760 --> 00:25:03,159 Speaker 1: not just the ups and downs, but are the trends 566 00:25:03,160 --> 00:25:05,359 Speaker 1: in food pricing that you know? It looked like with 567 00:25:05,640 --> 00:25:10,119 Speaker 1: that story that processed foods and frozen foods were a 568 00:25:10,200 --> 00:25:12,760 Speaker 1: lot cheaper now than they used to be in relative terms, 569 00:25:12,920 --> 00:25:16,000 Speaker 1: sometimes even nominally actually, and it looked sort of like 570 00:25:16,119 --> 00:25:19,800 Speaker 1: fresh stuff is more expensive. Do you dares to see 571 00:25:19,800 --> 00:25:20,320 Speaker 1: that trend? 572 00:25:20,720 --> 00:25:20,960 Speaker 2: Yeah? 573 00:25:21,000 --> 00:25:23,200 Speaker 3: Look I saw and I saw your article land that 574 00:25:23,280 --> 00:25:25,640 Speaker 3: now I know. It made us reflect on a few 575 00:25:25,640 --> 00:25:28,840 Speaker 3: things because we spotted the same things, which is clearly 576 00:25:28,880 --> 00:25:32,160 Speaker 3: the costs and fresh produce have risen as fast, if 577 00:25:32,160 --> 00:25:34,760 Speaker 3: not faster than inflation through that time. You then look 578 00:25:34,760 --> 00:25:36,840 Speaker 3: at what are the cost drivers, So what's land cost, 579 00:25:36,880 --> 00:25:39,119 Speaker 3: what is production costs and people cost? And then what 580 00:25:39,160 --> 00:25:41,879 Speaker 3: are global markets doing in terms of driving price for 581 00:25:41,920 --> 00:25:45,879 Speaker 3: global products? Whereas the technologies that can be employed in 582 00:25:45,960 --> 00:25:48,960 Speaker 3: making processed food has a slightly negative tone. Unfortunately, a 583 00:25:49,000 --> 00:25:51,960 Speaker 3: lot of the product now is amazing quality and taste 584 00:25:52,000 --> 00:25:55,400 Speaker 3: and amazing nutrition. And one of the great developments through 585 00:25:55,440 --> 00:25:58,240 Speaker 3: COVID was people were asked to shop once a week 586 00:25:58,400 --> 00:26:00,439 Speaker 3: and were asked to keep things in animals. People had 587 00:26:00,480 --> 00:26:02,560 Speaker 3: a little bit of a hey, I better keep more 588 00:26:02,600 --> 00:26:05,400 Speaker 3: food in the house just in case. So frozen food 589 00:26:05,400 --> 00:26:08,080 Speaker 3: in particular has gone through a massive boom and the 590 00:26:08,200 --> 00:26:11,200 Speaker 3: product quality and the other thing a sort of cool 591 00:26:11,240 --> 00:26:14,399 Speaker 3: thing that happened was unfortunately hospitality was lockdown, but people 592 00:26:14,440 --> 00:26:17,240 Speaker 3: learned to get restaurant or pub style food at home. 593 00:26:17,359 --> 00:26:20,480 Speaker 3: So the rise of the air fryer in the flavored 594 00:26:20,520 --> 00:26:23,120 Speaker 3: chicken pieces and all of that stuff has been quite 595 00:26:23,119 --> 00:26:25,600 Speaker 3: a change. So when we design a store now, we're 596 00:26:25,600 --> 00:26:28,800 Speaker 3: designing a lot more frozen retail, so a lot more 597 00:26:28,840 --> 00:26:32,000 Speaker 3: stand up fridges and a lot more product range and 598 00:26:32,119 --> 00:26:35,360 Speaker 3: trying to deliver to the value, nutrition and taste profiles 599 00:26:35,400 --> 00:26:38,040 Speaker 3: that are being got out on new products. So we 600 00:26:38,160 --> 00:26:42,040 Speaker 3: deliver nearly eight thousand new products a year into our stores. 601 00:26:42,080 --> 00:26:44,439 Speaker 1: So there's a lot of competition to be on the shelf. 602 00:26:44,480 --> 00:26:47,359 Speaker 1: So we talk about I guess the intense sort of focus. 603 00:26:47,359 --> 00:26:48,920 Speaker 1: You get from a consumer point of view, but there's 604 00:26:48,920 --> 00:26:50,760 Speaker 1: a bit there from the supplier point of view too, Right. 605 00:26:50,920 --> 00:26:54,280 Speaker 1: They're all very competitive and they consider it quite hard 606 00:26:54,280 --> 00:26:56,359 Speaker 1: work to get on the shelves with you guys. Is 607 00:26:56,359 --> 00:26:56,920 Speaker 1: that fair? 608 00:26:57,119 --> 00:27:00,200 Speaker 3: Look you hear that I speak to one hundred of 609 00:27:00,200 --> 00:27:02,720 Speaker 3: our supplies a month. We run a regular digital catch 610 00:27:02,800 --> 00:27:05,360 Speaker 3: up where we get about five hundred attending. Three times 611 00:27:05,400 --> 00:27:07,639 Speaker 3: a year. We bring them into our place, six hundred 612 00:27:07,680 --> 00:27:10,800 Speaker 3: people or so. We just ran a supply survey. We 613 00:27:10,880 --> 00:27:13,919 Speaker 3: do it every six months, and since we propose the merger, 614 00:27:13,960 --> 00:27:17,239 Speaker 3: we've tripled the net promoter score from our suppliers for us. 615 00:27:17,240 --> 00:27:19,679 Speaker 3: So we're sort of going, there's more to do, But 616 00:27:19,880 --> 00:27:23,119 Speaker 3: when communicating, we're answering any question. There is now a 617 00:27:23,160 --> 00:27:25,720 Speaker 3: code of conduct in the new grocery industry competition that 618 00:27:25,840 --> 00:27:28,680 Speaker 3: sets the rules for the playing field. So a lot 619 00:27:28,680 --> 00:27:31,080 Speaker 3: has changed in that space and a lot has come forward. 620 00:27:31,080 --> 00:27:33,560 Speaker 3: The other thing, you know, it's our stores don't get 621 00:27:33,600 --> 00:27:36,080 Speaker 3: bigger because a supplier comes up with five new products, 622 00:27:36,119 --> 00:27:38,240 Speaker 3: So every time they do, we have to decide what 623 00:27:38,359 --> 00:27:41,200 Speaker 3: comes out so it can go in that process. Also, 624 00:27:41,840 --> 00:27:45,119 Speaker 3: we range based on the data from our customers and 625 00:27:45,160 --> 00:27:46,920 Speaker 3: that's the thing we've worked hard on the last three years. 626 00:27:47,000 --> 00:27:49,199 Speaker 1: And that must be you know, I know with the 627 00:27:49,240 --> 00:27:51,960 Speaker 1: media that we get that the analytics get pretty good, right, 628 00:27:52,000 --> 00:27:54,000 Speaker 1: so you must get really good data on what people 629 00:27:54,040 --> 00:27:54,400 Speaker 1: are buying. 630 00:27:54,440 --> 00:27:56,200 Speaker 3: In the essention, there's a lot of talk about AI. 631 00:27:56,440 --> 00:27:59,440 Speaker 3: We've been involved in a process where we've pumped years 632 00:27:59,480 --> 00:28:03,919 Speaker 3: OFDUCT sales data into an AI lead machine and basically 633 00:28:03,960 --> 00:28:06,359 Speaker 3: it's telling us in every category what products must be 634 00:28:06,400 --> 00:28:10,280 Speaker 3: on shelf, what products are choices on shelf, and then 635 00:28:10,440 --> 00:28:12,440 Speaker 3: where the positioning and value needs to be to work 636 00:28:12,480 --> 00:28:13,040 Speaker 3: for customers. 637 00:28:13,119 --> 00:28:14,119 Speaker 2: So that's there's a lot. 638 00:28:13,960 --> 00:28:16,399 Speaker 3: Of science now in the ranging and when we do 639 00:28:16,440 --> 00:28:18,560 Speaker 3: a review of a category to come up with an outcome, 640 00:28:18,600 --> 00:28:21,159 Speaker 3: that's what we're using a customer driven data to do it. 641 00:28:27,800 --> 00:28:30,040 Speaker 1: Back to some of these quick far questions when I 642 00:28:30,119 --> 00:28:32,520 Speaker 1: keep asking people, regardless of their wealth, is do they 643 00:28:32,560 --> 00:28:34,320 Speaker 1: still buy a lot of tickets or do they imagine 644 00:28:34,320 --> 00:28:34,919 Speaker 1: winning lotto? 645 00:28:36,200 --> 00:28:39,720 Speaker 3: Don't buy tickets to imagine, So that's a exercise. 646 00:28:40,120 --> 00:28:43,000 Speaker 1: Oh yeah, you get to imagine for free? Yeah yeah, yeah? 647 00:28:43,040 --> 00:28:44,240 Speaker 1: How much do you imagine winning? 648 00:28:45,200 --> 00:28:46,320 Speaker 2: Not? Not that much? 649 00:28:46,440 --> 00:28:49,640 Speaker 3: I loved I think was it the fifty million or 650 00:28:49,680 --> 00:28:51,040 Speaker 3: so went out to seven or eight people. 651 00:28:51,120 --> 00:28:52,480 Speaker 2: Yeah, I think that's a great app So. 652 00:28:52,520 --> 00:28:55,400 Speaker 1: Worry that people win, you know, that kind of money 653 00:28:55,400 --> 00:28:57,840 Speaker 1: Suddenly it actually up ends their life a bit, doesn't it. 654 00:28:58,040 --> 00:28:58,280 Speaker 2: Yeah. 655 00:28:58,600 --> 00:29:01,080 Speaker 3: You do hope that people got the support and advice 656 00:29:01,120 --> 00:29:02,880 Speaker 3: and the right people around them when that happens, and 657 00:29:02,920 --> 00:29:04,560 Speaker 3: I really hope they go on to do very well 658 00:29:04,560 --> 00:29:05,200 Speaker 3: as a result. 659 00:29:05,400 --> 00:29:08,440 Speaker 1: Yeah, there's a lot of good part of business for supermarkets. 660 00:29:08,480 --> 00:29:11,400 Speaker 1: I mean, I know they often have a stand look like. 661 00:29:11,400 --> 00:29:13,480 Speaker 3: A lot of things that's shifting more and more digital, 662 00:29:13,760 --> 00:29:16,960 Speaker 3: you know, and supermarkets it's constantly about is that space 663 00:29:17,440 --> 00:29:18,200 Speaker 3: getting through. 664 00:29:18,360 --> 00:29:19,320 Speaker 2: What customers need. 665 00:29:20,160 --> 00:29:22,680 Speaker 3: And certainly in the many small communities, you know, having 666 00:29:22,720 --> 00:29:25,720 Speaker 3: lotto is quite important to the community, so you keep 667 00:29:25,760 --> 00:29:29,120 Speaker 3: it for that. Probably in our largest cities less so, 668 00:29:29,120 --> 00:29:33,000 Speaker 3: so that'll keep evolving, you know. And Loto grew digitally 669 00:29:33,000 --> 00:29:35,160 Speaker 3: a lot during COVID because people aren't going to make 670 00:29:35,200 --> 00:29:38,040 Speaker 3: a trip just for that, so you know, we keep 671 00:29:38,160 --> 00:29:39,920 Speaker 3: talking to the team at Lotto about that. 672 00:29:40,200 --> 00:29:43,320 Speaker 1: Yeah. When you think about money now and your career 673 00:29:43,360 --> 00:29:44,960 Speaker 1: and things, do you do you know, do you think 674 00:29:44,960 --> 00:29:48,640 Speaker 1: it's been a driver for you making money or is 675 00:29:48,680 --> 00:29:50,840 Speaker 1: it more of a by product of doing business and 676 00:29:51,680 --> 00:29:52,560 Speaker 1: what you've been trying to do. 677 00:29:53,320 --> 00:29:54,240 Speaker 2: It is a byproduct. 678 00:29:54,320 --> 00:29:57,840 Speaker 3: You don't if any leader is running their business for 679 00:29:58,240 --> 00:30:00,760 Speaker 3: you know, the scorecard that they have been, the money 680 00:30:00,800 --> 00:30:03,600 Speaker 3: they receive. That's a pretty sad place to be, to 681 00:30:03,600 --> 00:30:07,520 Speaker 3: be honest, I think it's an enabler. So it is 682 00:30:07,920 --> 00:30:10,600 Speaker 3: a privilege to be at a point we have choices 683 00:30:10,960 --> 00:30:13,160 Speaker 3: where you can do things for friends and family and 684 00:30:13,200 --> 00:30:16,520 Speaker 3: do things that our experiences and matter and not be 685 00:30:16,600 --> 00:30:20,320 Speaker 3: worried day to day. But also it also frees up 686 00:30:20,360 --> 00:30:22,120 Speaker 3: some time in your mind to think about, so what 687 00:30:22,160 --> 00:30:24,080 Speaker 3: are we doing in the communities that we have the 688 00:30:24,120 --> 00:30:27,240 Speaker 3: privilege to earn a return in and be part of 689 00:30:27,440 --> 00:30:31,680 Speaker 3: rather than take a return from. So our team and 690 00:30:31,720 --> 00:30:35,080 Speaker 3: how they're looked after ready matters. And that's everything from 691 00:30:35,160 --> 00:30:37,920 Speaker 3: the way we reward and pay and the way we 692 00:30:37,960 --> 00:30:40,040 Speaker 3: employ and the way we treat people and our engagement 693 00:30:40,560 --> 00:30:42,840 Speaker 3: all the way through to our Foodies foundation to look 694 00:30:42,880 --> 00:30:45,480 Speaker 3: after families when they get into trouble. Someone could get sick, 695 00:30:45,560 --> 00:30:48,920 Speaker 3: someone could have a relationship problem, got an amazing facility 696 00:30:48,960 --> 00:30:51,160 Speaker 3: there that they can get help within twenty four hours. 697 00:30:51,160 --> 00:30:53,040 Speaker 3: To the tune of five thousand dollars and We do 698 00:30:53,080 --> 00:30:54,960 Speaker 3: it hundreds of times a year to help our team 699 00:30:55,280 --> 00:30:57,640 Speaker 3: through to what we do for food into communities and 700 00:30:57,680 --> 00:31:01,400 Speaker 3: the social supermarket idea which thirty four thousand families encounting. Yeah, 701 00:31:02,120 --> 00:31:05,200 Speaker 3: love that it's an all around wrap and that thousands 702 00:31:05,200 --> 00:31:07,200 Speaker 3: of those families know no longer need the help. 703 00:31:07,440 --> 00:31:09,560 Speaker 2: That's the key that it makes that difference. 704 00:31:09,280 --> 00:31:11,880 Speaker 1: When you think about some of that, you know, poverty 705 00:31:11,880 --> 00:31:13,880 Speaker 1: that's out there and how tuugh it is out there, 706 00:31:13,880 --> 00:31:17,280 Speaker 1: I mean and generally through society. What's your view on 707 00:31:17,320 --> 00:31:20,680 Speaker 1: sort of what the big drivers of wealth versus poverty are. 708 00:31:20,760 --> 00:31:22,760 Speaker 1: What would you like to see change in the way 709 00:31:22,800 --> 00:31:24,960 Speaker 1: people think about I. 710 00:31:24,840 --> 00:31:27,080 Speaker 3: Think there's three or four things that matter. You know, 711 00:31:27,240 --> 00:31:31,000 Speaker 3: health and education do matter. You know, you see where 712 00:31:31,480 --> 00:31:33,840 Speaker 3: if those systems aren't working best for people, then it 713 00:31:33,840 --> 00:31:36,880 Speaker 3: doesn't set the platform going forward. I know they're big 714 00:31:36,880 --> 00:31:39,360 Speaker 3: Gnali problems, but they take as long as they're going 715 00:31:39,400 --> 00:31:40,960 Speaker 3: to take to fix. And if you don't start and 716 00:31:40,960 --> 00:31:43,200 Speaker 3: don't start with an intent, they'll still be that far away. 717 00:31:43,520 --> 00:31:46,600 Speaker 3: I think family and relationships have a huge role, so 718 00:31:47,280 --> 00:31:49,600 Speaker 3: I think wealth has no effect on that. Actually, I 719 00:31:49,640 --> 00:31:53,280 Speaker 3: think a great family with good relationships see people do 720 00:31:53,400 --> 00:31:55,960 Speaker 3: better over time. So I think every family has a 721 00:31:55,960 --> 00:31:58,760 Speaker 3: bit of responsibility there, and I think for New Zealander 722 00:31:58,840 --> 00:31:59,800 Speaker 3: is just having. 723 00:31:59,560 --> 00:32:00,400 Speaker 2: Some more spiration. 724 00:32:00,800 --> 00:32:04,600 Speaker 3: Yeah, you know, I'm still involved in the startup world, 725 00:32:04,760 --> 00:32:08,000 Speaker 3: you know, and like to invest in little ways there 726 00:32:08,000 --> 00:32:09,560 Speaker 3: and like to be close to it because I love 727 00:32:09,560 --> 00:32:12,480 Speaker 3: the spirit of all of those leaders. We need more 728 00:32:12,520 --> 00:32:14,680 Speaker 3: of that. We need to celebrate their success, we need 729 00:32:14,720 --> 00:32:16,600 Speaker 3: to be proud of it, and we need to be 730 00:32:16,640 --> 00:32:18,200 Speaker 3: okay when they do very very well. 731 00:32:18,440 --> 00:32:21,240 Speaker 1: Yeah, well, there's a question i'd actually well I don't 732 00:32:21,320 --> 00:32:22,920 Speaker 1: usually ask, but I'd love to ask you because I've 733 00:32:22,960 --> 00:32:25,280 Speaker 1: been thinking about it. You know, the Fitch Ratings people 734 00:32:25,320 --> 00:32:27,960 Speaker 1: who wrote something a week or two ago and they 735 00:32:28,480 --> 00:32:30,120 Speaker 1: were just warned that some of the drivers of New 736 00:32:30,200 --> 00:32:34,400 Speaker 1: Zealand's economy China and dairy and tourism weren't going to 737 00:32:34,400 --> 00:32:36,640 Speaker 1: be the growth drivers that they were even you know, 738 00:32:36,640 --> 00:32:38,960 Speaker 1: they will still be big. And then the question is 739 00:32:38,960 --> 00:32:41,240 Speaker 1: sort of what next, and so do you I mean, 740 00:32:41,280 --> 00:32:43,520 Speaker 1: from that startup side of things and the tech side 741 00:32:43,560 --> 00:32:47,160 Speaker 1: of things, can we generate enough momentum from that to 742 00:32:47,240 --> 00:32:49,400 Speaker 1: be a big driver of wealth for New Zealand? Is 743 00:32:49,560 --> 00:32:52,000 Speaker 1: I know they'll say there is already billion dollars or something, 744 00:32:52,040 --> 00:32:54,400 Speaker 1: But you know, can it actually be transformational? 745 00:32:55,040 --> 00:32:57,880 Speaker 3: It can, And it's about attitude and about approach and 746 00:32:57,920 --> 00:33:01,840 Speaker 3: about all of society New Zealand being up for what 747 00:33:01,880 --> 00:33:05,040 Speaker 3: it means. So, you know, I had the opportunity to 748 00:33:05,040 --> 00:33:07,920 Speaker 3: go to Ireland last year. It's a bit of a 749 00:33:07,960 --> 00:33:10,040 Speaker 3: long story because my grandparents came from Island, sodthe an 750 00:33:10,040 --> 00:33:14,360 Speaker 3: Irish passport and joined a business visit their New Zealand initiative. 751 00:33:14,680 --> 00:33:18,560 Speaker 3: You know, five million people sound familiar an Ireland and 752 00:33:18,800 --> 00:33:21,640 Speaker 3: you know what they've done around foreign direct investment, around 753 00:33:21,720 --> 00:33:25,600 Speaker 3: encouraging company investment for the long term through tax system, 754 00:33:26,040 --> 00:33:28,400 Speaker 3: what they've done around making sure the money they receive 755 00:33:28,480 --> 00:33:31,520 Speaker 3: from that goes into education, it goes into infrastructure, it 756 00:33:31,560 --> 00:33:34,720 Speaker 3: goes into facilities. It's a model we can learn from. 757 00:33:34,880 --> 00:33:36,800 Speaker 3: We went to Switzerland two or three years before that, 758 00:33:37,040 --> 00:33:42,040 Speaker 3: very different high end, high value brands, but small countries 759 00:33:42,600 --> 00:33:45,680 Speaker 3: doing very well by focusing their innovation into you know 760 00:33:45,720 --> 00:33:48,600 Speaker 3: where they can take it global. We have such an 761 00:33:48,680 --> 00:33:52,520 Speaker 3: amazing agritech sector, we have an amazing entrepreneurial sector. 762 00:33:52,880 --> 00:33:54,600 Speaker 2: We can we need to get resolved. 763 00:33:54,640 --> 00:33:57,400 Speaker 1: So just the final question really, but if I was 764 00:33:57,440 --> 00:33:58,800 Speaker 1: to put you on the spot and say we could 765 00:33:58,800 --> 00:34:01,160 Speaker 1: make you Prime Minister for a day. You get to 766 00:34:01,440 --> 00:34:04,160 Speaker 1: focus what will be the one policy that you'd really 767 00:34:04,200 --> 00:34:07,840 Speaker 1: love to see implemented or change to help drive some 768 00:34:07,920 --> 00:34:08,120 Speaker 1: of that. 769 00:34:08,840 --> 00:34:10,640 Speaker 2: Look two things. 770 00:34:10,640 --> 00:34:13,600 Speaker 3: One, I think it's about welcome, making business an okay 771 00:34:13,640 --> 00:34:16,000 Speaker 3: thing to be successful in. And I think that you know, 772 00:34:16,040 --> 00:34:18,359 Speaker 3: we're hearing a lot of principles about that emerging, so 773 00:34:18,680 --> 00:34:21,439 Speaker 3: very interested to see progress yet on that front making 774 00:34:21,520 --> 00:34:23,440 Speaker 3: us an easy, simple place to do. We're never going 775 00:34:23,480 --> 00:34:25,360 Speaker 3: to have scale, We're never going to be big and 776 00:34:25,480 --> 00:34:28,040 Speaker 3: interesting from our customer based point of view, so we 777 00:34:28,040 --> 00:34:29,680 Speaker 3: need to be innovative, smart and agile. 778 00:34:30,200 --> 00:34:31,000 Speaker 2: The other thing that. 779 00:34:31,239 --> 00:34:33,759 Speaker 3: Is critical, and there is lots of good talk about it, 780 00:34:33,840 --> 00:34:37,319 Speaker 3: is education. Just lifting our game and education so that 781 00:34:37,360 --> 00:34:39,360 Speaker 3: we have talent that can do amazing things. 782 00:34:39,680 --> 00:34:42,839 Speaker 1: Yeah, Chris Quinn, thank you very much. Thank you, Liam, cheers, 783 00:34:44,000 --> 00:34:47,040 Speaker 1: thanks for listening to this episode of Money Talks. If 784 00:34:47,080 --> 00:34:48,879 Speaker 1: you want to get in touch, drop me a line 785 00:34:48,960 --> 00:34:52,879 Speaker 1: at Liam dot Dan at nzme dot co dot nz 786 00:34:53,640 --> 00:34:56,200 Speaker 1: and you can read more from me at enzidherld dot 787 00:34:56,239 --> 00:34:59,799 Speaker 1: co dot nz. Thanks to my producer Ethan Sells and 788 00:35:00,080 --> 00:35:04,880 Speaker 1: sound engineer lia An McDonald follow Money Talks on iHeartRadio 789 00:35:05,040 --> 00:35:08,160 Speaker 1: or wherever you get your podcasts, with new episodes available 790 00:35:08,280 --> 00:35:11,799 Speaker 1: every Thursday.