1
00:00:00,160 --> 00:00:02,840
Speaker 1: And with us now as Nikola will as the Finance Minister. Nicola, Hello,

2
00:00:03,680 --> 00:00:04,280
Speaker 1: hello Heather.

3
00:00:04,360 --> 00:00:07,040
Speaker 2: How was Oasis? Well?

4
00:00:07,400 --> 00:00:10,119
Speaker 1: Thank you? It was great. However, do you remember the

5
00:00:10,160 --> 00:00:14,080
Speaker 1: mid nineties wasn't that a good time? Well?

6
00:00:14,240 --> 00:00:16,639
Speaker 2: I was very young, so yeah, that was a great time.

7
00:00:16,880 --> 00:00:19,000
Speaker 1: It was a good time though, and yeah, anyway, so

8
00:00:19,200 --> 00:00:21,760
Speaker 1: it was here's the thing, right, it was busy in Melbourne,

9
00:00:21,920 --> 00:00:24,599
Speaker 1: very very busy. And I know you spent the weekend

10
00:00:24,600 --> 00:00:26,040
Speaker 1: in Sydney. Was it as busy with you?

11
00:00:27,000 --> 00:00:28,720
Speaker 2: It was? It was very busy. Yeah.

12
00:00:28,800 --> 00:00:31,280
Speaker 1: So does this mean that you've come back and thought

13
00:00:31,720 --> 00:00:33,920
Speaker 1: maybe that bad tax for Auckland is a good idea.

14
00:00:34,640 --> 00:00:36,440
Speaker 2: It's made me come back and think what a wise

15
00:00:36,479 --> 00:00:38,920
Speaker 2: government we were to make that decision to put a

16
00:00:38,960 --> 00:00:43,279
Speaker 2: significant investment into promotional events for the country to keep

17
00:00:43,280 --> 00:00:44,120
Speaker 2: the economy going.

18
00:00:44,320 --> 00:00:46,680
Speaker 1: Yeah, well I don't hate that. What have we got

19
00:00:46,680 --> 00:00:47,959
Speaker 1: from it? What have we announced?

20
00:00:49,040 --> 00:00:51,560
Speaker 2: Well, it will be announcements over the coming months. Louise

21
00:00:51,600 --> 00:00:56,160
Speaker 2: Upston is negotiations and there'll be some exciting events coming

22
00:00:56,160 --> 00:00:56,960
Speaker 2: to a city near you.

23
00:00:57,200 --> 00:01:01,120
Speaker 1: Isn't Louise trying to get us events? Yes, yes, she's

24
00:01:01,160 --> 00:01:02,720
Speaker 1: so negotiating with musicians.

25
00:01:03,360 --> 00:01:06,039
Speaker 2: Well, she has a team of course, who do that

26
00:01:06,160 --> 00:01:10,200
Speaker 2: on her behalf, but Kebnet voted her specific funds to

27
00:01:10,280 --> 00:01:12,759
Speaker 2: go out and find some that will bring I know.

28
00:01:12,720 --> 00:01:15,160
Speaker 1: What you're to the country. You're talking about the big

29
00:01:15,160 --> 00:01:17,960
Speaker 1: sporting thing wink wink, nude nudge that has to be announced.

30
00:01:18,000 --> 00:01:21,360
Speaker 2: Yes, well we're expecting more than one event will come out, but.

31
00:01:21,400 --> 00:01:23,319
Speaker 1: You know the one I'm talking about. When's that one

32
00:01:23,360 --> 00:01:24,000
Speaker 1: being announced?

33
00:01:24,640 --> 00:01:27,080
Speaker 2: Well, I know the one that you're referring to, and

34
00:01:27,120 --> 00:01:28,759
Speaker 2: I understand discussions are ongoing.

35
00:01:29,720 --> 00:01:32,160
Speaker 1: Well, no, discussions aren't ongoing. It's been sewn up. So

36
00:01:32,200 --> 00:01:33,600
Speaker 1: when is it being announced?

37
00:01:34,160 --> 00:01:36,280
Speaker 2: Well, I will leave it to Louise Upston to do

38
00:01:36,400 --> 00:01:39,160
Speaker 2: the honors on the announcement of big exciting events that

39
00:01:39,200 --> 00:01:42,160
Speaker 2: are going to bring to the country and give New

40
00:01:42,240 --> 00:01:44,160
Speaker 2: Zealand as something very fun to look forward to in

41
00:01:44,200 --> 00:01:44,679
Speaker 2: the weekends.

42
00:01:44,800 --> 00:01:47,800
Speaker 1: Here's the problem, though, and I like the thing is

43
00:01:48,320 --> 00:01:51,840
Speaker 1: these guys over in Australia, their economy is pumping, their

44
00:01:51,880 --> 00:01:53,840
Speaker 1: events are pumping. Now how long do we have to

45
00:01:53,960 --> 00:01:56,240
Speaker 1: wait in order for us to be even catching up

46
00:01:56,280 --> 00:01:56,520
Speaker 1: to that?

47
00:01:57,320 --> 00:01:59,600
Speaker 2: Well, look, their inflation rates actually a dot harv and

48
00:01:59,680 --> 00:02:02,880
Speaker 2: ours at the moment. Their unemployment is not where they

49
00:02:02,920 --> 00:02:06,040
Speaker 2: want it to be either. They are in deficit and

50
00:02:06,160 --> 00:02:09,160
Speaker 2: are forecasting a decaded deficit. So you know, the grass

51
00:02:09,200 --> 00:02:11,760
Speaker 2: isn't always greener in every respect. It is true that

52
00:02:11,800 --> 00:02:15,480
Speaker 2: the Australians have a larger economy, a more wealthy economy,

53
00:02:15,600 --> 00:02:18,800
Speaker 2: and I've always been very upfront I want New Zealand

54
00:02:18,880 --> 00:02:21,200
Speaker 2: to be a wealthier economy too. That's why we've got

55
00:02:21,240 --> 00:02:22,480
Speaker 2: to say yes, like.

56
00:02:22,480 --> 00:02:25,440
Speaker 1: The events here, how long before we can actually start

57
00:02:25,480 --> 00:02:27,560
Speaker 1: putting going? Yes, tech, this is an event that the

58
00:02:27,560 --> 00:02:28,840
Speaker 1: government got for us.

59
00:02:29,720 --> 00:02:32,639
Speaker 2: You will expect announcements before Christmas, and you will expect

60
00:02:32,840 --> 00:02:34,320
Speaker 2: a series of events next year.

61
00:02:34,639 --> 00:02:38,000
Speaker 1: Okay, and are you are you possibly open to the

62
00:02:38,040 --> 00:02:40,320
Speaker 1: bed tax after the election.

63
00:02:41,560 --> 00:02:44,360
Speaker 2: What we're very open to is the need for both

64
00:02:44,440 --> 00:02:48,560
Speaker 2: central government and local councils to be doing their bit

65
00:02:48,680 --> 00:02:52,840
Speaker 2: to promote events that stimulate economic activity. Now, a number

66
00:02:52,880 --> 00:02:55,480
Speaker 2: of councils around the country make room to do that

67
00:02:55,720 --> 00:02:58,679
Speaker 2: because they realize it's good for their local people and

68
00:02:58,720 --> 00:03:02,960
Speaker 2: their local businesses. Auckland have made a point of not

69
00:03:03,160 --> 00:03:06,160
Speaker 2: wanting to do that, but Auckland still have choices. There's

70
00:03:06,160 --> 00:03:10,200
Speaker 2: nothing to stop Auckland Council choosing to invest in promoting

71
00:03:10,240 --> 00:03:12,959
Speaker 2: events that would promote growth in the Auckland economy.

72
00:03:13,120 --> 00:03:14,640
Speaker 1: Yes, but then I have to pay for it as

73
00:03:14,639 --> 00:03:16,680
Speaker 1: a rate payer, whereas a bad tax means the tourist

74
00:03:16,680 --> 00:03:18,919
Speaker 1: has to pay for it. It's a smart idea. Anyway, Listen,

75
00:03:19,000 --> 00:03:20,800
Speaker 1: you've spoken to Andrew Bailey since Thursday?

76
00:03:21,919 --> 00:03:23,800
Speaker 2: I haven't, although I've just seen him at an event

77
00:03:23,840 --> 00:03:24,440
Speaker 2: and said hello.

78
00:03:24,639 --> 00:03:25,200
Speaker 1: Was it awkward?

79
00:03:26,080 --> 00:03:28,000
Speaker 2: No, it was fine. He's my colleague.

80
00:03:28,080 --> 00:03:33,799
Speaker 1: Yeah, the love in your voice has evaporated, Nikoler, Oh.

81
00:03:33,680 --> 00:03:36,080
Speaker 2: No, I has a Look, I've always had a lot

82
00:03:36,080 --> 00:03:38,800
Speaker 2: of time for Andrew, Who's someone I've worked closely with

83
00:03:39,400 --> 00:03:43,240
Speaker 2: through my career. And look, I feel for anyone who

84
00:03:43,280 --> 00:03:46,320
Speaker 2: goes from being a minister to being a backbencher, and

85
00:03:46,440 --> 00:03:48,680
Speaker 2: I recognize that for him, he's had a hard year.

86
00:03:48,880 --> 00:03:50,720
Speaker 1: Okay, do you support him clearing his name?

87
00:03:52,200 --> 00:03:56,360
Speaker 2: Well, Ultimately, every minister, and believe you me, it's top

88
00:03:56,400 --> 00:03:58,920
Speaker 2: of mind for us, all serves at the pleasure of

89
00:03:58,960 --> 00:04:01,600
Speaker 2: the Prime Minister, and so it is always for the

90
00:04:01,600 --> 00:04:04,680
Speaker 2: Prime Minister to choose whether or not you've met the

91
00:04:04,720 --> 00:04:07,600
Speaker 2: requirements of your warrant and whether or not you'd continue

92
00:04:07,600 --> 00:04:09,720
Speaker 2: to deserve the role that you're in, and in the

93
00:04:09,760 --> 00:04:13,440
Speaker 2: case of Andrew Bailey. He offered his resignation, the Prime

94
00:04:13,440 --> 00:04:17,359
Speaker 2: Minister accepted it. Has subsequently made clear that without that resignation,

95
00:04:17,800 --> 00:04:21,000
Speaker 2: he would have asked for it, and since then Andrew

96
00:04:21,600 --> 00:04:26,560
Speaker 2: has wanted to communicate his side of that story. That's

97
00:04:26,600 --> 00:04:29,000
Speaker 2: for him to do. But ultimately whether or not he's

98
00:04:29,040 --> 00:04:30,880
Speaker 2: a minister is a call for the Prime Minister, and

99
00:04:30,880 --> 00:04:32,320
Speaker 2: the Prime Minister is sticking to his guns.

100
00:04:32,360 --> 00:04:34,560
Speaker 1: Well that's not a yes. So is there any chance

101
00:04:34,640 --> 00:04:36,280
Speaker 1: that he might come back as a minister?

102
00:04:37,960 --> 00:04:40,000
Speaker 2: Well, that would be a question for the Prime Minister

103
00:04:40,080 --> 00:04:40,640
Speaker 2: and not for me.

104
00:04:40,920 --> 00:04:43,800
Speaker 1: Okay, how do you feel about that thirteen percent increase

105
00:04:43,839 --> 00:04:44,800
Speaker 1: in Westpax profit?

106
00:04:46,360 --> 00:04:48,920
Speaker 2: Well, look, as you know, I'd like to see more

107
00:04:48,920 --> 00:04:51,960
Speaker 2: competition in the New Zealand banking sector because there is

108
00:04:52,000 --> 00:04:54,880
Speaker 2: evidence that suggests that banks here get a great return

109
00:04:54,920 --> 00:04:57,280
Speaker 2: on equity than banks and other parts of the world,

110
00:04:57,360 --> 00:04:59,960
Speaker 2: and partly that's because they don't face as much comput

111
00:05:00,200 --> 00:05:02,520
Speaker 2: of pressure. Now, I'm not going to go after the

112
00:05:02,520 --> 00:05:06,760
Speaker 2: profitability of any individual business. That's against my philosophy. What

113
00:05:06,839 --> 00:05:09,279
Speaker 2: I am going to do and have been doing, setting

114
00:05:09,320 --> 00:05:12,280
Speaker 2: the conditions in which greater competition can occur. So whether

115
00:05:12,320 --> 00:05:16,359
Speaker 2: that's raising capital for Kiwibank, opening up access to the

116
00:05:16,440 --> 00:05:19,760
Speaker 2: exchange settlement system that used to be primarily for the banks,

117
00:05:19,839 --> 00:05:23,920
Speaker 2: ensuring that other individuals can use the word bank, making

118
00:05:24,000 --> 00:05:28,360
Speaker 2: sure that we have open banking underway, the capital adequacy review,

119
00:05:28,440 --> 00:05:31,400
Speaker 2: that the Reserve Bank's doing their host of regulation and

120
00:05:31,600 --> 00:05:33,720
Speaker 2: these are all the things them Commission said.

121
00:05:33,760 --> 00:05:36,039
Speaker 1: But that stuff isn't at all extent of it. There's no

122
00:05:36,080 --> 00:05:37,119
Speaker 1: big crackdown coming.

123
00:05:38,400 --> 00:05:41,599
Speaker 2: Well, this is an area where you could pretend there's

124
00:05:41,600 --> 00:05:45,440
Speaker 2: a silver bullet, but you'd be hoodwinking people. Actually, it's

125
00:05:45,640 --> 00:05:49,480
Speaker 2: multiple regulatory measures done well, and we have taken every

126
00:05:49,520 --> 00:05:52,279
Speaker 2: recommendation the Commerce Commission made when they looked into this

127
00:05:52,440 --> 00:05:54,960
Speaker 2: in huge detail, and we're progressing.

128
00:05:55,040 --> 00:05:57,120
Speaker 1: What about all because you've talked about the ComCom but

129
00:05:57,200 --> 00:05:59,599
Speaker 1: what about the Select Committee Parliament Select Committee? Have you

130
00:05:59,600 --> 00:06:01,120
Speaker 1: responded to their findings yet?

131
00:06:02,040 --> 00:06:05,560
Speaker 2: So they have reported to us and Cabinet will be

132
00:06:05,600 --> 00:06:09,160
Speaker 2: giving consideration to our response and you'll expect that response

133
00:06:09,200 --> 00:06:10,160
Speaker 2: from us very shortly.

134
00:06:10,520 --> 00:06:12,800
Speaker 1: And should I expect anything big or is this just

135
00:06:12,880 --> 00:06:13,320
Speaker 1: kind of you.

136
00:06:13,440 --> 00:06:16,080
Speaker 2: Know, I think when you look at the when when

137
00:06:16,120 --> 00:06:18,479
Speaker 2: you look at the Select Committee's recommendations, a lot of

138
00:06:18,520 --> 00:06:22,320
Speaker 2: it is stuff that actually the government has picked up already,

139
00:06:23,200 --> 00:06:26,480
Speaker 2: and others of their suggestions were about progressing that work

140
00:06:26,520 --> 00:06:29,440
Speaker 2: with more pace or more specificity, So there was nothing

141
00:06:29,480 --> 00:06:31,480
Speaker 2: in there that shocked me. It was all good stuff,

142
00:06:31,520 --> 00:06:32,080
Speaker 2: pretty much.

143
00:06:32,200 --> 00:06:35,080
Speaker 1: Okay, best thing you did in Sydney over the weekend.

144
00:06:36,360 --> 00:06:39,720
Speaker 2: Just hanging out with girlfriends that I've known since I

145
00:06:39,760 --> 00:06:43,000
Speaker 2: was seventeen. Nice and realizing that we're all a bit

146
00:06:43,040 --> 00:06:46,359
Speaker 2: older and so we don't look near necessarily as great.

147
00:06:46,520 --> 00:06:48,640
Speaker 2: But it's so much better to be in your forties

148
00:06:48,680 --> 00:06:51,599
Speaker 2: than your twenties with so much riser. Yeah, we're just

149
00:06:51,640 --> 00:06:52,440
Speaker 2: so much wiser.

150
00:06:52,680 --> 00:06:56,080
Speaker 1: Nobody without Nobody in your group got drunken through.

151
00:06:56,200 --> 00:06:59,320
Speaker 2: A no in fact, one of us doesn't drink at all. Now,

152
00:07:00,160 --> 00:07:01,880
Speaker 2: all so much sort of more relaxed and have you

153
00:07:01,920 --> 00:07:03,320
Speaker 2: about that. We all wanted to get up early to

154
00:07:03,360 --> 00:07:06,160
Speaker 2: go on a long walk. It was lovely, very awesome.

155
00:07:06,360 --> 00:07:10,400
Speaker 1: Nichola, Thank you, Nichola willis Finance minister. Nobody in my

156
00:07:10,440 --> 00:07:16,240
Speaker 1: group of girls got drunken, throw up. Either one of

157
00:07:16,280 --> 00:07:19,400
Speaker 1: us doesn't drink, the other two drink, and I'm one

158
00:07:19,400 --> 00:07:21,480
Speaker 1: of the other two. We drink a bit, but really

159
00:07:21,520 --> 00:07:24,400
Speaker 1: not a lot. That's just growing up and isn't that great?

160
00:07:24,600 --> 00:07:26,440
Speaker 1: Its great, isn't it. I Mean it sounds really dull,

161
00:07:26,480 --> 00:07:27,800
Speaker 1: but it's not dull when you're there. And let me

162
00:07:27,840 --> 00:07:30,960
Speaker 1: tell you, six hours by the pool on Saturday. Jeez,

163
00:07:31,560 --> 00:07:34,160
Speaker 1: that blew the cobwebs out. Eh, you were back, your

164
00:07:34,160 --> 00:07:36,120
Speaker 1: cup was full. You could handle the children after that.

165
00:07:36,920 --> 00:07:40,080
Speaker 1: For more from Heather Duplessy Allen Drive, listen live to

166
00:07:40,200 --> 00:07:43,239
Speaker 1: news Talks. It'd be from four pm weekdays, or follow

167
00:07:43,280 --> 00:07:45,040
Speaker 1: the podcast on iHeartRadio