1 00:00:00,400 --> 00:00:02,519 Speaker 1: How is it that we are having a conversation today 2 00:00:02,520 --> 00:00:05,240 Speaker 1: about whether Nichola Willis needs to quit her portfolio because 3 00:00:05,240 --> 00:00:09,360 Speaker 1: of yesterday's shock GDP number. This is crazy. What happened 4 00:00:09,400 --> 00:00:11,760 Speaker 1: yesterday is not Nichola Willis's fault. It is the Reserve 5 00:00:11,840 --> 00:00:13,920 Speaker 1: Bank's fault. It is not a matter of opinion. It 6 00:00:13,960 --> 00:00:16,640 Speaker 1: is a fact. The Reserve Bank ratcheted up the official 7 00:00:16,680 --> 00:00:20,880 Speaker 1: cash rate to slow down the economy and engineer a recession. 8 00:00:21,239 --> 00:00:24,040 Speaker 1: To quote Adrian Or, it's what he wanted to do. 9 00:00:24,480 --> 00:00:27,680 Speaker 1: It is what he has actually done successfully. We now 10 00:00:27,720 --> 00:00:30,400 Speaker 1: have had an enormous recession and we are struggling to 11 00:00:30,400 --> 00:00:32,960 Speaker 1: come out of that. That is not Nikola Willis's fault. Now, 12 00:00:33,000 --> 00:00:35,760 Speaker 1: sure I can lay some blame at Nikola Willis's feet. 13 00:00:35,760 --> 00:00:37,600 Speaker 1: I can blame nichol Willis for not doing enough to 14 00:00:37,640 --> 00:00:40,480 Speaker 1: fix the state of the government's books, probably not doing 15 00:00:40,600 --> 00:00:43,360 Speaker 1: enough to get run down places like Auckland Central going again. 16 00:00:43,600 --> 00:00:47,159 Speaker 1: But that GDP number, that is fair and square, largely 17 00:00:47,200 --> 00:00:50,000 Speaker 1: the Reserve Bank's problem. So she should not quit over 18 00:00:50,040 --> 00:00:53,720 Speaker 1: what happened yesterday. However, I am prepared to admit that 19 00:00:53,760 --> 00:00:56,560 Speaker 1: the fact that this discussion is even happening does speak 20 00:00:56,600 --> 00:00:59,000 Speaker 1: to the enormous political pressure that she is under at 21 00:00:59,000 --> 00:01:01,680 Speaker 1: the moment, because it is enormous. She is under a 22 00:01:01,680 --> 00:01:04,720 Speaker 1: lot of political pressure. She is very much playing at 23 00:01:04,720 --> 00:01:07,760 Speaker 1: a political disadvantage because a lot has gone wrong for 24 00:01:07,800 --> 00:01:11,440 Speaker 1: her this year. Buttergate was all Nikola Willis pulling in 25 00:01:11,520 --> 00:01:14,320 Speaker 1: Miles Hurrell for a chat Gavin the cameras run after him. 26 00:01:14,520 --> 00:01:17,440 Speaker 1: Was she created that she has only just managed to 27 00:01:17,440 --> 00:01:19,759 Speaker 1: save herself from being talked, from being accused of being 28 00:01:19,760 --> 00:01:22,480 Speaker 1: all talk and no action over the supermarkets redeemed with 29 00:01:22,520 --> 00:01:24,840 Speaker 1: a Hail Mary at the last minute. And for all 30 00:01:24,880 --> 00:01:27,240 Speaker 1: the criticism that she lobbed at Grant Robertson for spending 31 00:01:27,240 --> 00:01:29,600 Speaker 1: too much, she spends more than him every single budget. 32 00:01:29,840 --> 00:01:32,839 Speaker 1: And here we are two years into this administration, still 33 00:01:32,880 --> 00:01:34,880 Speaker 1: waiting for their big plan as to how we turn 34 00:01:34,920 --> 00:01:37,959 Speaker 1: this economy around. That is, as Finance Minister and Economic 35 00:01:37,959 --> 00:01:40,680 Speaker 1: Growth Minister, her job. But she doesn't need to quit 36 00:01:40,720 --> 00:01:44,040 Speaker 1: over what happened yesterday. Look, the bar for any minister 37 00:01:44,160 --> 00:01:46,880 Speaker 1: to quit is very high, but for a finance minister 38 00:01:46,959 --> 00:01:49,120 Speaker 1: even more so. Just have a look at how badly 39 00:01:49,240 --> 00:01:51,800 Speaker 1: Rachel Reeves in the UK is stuffing things up and 40 00:01:51,880 --> 00:01:54,760 Speaker 1: crying in public. She is still in her job. Nikola 41 00:01:54,800 --> 00:01:59,040 Speaker 1: Willis is nowhere near that, mainly because the GDP figure 42 00:01:59,040 --> 00:02:00,840 Speaker 1: out yesterday is not her well, and the fact that 43 00:02:00,920 --> 00:02:05,800 Speaker 1: this is actually a discussion is somewhat mind blowing. For 44 00:02:05,920 --> 00:02:09,160 Speaker 1: more from Hither Duplessy Allen Drive, listen live to news 45 00:02:09,240 --> 00:02:12,120 Speaker 1: talks it'd be from four pm weekdays, or follow the 46 00:02:12,160 --> 00:02:13,840 Speaker 1: podcast on iHeartRadio.