1 00:00:00,840 --> 00:00:04,720 Speaker 1: What's what's down on, what were the major callus and 2 00:00:04,800 --> 00:00:07,760 Speaker 1: how will it affect the economy? A big business question 3 00:00:08,160 --> 00:00:11,640 Speaker 1: on the Business Hour with Heather Duplicy, Allen and my 4 00:00:12,000 --> 00:00:13,880 Speaker 1: Hr on News Talks Evy. 5 00:00:15,600 --> 00:00:17,640 Speaker 2: Evening. Coming up in the next hour, Shane Soley's going 6 00:00:17,680 --> 00:00:20,000 Speaker 2: to talk us through whether the markets are still pricing 7 00:00:20,040 --> 00:00:22,560 Speaker 2: at Trump when Keir we Bank will talk us through 8 00:00:22,560 --> 00:00:25,480 Speaker 2: why some millennials are still really really gloomy about ever 9 00:00:25,560 --> 00:00:27,520 Speaker 2: owning a home. And Gavin Gray's with us out of 10 00:00:27,520 --> 00:00:31,240 Speaker 2: the UK seven pass six. Nicola Willis Finance Minister with us. Now, Hey, Nicola, 11 00:00:31,840 --> 00:00:33,480 Speaker 2: good evening here. That did you make of the Prime 12 00:00:33,520 --> 00:00:35,120 Speaker 2: minister calling voters customers? 13 00:00:36,320 --> 00:00:37,920 Speaker 3: I think it was just a slip of the tang. 14 00:00:39,000 --> 00:00:40,479 Speaker 2: Why are you apologizing for it? 15 00:00:41,720 --> 00:00:42,159 Speaker 3: Sorry? 16 00:00:42,280 --> 00:00:43,760 Speaker 2: Why are you alogizing for it? 17 00:00:44,440 --> 00:00:46,600 Speaker 3: I'm I'm not apologizing for it at all. I think 18 00:00:46,640 --> 00:00:48,600 Speaker 3: there was a slip of the tangue. I think, as 19 00:00:48,640 --> 00:00:52,159 Speaker 3: he said himself, he does come from a corporate background, 20 00:00:52,159 --> 00:00:55,280 Speaker 3: a commercial background. He's always thinking about delivery. He knows 21 00:00:55,360 --> 00:00:56,880 Speaker 3: New Zealanders are New Zealanders. 22 00:00:56,960 --> 00:00:59,400 Speaker 2: Yeah, okay, maybe you're not apologizing for it, but you're 23 00:00:59,400 --> 00:01:01,720 Speaker 2: explaining it. But why, I mean what's wrong with him 24 00:01:01,800 --> 00:01:03,160 Speaker 2: calling voters customers? 25 00:01:04,160 --> 00:01:06,360 Speaker 3: Well, you asked me why, and I think it was 26 00:01:06,400 --> 00:01:08,039 Speaker 3: just a slip of the tongue. That's all I think 27 00:01:08,080 --> 00:01:11,160 Speaker 3: there is to it. I reckon New Zealand has bigger 28 00:01:11,240 --> 00:01:14,399 Speaker 3: challenges than whether or not the Prime Minister describes people 29 00:01:14,400 --> 00:01:16,880 Speaker 3: as customers. No, I think New Zealand voters would rather 30 00:01:16,959 --> 00:01:19,880 Speaker 3: we were focused on those challenges. Of course, RB and semantics. 31 00:01:20,160 --> 00:01:23,480 Speaker 2: But why is the Prime Minister always apologizing for his 32 00:01:23,520 --> 00:01:25,600 Speaker 2: corporate speak. He should lean into this stuff. This is 33 00:01:25,640 --> 00:01:26,920 Speaker 2: the stuff he's good at, isn't it. 34 00:01:27,640 --> 00:01:29,720 Speaker 3: Well. I think that he is very good at getting 35 00:01:29,800 --> 00:01:34,520 Speaker 3: driven on outcomes and objectives and targets and accountability. But 36 00:01:34,600 --> 00:01:37,880 Speaker 3: he also responds to the questions that he gets asked 37 00:01:37,959 --> 00:01:40,720 Speaker 3: by the press and by members of the press gallery. 38 00:01:40,800 --> 00:01:43,360 Speaker 3: And that was one of the lines of questioning today, 39 00:01:43,440 --> 00:01:45,600 Speaker 3: So he rightfully answered their question. 40 00:01:45,720 --> 00:01:48,000 Speaker 2: Explain this to me, because I don't understand this account 41 00:01:48,040 --> 00:01:49,960 Speaker 2: I'm looking at. I'm looking at Chris lux and the 42 00:01:49,960 --> 00:01:52,520 Speaker 2: guy from Unilever, the guy from a New Zealand. He 43 00:01:52,680 --> 00:01:55,160 Speaker 2: was good at business. He comes to politics as he 44 00:01:55,200 --> 00:01:58,320 Speaker 2: brings his corporate speak with him. It feels perfectly natural 45 00:01:58,440 --> 00:02:01,919 Speaker 2: to me. And as a voter, I'm I'm pretty fine 46 00:02:02,040 --> 00:02:04,760 Speaker 2: about him actually trying to drive business efficiency out of 47 00:02:04,800 --> 00:02:07,800 Speaker 2: the government. Right, So why is it that there appears 48 00:02:07,840 --> 00:02:10,000 Speaker 2: to be this kind of move within the National Party 49 00:02:10,080 --> 00:02:12,200 Speaker 2: or within the government whatever. I don't know, Maybe it's 50 00:02:12,200 --> 00:02:14,880 Speaker 2: from your media mind, is why drive this out of him? 51 00:02:14,919 --> 00:02:17,079 Speaker 2: Why not let him actually just be the corporate guy. 52 00:02:17,800 --> 00:02:20,160 Speaker 3: Ah, certainly we let him be the corporate guy in 53 00:02:20,200 --> 00:02:23,920 Speaker 3: the sense of having those quarterly plans, those targets, driving 54 00:02:24,000 --> 00:02:27,640 Speaker 3: results against them. And frankly, if he calls New Zealand 55 00:02:27,680 --> 00:02:30,280 Speaker 3: customers and the result of that is that they get 56 00:02:30,320 --> 00:02:32,960 Speaker 3: better service, then I don't really think anyone minds what 57 00:02:33,000 --> 00:02:33,600 Speaker 3: they call? Do they? 58 00:02:33,760 --> 00:02:35,520 Speaker 2: Okay? So why did he apologize for it? 59 00:02:36,240 --> 00:02:38,040 Speaker 3: Did he apologize so much as to say it was 60 00:02:38,080 --> 00:02:38,960 Speaker 3: a slip of the tongue. 61 00:02:39,040 --> 00:02:40,840 Speaker 2: Well, what he said in the end, I think, and 62 00:02:40,880 --> 00:02:43,799 Speaker 2: I'm kind of paraphrasing it, but he did acknowledge that 63 00:02:43,840 --> 00:02:45,760 Speaker 2: he needs to sound a little less corporate. 64 00:02:46,840 --> 00:02:49,520 Speaker 3: I think he's just he's noted that some people criticize 65 00:02:49,600 --> 00:02:51,919 Speaker 3: them for sounding corporate. He said, that's who I am. 66 00:02:52,360 --> 00:02:55,840 Speaker 3: It reflects my background, which it does, and if you 67 00:02:55,840 --> 00:02:59,520 Speaker 3: don't like it, then you know. I hope that it's 68 00:02:59,560 --> 00:03:01,520 Speaker 3: not going to have you too badly wait post for 69 00:03:01,560 --> 00:03:02,720 Speaker 3: the kinds of words that he said. 70 00:03:02,800 --> 00:03:05,600 Speaker 2: I hope I've got into your brain, and I hope 71 00:03:05,600 --> 00:03:07,440 Speaker 2: I've infected you enough to go to him and say 72 00:03:07,440 --> 00:03:09,079 Speaker 2: to him, no, no, no, you're okay, carry on with 73 00:03:09,120 --> 00:03:10,080 Speaker 2: the corporate talk. It's fine. 74 00:03:10,280 --> 00:03:12,680 Speaker 3: Will I will let him know I'm seeing him later 75 00:03:12,720 --> 00:03:15,280 Speaker 3: tonight and I'll say here, this is stay corporate, be 76 00:03:15,400 --> 00:03:15,799 Speaker 3: who you. 77 00:03:15,760 --> 00:03:18,120 Speaker 2: Are, talent straight, and that's when the demise of the 78 00:03:18,160 --> 00:03:21,880 Speaker 2: National Party probably starts. Taking my advice, but please pass 79 00:03:21,919 --> 00:03:23,760 Speaker 2: it on. It's not as bad as he thinks. Now, listen, 80 00:03:24,200 --> 00:03:25,959 Speaker 2: why is it on the Family Boost right Why is 81 00:03:25,960 --> 00:03:28,200 Speaker 2: it that only thirty three thousand families have claimed this 82 00:03:28,320 --> 00:03:29,240 Speaker 2: childcare subsidy. 83 00:03:30,400 --> 00:03:33,240 Speaker 3: Well, if anyone is listening right now and they have 84 00:03:33,280 --> 00:03:37,000 Speaker 3: a child in early childhood education and they've paid fees 85 00:03:37,040 --> 00:03:39,320 Speaker 3: in the last few months, please go on to the 86 00:03:39,400 --> 00:03:44,040 Speaker 3: IRD website and apply for your Family Boost payment. On average, 87 00:03:44,680 --> 00:03:47,280 Speaker 3: families have got about three hundred and fifty dollars out 88 00:03:47,320 --> 00:03:50,800 Speaker 3: of that. That's well worth getting. That's obviously more than 89 00:03:50,840 --> 00:03:54,680 Speaker 3: fifteen hundred dollars a year. So my advice is go 90 00:03:54,760 --> 00:03:57,000 Speaker 3: on and apply for it. I know that when you've 91 00:03:57,000 --> 00:03:59,880 Speaker 3: got young kids and you're busy and you're working, going 92 00:03:59,880 --> 00:04:02,280 Speaker 3: onto a website can seem like a pain, but it 93 00:04:02,360 --> 00:04:04,920 Speaker 3: is worth it. There are literally hundreds of dollars available 94 00:04:04,920 --> 00:04:06,720 Speaker 3: to you and it goes straight into your bank account. 95 00:04:06,880 --> 00:04:09,080 Speaker 2: Is this a problem that it's just far too complicated 96 00:04:09,080 --> 00:04:10,040 Speaker 2: a system. 97 00:04:10,680 --> 00:04:13,680 Speaker 3: No, it's not complicated. I've had direct feedback from people 98 00:04:13,680 --> 00:04:15,480 Speaker 3: have said, Look, it was a bit of a mental 99 00:04:15,520 --> 00:04:17,200 Speaker 3: barrier for me should I go onto the website that 100 00:04:17,279 --> 00:04:19,920 Speaker 3: I went on, and it was easy, it was straightforward, 101 00:04:20,040 --> 00:04:23,080 Speaker 3: So that's the feedback I've had. Look, as I've said previously, 102 00:04:23,240 --> 00:04:25,039 Speaker 3: either I would have much preferred it if no one 103 00:04:25,040 --> 00:04:27,039 Speaker 3: had to fill in any form, it didn't have to 104 00:04:27,040 --> 00:04:30,240 Speaker 3: go onto a website. But the alternative to this approach 105 00:04:30,400 --> 00:04:33,120 Speaker 3: was a two year delay, and I wanted New Zealand 106 00:04:33,120 --> 00:04:35,800 Speaker 3: families getting that money now, which is why we've gone 107 00:04:35,839 --> 00:04:36,480 Speaker 3: with this system. 108 00:04:36,560 --> 00:04:43,440 Speaker 2: How many families are getting that full amount. 109 00:04:39,960 --> 00:04:43,640 Speaker 3: The full nine hundred and seventy five, I'm not sure. 110 00:04:44,240 --> 00:04:46,600 Speaker 3: But in order to get that full amount, you would 111 00:04:46,640 --> 00:04:49,680 Speaker 3: have to have paid the maximum amount of fees and 112 00:04:49,720 --> 00:04:51,720 Speaker 3: you would have to be on a low income. 113 00:04:51,880 --> 00:04:54,120 Speaker 2: Yeah, because the average at the moment is about thirty 114 00:04:54,120 --> 00:04:55,560 Speaker 2: two bucks is it a week or something like that. 115 00:04:55,560 --> 00:04:56,600 Speaker 2: That's quite low, isn't it. 116 00:04:57,360 --> 00:05:00,440 Speaker 3: Well, that's fifteen hundred dollars a year, Heather, and actually 117 00:05:00,480 --> 00:05:03,880 Speaker 3: that's pretty meaningful if you're a young family. That's a 118 00:05:03,920 --> 00:05:06,839 Speaker 3: lot of money. That's a lot of groceries, that's a 119 00:05:06,839 --> 00:05:09,240 Speaker 3: lot of baby clothes, that's a lot of formula. And 120 00:05:09,320 --> 00:05:12,240 Speaker 3: so i've heard labor today pulling that amount of money, 121 00:05:12,240 --> 00:05:14,240 Speaker 3: and I just put to them, stay in touch with 122 00:05:14,279 --> 00:05:15,880 Speaker 3: the reality of what it's like when you've got a 123 00:05:15,920 --> 00:05:17,640 Speaker 3: baby at home and you've got a lot of costs 124 00:05:17,680 --> 00:05:20,160 Speaker 3: to meet. Actually, thirty bucks a week, that's me. 125 00:05:20,640 --> 00:05:22,760 Speaker 2: No, absolutely fair point. But thirty bucks a week is 126 00:05:22,760 --> 00:05:25,280 Speaker 2: a lot lower than was patch right, and it was 127 00:05:25,320 --> 00:05:27,760 Speaker 2: pittched about one hundred and fifty bucks a fortnight. What's 128 00:05:27,800 --> 00:05:29,400 Speaker 2: that seventy five bucks a week, So it's about half 129 00:05:29,720 --> 00:05:30,400 Speaker 2: of the maximum. 130 00:05:30,960 --> 00:05:33,080 Speaker 3: Well, we were always clear hither and I remain clear 131 00:05:33,279 --> 00:05:37,000 Speaker 3: that that's the maximum available, and people are eligible for 132 00:05:37,080 --> 00:05:40,040 Speaker 3: a range depending on how big the childhood fees are 133 00:05:40,040 --> 00:05:42,240 Speaker 3: and how big their incomers. And that's right because our 134 00:05:42,320 --> 00:05:45,000 Speaker 3: approach in the National Party is that we like to 135 00:05:45,040 --> 00:05:47,760 Speaker 3: target support to those who need it most. 136 00:05:47,920 --> 00:05:49,760 Speaker 2: How do you feel about west pax bumper profit. 137 00:05:51,160 --> 00:05:53,600 Speaker 3: Well, look, as I've said previously, what concerns me is 138 00:05:53,640 --> 00:05:56,320 Speaker 3: that our banks aren't competitive enough. And what the Commis 139 00:05:56,360 --> 00:05:59,600 Speaker 3: Commission has said is that they are more profitable than 140 00:05:59,640 --> 00:06:02,360 Speaker 3: others around the world. And what I want to see 141 00:06:02,400 --> 00:06:04,640 Speaker 3: is more competition so that we get a better deal 142 00:06:04,680 --> 00:06:06,119 Speaker 3: for New Zealand customers. 143 00:06:06,760 --> 00:06:09,280 Speaker 2: Do you think, because I see Catherine McGrath, who's the 144 00:06:09,279 --> 00:06:11,760 Speaker 2: Westpac CEO, is going to be before the Parliamentary Select 145 00:06:11,760 --> 00:06:13,359 Speaker 2: Committee in about two weeks time, do you feel like 146 00:06:13,360 --> 00:06:15,800 Speaker 2: this Parliamentary Select Comittee is actually getting anything yet? 147 00:06:16,560 --> 00:06:19,000 Speaker 3: Well, I think it's got a lot more hearings to 148 00:06:19,080 --> 00:06:21,760 Speaker 3: go and a lot more detail to dig into. I 149 00:06:21,800 --> 00:06:25,080 Speaker 3: know the questions that New Zealanders ask me about is 150 00:06:25,560 --> 00:06:28,920 Speaker 3: why don't banks lend more to the productive sector, to 151 00:06:29,080 --> 00:06:32,839 Speaker 3: businesses and farms that could generate economic growth for the country. 152 00:06:33,320 --> 00:06:35,760 Speaker 3: They ask me why sometimes these appears to be a 153 00:06:35,800 --> 00:06:40,600 Speaker 3: delay between the official cash rates falling and mortgage rates falling. 154 00:06:41,279 --> 00:06:43,560 Speaker 3: They ask me why they don't get a better deal 155 00:06:43,640 --> 00:06:46,440 Speaker 3: compared to Australia, where some of the online banking products 156 00:06:46,480 --> 00:06:49,080 Speaker 3: seem better so I imagine all of those questions will 157 00:06:49,080 --> 00:06:51,640 Speaker 3: emerge in the Select Committee over the next few weeks. 158 00:06:51,800 --> 00:06:53,320 Speaker 2: Do you feel like you've got anything out of the 159 00:06:53,320 --> 00:06:58,280 Speaker 2: thing so far? Are you there? 160 00:06:59,040 --> 00:07:03,760 Speaker 3: And chief executiatives of the major banks being held accountable 161 00:07:04,040 --> 00:07:08,680 Speaker 3: by Parliament? That New Zealand's representatives can ask those chief 162 00:07:08,720 --> 00:07:13,440 Speaker 3: executives questions directly and that they can explore these issues 163 00:07:13,440 --> 00:07:15,440 Speaker 3: in depth. Yes, I think there's value in that. 164 00:07:15,560 --> 00:07:18,560 Speaker 2: Okay do you think I mean, I've seen some predictions 165 00:07:18,600 --> 00:07:20,720 Speaker 2: that this FTA that we've just signed with the GCC 166 00:07:20,840 --> 00:07:22,800 Speaker 2: will be the last of the FDAs that we sign. 167 00:07:22,880 --> 00:07:23,520 Speaker 2: What do you reckon? 168 00:07:24,720 --> 00:07:27,920 Speaker 3: No, I don't think that's true. You know, Todd McClay ll. 169 00:07:27,960 --> 00:07:30,440 Speaker 3: Credit to him. This is something that we've been going 170 00:07:30,480 --> 00:07:33,720 Speaker 3: for almost twenty years New Zealand. He's been in as 171 00:07:33,760 --> 00:07:36,240 Speaker 3: Trade Minister for a year and he's nailed it. He's 172 00:07:36,280 --> 00:07:39,160 Speaker 3: delivered it and that's a great benefit to our exporters. 173 00:07:39,360 --> 00:07:41,080 Speaker 3: And I think there could be more to come, because 174 00:07:41,120 --> 00:07:43,960 Speaker 3: what you are seeing is that a range of countries 175 00:07:44,000 --> 00:07:47,680 Speaker 3: now are pursuing these bilateral agreements rather than just relying 176 00:07:47,720 --> 00:07:51,480 Speaker 3: on multi lateral you know, multi country agreements, and there 177 00:07:51,560 --> 00:07:53,920 Speaker 3: is more potential for New Zealand in the future. 178 00:07:53,440 --> 00:07:55,120 Speaker 2: Where would the next one be. 179 00:07:56,480 --> 00:07:59,200 Speaker 3: Well, of course, one of the areas that we're very 180 00:07:59,280 --> 00:08:03,080 Speaker 3: keen to progress stronger trade with US India. That's a 181 00:08:03,200 --> 00:08:06,800 Speaker 3: country that's on the agenda, and when we look around 182 00:08:07,320 --> 00:08:12,280 Speaker 3: the world there will be where we want to reduce 183 00:08:12,320 --> 00:08:13,040 Speaker 3: those chafts. 184 00:08:13,240 --> 00:08:15,280 Speaker 2: Hey, do you want to have a punted picking who 185 00:08:15,280 --> 00:08:16,120 Speaker 2: wins on Wednesday? 186 00:08:17,280 --> 00:08:18,040 Speaker 3: Absolutely not. 187 00:08:20,080 --> 00:08:22,360 Speaker 2: Is this because of your own personal credibility or is 188 00:08:22,360 --> 00:08:23,480 Speaker 2: this for diplomatic reasons? 189 00:08:24,120 --> 00:08:27,360 Speaker 3: Look, I have I'm allowed personal views, but as a 190 00:08:27,440 --> 00:08:31,320 Speaker 3: guardian of New Zealand's diplomatic interests, it is not appropriate 191 00:08:31,400 --> 00:08:33,680 Speaker 3: for me to be running wages on the next US president. 192 00:08:33,720 --> 00:08:35,680 Speaker 3: I'll leave that in the hands of American voters. 193 00:08:35,800 --> 00:08:38,080 Speaker 2: Fair enough, Hey, Nicola, thank you as always appreciated. Nichola 194 00:08:38,120 --> 00:08:39,240 Speaker 2: Willis our Finance Minister. 195 00:08:40,200 --> 00:08:43,360 Speaker 1: For more from Heather Duplessy Allen Drive, listen live to 196 00:08:43,480 --> 00:08:46,520 Speaker 1: news Talks the'd be from four pm weekdays, or follow 197 00:08:46,559 --> 00:08:48,319 Speaker 1: the podcast on iHeartRadio.