1 00:00:00,040 --> 00:00:03,920 Speaker 1: Barry so Per, senior political correspondents with US Barry, Good afternoon, Heather. 2 00:00:04,120 --> 00:00:07,200 Speaker 1: Inflation at three percent totally expected, right, Well, it. 3 00:00:07,280 --> 00:00:09,920 Speaker 2: Was, wasn't it? And it is in the Reserve Bank's 4 00:00:10,440 --> 00:00:13,840 Speaker 2: target one to three percent. So three percent you've got 5 00:00:13,840 --> 00:00:16,960 Speaker 2: to say, well, you know, it's not great, and it's 6 00:00:17,280 --> 00:00:19,520 Speaker 2: more than what the government would have wanted I think, 7 00:00:20,160 --> 00:00:23,600 Speaker 2: and it really, I guess, raises a question about what 8 00:00:23,640 --> 00:00:26,279 Speaker 2: the Reserve Bank is going to do next month when 9 00:00:26,280 --> 00:00:31,960 Speaker 2: it looks at the OCR again, because three percent cutting 10 00:00:31,960 --> 00:00:36,840 Speaker 2: the OCR fuels spending fee through to inflation. 11 00:00:37,240 --> 00:00:38,479 Speaker 1: Yeah, sorry, it's going to cut. 12 00:00:38,680 --> 00:00:41,479 Speaker 2: I think it will cut, but it makes it difficult 13 00:00:41,560 --> 00:00:45,560 Speaker 2: for a government that wants to contain spending when you've 14 00:00:45,560 --> 00:00:47,839 Speaker 2: got this inflation rate running the way it is at 15 00:00:47,880 --> 00:00:48,200 Speaker 2: the moment. 16 00:00:48,280 --> 00:00:51,600 Speaker 1: So my take on the labor fund that they've just 17 00:00:51,640 --> 00:00:53,880 Speaker 1: announced is that it's a fantastic idea, but they've taken 18 00:00:53,880 --> 00:00:54,880 Speaker 1: all the good stuff out of it. 19 00:00:55,800 --> 00:00:58,800 Speaker 2: Well, if you listen to Winston Peter, it was his 20 00:00:59,040 --> 00:01:01,720 Speaker 2: idea that he and it's. 21 00:01:01,560 --> 00:01:04,200 Speaker 1: True apparently working on it with Grant Robertson. 22 00:01:04,400 --> 00:01:08,120 Speaker 2: He had been and they'd looked at this idea, but 23 00:01:08,240 --> 00:01:11,399 Speaker 2: it never really got off the ground. The problem was, 24 00:01:11,480 --> 00:01:14,600 Speaker 2: and I think Chrishipkins was absolutely right that there were 25 00:01:14,600 --> 00:01:18,000 Speaker 2: no figures in this. They couldn't have an announce the 26 00:01:18,040 --> 00:01:21,360 Speaker 2: state owned enterprises that would be encompassed by this, because 27 00:01:21,880 --> 00:01:24,039 Speaker 2: as he in New Zealand for example, going to be 28 00:01:24,600 --> 00:01:27,240 Speaker 2: the dividends that they returned to the government. The point 29 00:01:27,240 --> 00:01:30,960 Speaker 2: that Chris Hipkins made six hundred million dollars comes into 30 00:01:31,000 --> 00:01:35,000 Speaker 2: the government from these sources. What are they going to do? 31 00:01:35,120 --> 00:01:38,800 Speaker 2: They normally spend it on health, education and whatever. So 32 00:01:38,840 --> 00:01:42,000 Speaker 2: what are Labor going to do with the money, and 33 00:01:42,560 --> 00:01:44,200 Speaker 2: how they're going to fund it, how they're going to 34 00:01:44,240 --> 00:01:46,800 Speaker 2: seed it At two hundred million dollars, it's meant to 35 00:01:46,800 --> 00:01:51,240 Speaker 2: be great for business if it's possible in terms of 36 00:01:51,280 --> 00:01:55,320 Speaker 2: financing it. But that hasn't been proven to a suggestion 37 00:01:55,400 --> 00:01:58,600 Speaker 2: at the news conferences afternoon that Labor's the same old 38 00:01:58,640 --> 00:02:01,720 Speaker 2: team that was biffed out of offers two years ago, 39 00:02:02,160 --> 00:02:04,480 Speaker 2: a leader Chris Hipkins pushed back, here he is with 40 00:02:04,800 --> 00:02:09,440 Speaker 2: his finance spokesman, spokes woman Barbara edmund. 41 00:02:09,480 --> 00:02:10,840 Speaker 3: Or, we don't have the same team, be act have 42 00:02:10,960 --> 00:02:14,480 Speaker 3: quite a different team. Barbara different, Barbara is different, and 43 00:02:14,520 --> 00:02:17,080 Speaker 3: Barbara's been the architecture of this policy and I absolutely 44 00:02:17,120 --> 00:02:19,000 Speaker 3: beck it because I think it is a different way 45 00:02:19,440 --> 00:02:22,119 Speaker 3: of thinking about how we use the huge s base 46 00:02:22,160 --> 00:02:24,560 Speaker 3: that the Crown has now to help grow New Zealand's 47 00:02:24,600 --> 00:02:27,280 Speaker 3: economy and grow opportunities for New Zealanders in the future. 48 00:02:27,600 --> 00:02:30,600 Speaker 4: So for us, it's about in the last eighteen months 49 00:02:30,680 --> 00:02:33,160 Speaker 4: to listening to the electorate. You gave us a really 50 00:02:33,160 --> 00:02:35,240 Speaker 4: strong message you didn't want us to be in government. 51 00:02:35,320 --> 00:02:37,799 Speaker 4: So the last eighteen months our whole team has been 52 00:02:37,800 --> 00:02:41,919 Speaker 4: talking to communities, businesses, organizations up and down the country. 53 00:02:42,160 --> 00:02:45,200 Speaker 4: The number one thing that has constantly been said to 54 00:02:45,280 --> 00:02:48,520 Speaker 4: me is we want a long term vision and plan 55 00:02:48,639 --> 00:02:51,760 Speaker 4: for our country. The Future Fund is the first step 56 00:02:51,800 --> 00:02:52,079 Speaker 4: to that. 57 00:02:52,680 --> 00:02:56,080 Speaker 2: Yeah, but you know where is it going to come from? 58 00:02:56,880 --> 00:03:00,240 Speaker 2: Labor said that they referred a lot to them New 59 00:03:00,360 --> 00:03:03,639 Speaker 2: Zealand Super Fund set up by Michael Cullen. It's now 60 00:03:03,639 --> 00:03:07,880 Speaker 2: worth eighty five billion dollars. It's had returns of eleven 61 00:03:07,880 --> 00:03:10,359 Speaker 2: percent a year. But the problem with this particular fund, 62 00:03:10,600 --> 00:03:13,120 Speaker 2: when you compare it with that one, is that this 63 00:03:13,200 --> 00:03:16,760 Speaker 2: one will be totally internalized in New Zealand. They won't 64 00:03:16,800 --> 00:03:20,120 Speaker 2: be able to invest off seas, off sea overseas. 65 00:03:20,240 --> 00:03:23,519 Speaker 1: So you know, that's what I mean, that's a great 66 00:03:23,560 --> 00:03:25,240 Speaker 1: idea that they just take all the good stuff out 67 00:03:25,280 --> 00:03:27,480 Speaker 1: of like they make it hard for the great idea 68 00:03:27,680 --> 00:03:30,560 Speaker 1: to actually bear fruit, right because that's too much, too 69 00:03:30,639 --> 00:03:34,079 Speaker 1: much red tape binding it. Anyway, Shane Jones, what's he 70 00:03:34,160 --> 00:03:34,400 Speaker 1: up to? 71 00:03:34,960 --> 00:03:39,520 Speaker 2: Well, he's of course in Sydney at the moment, promoting 72 00:03:39,520 --> 00:03:45,480 Speaker 2: New Zealand. It's a great mining mining mecca for natural resources. 73 00:03:45,880 --> 00:03:49,080 Speaker 2: So he's over there. Who'll been a conference, International Mining 74 00:03:49,080 --> 00:03:51,720 Speaker 2: and Resources conference apparently he's going to be held next 75 00:03:51,800 --> 00:03:55,680 Speaker 2: year here it's in Sydney this year. So Shane Jones 76 00:03:55,760 --> 00:03:57,560 Speaker 2: is talking up New Zealand. Then he's off to the 77 00:03:57,680 --> 00:04:04,280 Speaker 2: United States to another conference, International Mining and Resources Conference, 78 00:04:04,320 --> 00:04:06,720 Speaker 2: and so New Zealand's being sold. I don't think the 79 00:04:06,760 --> 00:04:09,200 Speaker 2: Greenies will be very happy about it, but that's what 80 00:04:09,240 --> 00:04:09,600 Speaker 2: he does. 81 00:04:09,760 --> 00:04:12,840 Speaker 1: Yeah, brilliant, Barry, Thanks very much. Barry Soper, Senior political correspondent. 82 00:04:14,120 --> 00:04:17,320 Speaker 3: For more from Hither Duplessy Allen Drive, listen live to 83 00:04:17,400 --> 00:04:20,440 Speaker 3: news Talks it'd be from four pm weekdays, or follow 84 00:04:20,480 --> 00:04:22,240 Speaker 3: the podcast on iHeartRadio.