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Speaker 1: The huddle with New Zealand Southeby's International Realty Find you're

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Speaker 1: one of the kind.

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Speaker 2: Talk'd be clear to lord journalists with us on the

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Speaker 2: huddle tonight. Hey clear, Hi, they're right good to see

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Speaker 2: you and Stuart Nash formal labor Minister's here too.

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Speaker 3: Hi, Stuart Ryan, how are you good?

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Speaker 2: Good? Thank you?

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Speaker 4: Hey.

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Speaker 2: Let's start with the baby boomers starting to die and

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Speaker 2: having a huge amount of inheritance. In fact, somebody said

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Speaker 2: it's the biggest intergenerational change in wealth that the world's

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Speaker 2: ever seen. Clear, what should they do with all of

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Speaker 2: their money and assets?

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Speaker 4: You're speaking to one now, what should all of that loot?

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Speaker 3: Hey?

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Speaker 4: Well, there's always skiing, as they say, spending the kids inheritance.

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Speaker 4: But I do have agree with sympathy for people who

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Speaker 4: think it's better to support charities while you're alive. That

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Speaker 4: way you get to see if you're very interested in

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Speaker 4: the outcome of what they're doing, you're to see it yourself,

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Speaker 4: and hopefully you pass on to your family a bit

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Speaker 4: of a love of whatever that is, an affection for it.

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Speaker 4: If once you're gone, they decide that they'd like to

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Speaker 4: support out of their inheritance, that charity and have an

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Speaker 4: ongoing family connection or whatever. I think that's fantastic. But

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Speaker 4: I do think that as the boomers sort of move on,

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Speaker 4: as we all shuffle off with kids, expectantly sort of

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Speaker 4: you know, queuing up outside the lawyers waiting to see

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Speaker 4: what's in line, we will probably also by that stage

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Speaker 4: have a capital gains tax. We will probably be clipping

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Speaker 4: the ticket. In other ways, a national super may well

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Speaker 4: or be means tested or whatever. So I think that's

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Speaker 4: probably the extent which I would like to see people

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Speaker 4: being in any way coerced, just paying their taxes as

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Speaker 4: they go.

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Speaker 2: Stuart, do you have your parents still with us? And

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Speaker 2: do you I mean, are you expecting to get some

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Speaker 2: kind of inheritance? Is that something you've always thought about?

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Speaker 3: No, it's not. But I'm of a generation when I

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Speaker 3: started working with my wife we could afford a house.

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Speaker 3: I think this has probably changed a little bit because

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Speaker 3: for a lot of young people, when their parents shuffle

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Speaker 3: off this mortal coil, the inheritance they get will allow

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Speaker 3: them to pay down debt. So you know, we talk

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Speaker 3: we're not talking about the super wealthy here. We're talking

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Speaker 3: about mum and dad who maybe have a house in Auckland,

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Speaker 3: maybe a house in Woodville. I do think, mate, that

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Speaker 3: the greatest iniquity in society in the next twenty years

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Speaker 3: will come from where your parents ended up dying. If

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Speaker 3: you're one of four kids in Woodville, you may end

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Speaker 3: up with one hundred thousand. If you wanted two kids

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Speaker 3: whose parents owned a house and Herne Bay, you may

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Speaker 3: end up with two million dollars each. But you know,

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Speaker 3: We've always been bad at this. Keywis have never been

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Speaker 3: great givers. Americans get it. Keywis never really have and

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Speaker 3: I don't expect to see that changing at all.

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Speaker 2: To be honest, does it clear? Does it feel like?

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Speaker 2: Can you explain what it feels like to want to

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Speaker 2: give money to somebody somebody else? You know what I mean?

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Speaker 2: Do you think people actually get some pleasure in the

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Speaker 2: final years of their life? Not that you're there the fund, God,

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Speaker 2: do I look that bad today, But of knowing that

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Speaker 2: the money that they have built up, all the assets

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Speaker 2: that they have built up, will be there for their

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Speaker 2: children and for their grandchildren. That that's part of the

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Speaker 2: appeal of it.

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Speaker 4: Yeah, that is part of the appeal of it. But

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Speaker 4: if they have you know, like the two million dollar

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Speaker 4: excess that Stew's referring to. For example, for example, they

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Speaker 4: may want to be enjoying that with their kids and

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Speaker 4: giving something they support at the same time. If we

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Speaker 4: didn't have some of that, we wouldn't have the ASB

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Speaker 4: Tennis Center. There has been a lot of philanthropy given

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Speaker 4: towards that. There's a huge number of sports organizations that

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Speaker 4: have relied on the philanthropy of somebody quite big in

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Speaker 4: their small local community who's really looked after them during

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Speaker 4: their lifetime and in death. And I think without that

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Speaker 4: we would have far fewer facilities around the place. There

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Speaker 4: is research that shows that people who earn less tend

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Speaker 4: to respond more to a call for immediate action flood relief,

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Speaker 4: for example, cyclone relief, to give small amounts of money

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Speaker 4: regularly to try and help somebody just a little bit.

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Speaker 4: So we're not entirely lacking as a charitable country.

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Speaker 2: M Yeah, good point. We'll be back in just a moment,

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Speaker 2: Clear the Law and Stuart Nash on the huddle, Clear

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Speaker 2: the Law journalist Stuart Nash, former Labor minister, on the

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Speaker 2: program tonight. Just before we move on to the Act

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Speaker 2: Party and local elections. There's a gist of lovely text

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Speaker 2: that's come in. It says Ryan, I want to leave

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Speaker 2: on inheritance. I want to leave whatever I have to

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Speaker 2: my sons because I don't want them to struggle all

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Speaker 2: their lives like I have. Doesn't that break your heart, Stuart?

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Speaker 3: That's the attitude of the vast majority of Kiwis, I think.

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Speaker 3: And it's not a bad one.

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Speaker 2: Right, No, it's not. It's not right. Let's talk about

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Speaker 2: the ACT Party and the push to stand candidates at

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Speaker 2: local body elections. Is this going to work well?

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Speaker 3: I think with all do you respect to David Seymour,

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Speaker 3: He's got a lot of problems he's got to sort

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Speaker 3: out in his beehive office, let alone worrying about what's

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Speaker 3: happening around the country. And like walll Go elections, Labor

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Speaker 3: has occasionally stood candidates, not not often, but occasionally in

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Speaker 3: certain electorates where we're very, very strong. But you know,

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Speaker 3: David has delivered mediocrity as a minister. If I was

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Speaker 3: thinking about running for local council, and I'm not, I

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Speaker 3: would steer well clear of the ACT brand because I

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Speaker 3: don't think it's particularly strong at the moment. If I'm

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Speaker 3: honest with your mate, clear, what.

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Speaker 2: Do you think?

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Speaker 4: Well, you know, I don't know if he's sort of

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Speaker 4: trying to do some public good by generating more interest

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Speaker 4: in local body elections than we currently have because it's

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Speaker 4: so low. Yeah, and it is so unattractive to so

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Speaker 4: many people to stand. But I much prefer the sort

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Speaker 4: of almost like the blind tasting. You kind of know

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Speaker 4: where people are coming from politically, but they're not branded

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Speaker 4: big time. And I just think actually there is a

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Speaker 4: risk for ACT in this too because selection of a

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Speaker 4: local body candidate, you know that you would need a

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Speaker 4: lot of them to field a full sheet, and the

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Speaker 4: cross contamination if one of them has flott In mouth

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Speaker 4: syndrome blow up spectacularly. So I don't know whether it's

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Speaker 4: a good idea from that point of view either.

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Speaker 2: No, is it just a brand because I was trying

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Speaker 2: to think what actually is in it for the ACT party.

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Speaker 2: Is it just a branding thing where you have your

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Speaker 2: logo up more someone else is paying for it.

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Speaker 4: I don't know, because also it can be expensive, and

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Speaker 4: there is that, you know, I think the risk factor

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Speaker 4: of not being able to manage or control these people.

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Speaker 3: Yes, I look at it's a pure branding thing and

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Speaker 3: you know, like I said, Labour used to stand candidates

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Speaker 3: in South Auckland and the reason for that is Labor

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Speaker 3: was just so popular in South Auckland it could get

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Speaker 3: away with it. But it doesn't stand them in places

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Speaker 3: like Napier or elsewhere. We have held the national seat,

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Speaker 3: so we've held the electric seat. I'm with uclear. I

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Speaker 3: think there's more risk in this than there is good.

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Speaker 3: But I'm not too sure if David's put this out

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Speaker 3: and flying a kite to divert attention away from school

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Speaker 3: lunches or charter schools or everything else he's touched. But

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Speaker 3: I think it's just David, just as mentioned, trying to

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Speaker 3: divert attention away from the disaster that's going on and

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Speaker 3: well in what's happening my cynicism.

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Speaker 2: Hey, you've been there, you've done it's what's up with

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Speaker 2: Wellington is they were going to get a candidate for

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Speaker 2: the Wellington mayoralty. What's happening there? What's I don't know?

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Speaker 3: Actually, I mean anyone but the current mayor please, I mean,

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Speaker 3: why aren't people putting up the hand. I would have

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Speaker 3: thought if there was a good candidate out there that

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Speaker 3: they would romp them. But for some reason too.

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Speaker 4: But they're going to enter in such a mess, jew

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Speaker 4: aren't they. It's just like, that's true, it's such a mess.

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Speaker 4: Where do you unpick it all?

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Speaker 3: But I think you could. Anyone could look really really good.

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Speaker 2: A road cone could look pretty good.

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Speaker 4: I don't want to compare them a road cone. But

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Speaker 4: our friend Mark Sainsbury has been mentioned in dispatches and

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Speaker 4: he's decided not to. But even yesterday somebody said to me,

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Speaker 4: you know.

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Speaker 1: He really should.

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Speaker 2: We really really need what. I really loved about sane

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Speaker 2: Zo's comment to the paper. His comment was, do you

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Speaker 2: know what? Not just because I could doesn't mean I should.

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Speaker 2: He said. People know me, I've got name recognition, I

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Speaker 2: live in Wellington. I love this city. But that doesn't

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Speaker 2: make me keep That doesn't make me competent.

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Speaker 4: He's only recently adopted that man track.

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Speaker 3: Well, it's it's true. It doesn't make him competent. But

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Speaker 3: you can't tell me there isn't someone out there who

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Speaker 3: loves the city, is highly competent, knows what needs to

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Speaker 3: be done, has a bit of charisma, can deliver a

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Speaker 3: decent speech and work past midday. You know that would

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Speaker 3: be a start, right, working past midday turning up to

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Speaker 3: meetings restaurants. Yeah, but there's got to be someone out there.

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Speaker 3: I'm sure both labor and National, or the right and

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Speaker 3: the left are scouting high and load to find someone else,

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Speaker 3: and I hope, like how they do find someone decent.

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Speaker 2: Yeah, and Wellington deserves it after all that been through.

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Speaker 2: Thank you very much team for coming on. Great to

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Speaker 2: have you on as always for the huddle that is

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Speaker 2: clear to the law and Stuart Nash here on News

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Speaker 2: Talks there Beat

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Speaker 1: For more from Hither Duplessy Allen Drive, listen live to

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Speaker 1: News Talk SETB from four pm weekdays, or follow the

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