1 00:00:04,080 --> 00:00:08,399 Speaker 1: I'm hi. I'm Liam Dan, New Zealand Herald Business Editor 2 00:00:08,440 --> 00:00:12,080 Speaker 1: at Large, and welcome to this episode of Money Talks. 3 00:00:12,600 --> 00:00:15,720 Speaker 1: This is a podcast about money, but we're not going 4 00:00:15,760 --> 00:00:17,880 Speaker 1: to tell you how to get rich, and we're not 5 00:00:17,920 --> 00:00:20,000 Speaker 1: going to try and pick the next interest rate move. 6 00:00:20,760 --> 00:00:23,880 Speaker 1: In this series, I'll be talking to interesting New Zealanders 7 00:00:24,040 --> 00:00:27,200 Speaker 1: about how money has shaped their lives and what they've 8 00:00:27,280 --> 00:00:30,840 Speaker 1: learned over the years. For today's podcast, I'm joined by 9 00:00:31,040 --> 00:00:35,000 Speaker 1: the CEO of ASB Bank and the country's highest paid 10 00:00:35,040 --> 00:00:39,640 Speaker 1: female CEO, Vittoria short Kuda Vittoria, Welcome to Money Talks. 11 00:00:39,720 --> 00:00:43,040 Speaker 1: Sure lamb that highest paid title. We threw it in 12 00:00:43,040 --> 00:00:45,360 Speaker 1: the intro there. You know, is that something that bothers 13 00:00:45,400 --> 00:00:47,040 Speaker 1: you or do you feel sort of proud to have 14 00:00:47,120 --> 00:00:47,640 Speaker 1: achieved that? 15 00:00:48,560 --> 00:00:52,560 Speaker 2: It's definitely not something I think about actually a lot, 16 00:00:52,640 --> 00:00:55,320 Speaker 2: or even if at all. You know, the days are 17 00:00:55,360 --> 00:00:58,800 Speaker 2: just filled with other things that just feel important and 18 00:00:58,840 --> 00:01:00,960 Speaker 2: so I don't tend to think about that. But the 19 00:01:01,000 --> 00:01:02,960 Speaker 2: only thing I would say is, you know, there's a 20 00:01:03,000 --> 00:01:07,120 Speaker 2: lot of commentary around women and women in leadership positions, 21 00:01:07,200 --> 00:01:10,839 Speaker 2: and it's certainly nice to have some of my female colleagues, 22 00:01:10,880 --> 00:01:13,399 Speaker 2: you know, reach out and sort of recognize it as 23 00:01:13,400 --> 00:01:14,080 Speaker 2: a positive thing. 24 00:01:14,200 --> 00:01:15,440 Speaker 3: So yeah, yea, yeah, absolutely. 25 00:01:15,520 --> 00:01:17,240 Speaker 1: I mean it's an unusual thing when you get to 26 00:01:17,240 --> 00:01:20,200 Speaker 1: a certain level of success in business, something that we 27 00:01:20,200 --> 00:01:23,319 Speaker 1: don't usually talk about. Suddenly you're you know, it's published 28 00:01:23,319 --> 00:01:24,520 Speaker 1: to material, isn't it. 29 00:01:24,600 --> 00:01:24,800 Speaker 2: Yeah? 30 00:01:24,920 --> 00:01:28,000 Speaker 1: Yeah, Look, let's let's jump back a bit and talk 31 00:01:28,000 --> 00:01:30,360 Speaker 1: a bit more about money growing up. What were the 32 00:01:30,360 --> 00:01:33,880 Speaker 1: first memories you have of money and holding money in 33 00:01:33,920 --> 00:01:34,319 Speaker 1: your hand? 34 00:01:34,480 --> 00:01:37,120 Speaker 2: Hmm okay, so this is going to sound like a 35 00:01:37,160 --> 00:01:39,720 Speaker 2: plug for a SB but it is not. It's just 36 00:01:39,959 --> 00:01:43,600 Speaker 2: I do remember taking my little ASB Savings book to 37 00:01:43,720 --> 00:01:47,440 Speaker 2: Coe Primary School, rowent with my five or ten cents, 38 00:01:47,480 --> 00:01:50,000 Speaker 2: depending on I don't know how good I'd been, I 39 00:01:50,040 --> 00:01:53,560 Speaker 2: guess for the week and depositing money, and that is 40 00:01:53,600 --> 00:01:58,520 Speaker 2: my earliest memory of cash physically in my hands. And 41 00:01:58,720 --> 00:02:01,320 Speaker 2: also it came with lot of advice from my mother. 42 00:02:01,720 --> 00:02:03,240 Speaker 3: Ah yeah yeah yeah. 43 00:02:02,720 --> 00:02:05,440 Speaker 1: So do you think you know you've had that sort 44 00:02:05,440 --> 00:02:07,920 Speaker 1: of sense of being a savor instilled in you from me? 45 00:02:08,080 --> 00:02:10,840 Speaker 2: Absolutely? Mum. You know, we had a lot of we 46 00:02:10,919 --> 00:02:13,320 Speaker 2: had a lot of financial difficulty in my family and 47 00:02:14,320 --> 00:02:18,600 Speaker 2: Mum was very focused on saving money, so she encouraged 48 00:02:18,680 --> 00:02:21,480 Speaker 2: us really early on to basically do two things, work 49 00:02:21,880 --> 00:02:25,240 Speaker 2: and save wow. And so yeah, so first job at 50 00:02:25,240 --> 00:02:26,679 Speaker 2: ten never looked back. 51 00:02:26,919 --> 00:02:28,799 Speaker 3: Yeah. So what did your parents do growing up? 52 00:02:28,960 --> 00:02:31,880 Speaker 2: Yeah, so a mum was a teacher and my dad 53 00:02:32,040 --> 00:02:34,320 Speaker 2: had a small business, right, and it was the small 54 00:02:34,360 --> 00:02:38,240 Speaker 2: business side of things that was really problematic and difficult. 55 00:02:38,360 --> 00:02:38,600 Speaker 3: Yeah. 56 00:02:38,639 --> 00:02:41,280 Speaker 1: And was that through the economic challenges the time kind 57 00:02:41,320 --> 00:02:42,919 Speaker 1: of thing, or there's a good changes in New Zealand 58 00:02:42,919 --> 00:02:43,680 Speaker 1: and all that sort of stuff. 59 00:02:43,720 --> 00:02:47,320 Speaker 2: It's kind of hard to know when you're young and 60 00:02:47,400 --> 00:02:50,560 Speaker 2: growing up exactly what causes what you know, you listen 61 00:02:50,639 --> 00:02:52,880 Speaker 2: to your parents talk around the kitchen table, I guess, 62 00:02:52,880 --> 00:02:56,360 Speaker 2: and sometimes it's hard to make heads or tails of it. 63 00:02:56,480 --> 00:03:01,080 Speaker 2: But the thing that I really learned pretty qui is 64 00:03:01,120 --> 00:03:06,079 Speaker 2: how destabilizing it is and how much emotional pressure and 65 00:03:06,160 --> 00:03:11,079 Speaker 2: stress from money decisions and the things that kind of 66 00:03:11,120 --> 00:03:13,360 Speaker 2: went from there that happened in our family. And so 67 00:03:14,400 --> 00:03:16,800 Speaker 2: really early on it was less about what was going 68 00:03:16,840 --> 00:03:19,480 Speaker 2: on in the economy or the environment or the business, 69 00:03:19,480 --> 00:03:22,200 Speaker 2: and it was a lot more around the emotional. 70 00:03:22,200 --> 00:03:22,760 Speaker 3: As a child. 71 00:03:22,840 --> 00:03:25,600 Speaker 1: As a child, Yeah, and so you're growing up in 72 00:03:25,639 --> 00:03:26,160 Speaker 1: the whitehadow. 73 00:03:26,880 --> 00:03:30,880 Speaker 2: No, actually I was in Auckland, but went to university 74 00:03:30,919 --> 00:03:31,280 Speaker 2: in Waco. 75 00:03:31,440 --> 00:03:31,840 Speaker 3: I see that. 76 00:03:32,520 --> 00:03:35,720 Speaker 1: Yeah, of course, yes, did you have one of those 77 00:03:35,720 --> 00:03:36,640 Speaker 1: little yellow yellowplants? 78 00:03:36,640 --> 00:03:39,840 Speaker 2: I did. Yeah, we had a few, and I possibly 79 00:03:39,880 --> 00:03:42,440 Speaker 2: could have tucked into them from time to time when 80 00:03:42,480 --> 00:03:44,040 Speaker 2: I shouldn't have been. You know, that was half the 81 00:03:44,040 --> 00:03:45,160 Speaker 2: fun of how many money bugs? 82 00:03:45,200 --> 00:03:46,960 Speaker 1: Yeah, did you get pocket money or are you working 83 00:03:47,000 --> 00:03:47,800 Speaker 1: for the pocket money? 84 00:03:47,920 --> 00:03:51,320 Speaker 2: Working? So so we didn't tend to I think, you know, 85 00:03:51,360 --> 00:03:52,960 Speaker 2: the family had a belief that everyone just had to 86 00:03:53,000 --> 00:03:55,840 Speaker 2: pitch in and you don't get paid for pitching in. 87 00:03:56,320 --> 00:03:59,720 Speaker 2: Not in my household growing up, So we sort of 88 00:03:59,720 --> 00:04:01,920 Speaker 2: divide and conquering all the jobs and get those done. 89 00:04:02,280 --> 00:04:04,320 Speaker 2: And yeah, I started working when I was ten with 90 00:04:04,400 --> 00:04:08,200 Speaker 2: my brother and we shared a paper round. So it 91 00:04:08,280 --> 00:04:11,760 Speaker 2: was more saving from money that we earned than anything else. 92 00:04:11,920 --> 00:04:14,200 Speaker 1: Yeah, and obviously you're saving some of that by the 93 00:04:14,200 --> 00:04:15,960 Speaker 1: sound of it. But were the things you saved up for? 94 00:04:16,240 --> 00:04:18,479 Speaker 3: What were you interested in to spend it on in 95 00:04:18,520 --> 00:04:18,920 Speaker 3: those days? 96 00:04:19,040 --> 00:04:22,440 Speaker 2: Yeah? Interesting, So again you influence from my mum was 97 00:04:22,440 --> 00:04:25,960 Speaker 2: in the spend half save half mode, and so we 98 00:04:25,960 --> 00:04:29,520 Speaker 2: didn't earn that much, so that the spending typically because 99 00:04:29,520 --> 00:04:31,560 Speaker 2: we picked our papers up from the local dairy. The 100 00:04:31,600 --> 00:04:35,560 Speaker 2: spending typically went into Lolly's at the dairy, and the 101 00:04:35,600 --> 00:04:38,719 Speaker 2: saving it was actually I was never ever saving for 102 00:04:38,839 --> 00:04:43,920 Speaker 2: anything in particular. I was always saving because financial independence 103 00:04:44,160 --> 00:04:47,039 Speaker 2: mattered more to me than anything else, just because of 104 00:04:47,040 --> 00:04:48,080 Speaker 2: the family situation. 105 00:04:48,720 --> 00:04:52,400 Speaker 1: So having that buffer, knowing the money absolutely freedom yep. 106 00:04:52,880 --> 00:04:54,080 Speaker 3: Sure yeah. 107 00:04:54,120 --> 00:04:56,440 Speaker 1: And so at school did that sort of I guess 108 00:04:56,520 --> 00:04:58,839 Speaker 1: understanding of money and finances and where your career has 109 00:04:58,920 --> 00:05:01,160 Speaker 1: now gone. Did that affect choices at school? Did you 110 00:05:01,320 --> 00:05:02,640 Speaker 1: study economics and things? 111 00:05:02,720 --> 00:05:07,880 Speaker 2: Yeah? So money never impacted my subject selection. What impacted 112 00:05:07,880 --> 00:05:10,280 Speaker 2: that more than anything else is what I enjoyed, right, 113 00:05:10,760 --> 00:05:12,760 Speaker 2: And I'm sort of a believer. And the more you 114 00:05:12,839 --> 00:05:14,800 Speaker 2: enjoy something, the more you work at it. The more 115 00:05:14,839 --> 00:05:16,680 Speaker 2: you work at it, the better you get. The better 116 00:05:16,800 --> 00:05:18,720 Speaker 2: you get, the more you enjoy it, and it just 117 00:05:18,760 --> 00:05:21,279 Speaker 2: sort of becomes a bit of a filling prophecy. And 118 00:05:21,360 --> 00:05:24,719 Speaker 2: so the subjects that that I was good at were 119 00:05:24,839 --> 00:05:26,520 Speaker 2: economics and accounting. 120 00:05:26,160 --> 00:05:28,120 Speaker 3: Right, so leaned into them I did. 121 00:05:28,520 --> 00:05:29,039 Speaker 2: Yeah. 122 00:05:29,080 --> 00:05:31,080 Speaker 1: Were there other things that like hobbies and things that 123 00:05:31,120 --> 00:05:32,640 Speaker 1: could have been a different pathway. 124 00:05:32,760 --> 00:05:35,240 Speaker 2: So I've shared this story before. If I wasn't a 125 00:05:35,279 --> 00:05:38,960 Speaker 2: bankrut be a farmer, right? I love the outdoors, and 126 00:05:39,000 --> 00:05:41,640 Speaker 2: I just think that's one of New Zealand's one of 127 00:05:41,640 --> 00:05:44,840 Speaker 2: the beautiful parts about the country. There are so many 128 00:05:45,480 --> 00:05:49,240 Speaker 2: mountains to hike, beaches to enjoy, you know, it's a 129 00:05:49,240 --> 00:05:51,200 Speaker 2: big part of I think kiwis and who we are 130 00:05:51,200 --> 00:05:51,800 Speaker 2: and what we do. 131 00:05:52,000 --> 00:05:52,440 Speaker 3: Yeah. 132 00:05:52,480 --> 00:05:55,680 Speaker 1: But at university, you did a Bachelor of Management Studies, 133 00:05:55,720 --> 00:05:58,400 Speaker 1: Is that right, with accounting finance? So you really were 134 00:05:58,400 --> 00:06:00,680 Speaker 1: immersed in that world from the get go. 135 00:06:00,960 --> 00:06:04,520 Speaker 2: Yes. And how I sort of started down that path 136 00:06:04,560 --> 00:06:07,960 Speaker 2: actually was Dad's influence. He sort of looked at my 137 00:06:08,040 --> 00:06:11,359 Speaker 2: grades and what I was enjoying at school, and he 138 00:06:11,440 --> 00:06:13,760 Speaker 2: made a couple of suggestions around, you know, what I 139 00:06:13,839 --> 00:06:16,760 Speaker 2: might want to study. And one of those things that 140 00:06:16,800 --> 00:06:19,360 Speaker 2: he said to me that I kind of grabbed onto 141 00:06:19,440 --> 00:06:22,839 Speaker 2: was if you choose accounting, you can work anywhere in 142 00:06:22,839 --> 00:06:25,640 Speaker 2: the world. And I thought that sounds exciting. So that 143 00:06:25,800 --> 00:06:29,960 Speaker 2: sort of started me off down an accounting path. But interestingly, 144 00:06:30,640 --> 00:06:33,440 Speaker 2: I started with accounting, then I did my first finance paper. 145 00:06:33,880 --> 00:06:35,960 Speaker 2: I loved the finance paper, so I kept doing more 146 00:06:36,000 --> 00:06:39,400 Speaker 2: of those. Then I did a strategy paper. Loved that, 147 00:06:39,920 --> 00:06:41,839 Speaker 2: so I kept from going down, picking up a whole 148 00:06:41,839 --> 00:06:46,280 Speaker 2: lot more strategy papers and Weirdly, my career started to 149 00:06:46,279 --> 00:06:50,159 Speaker 2: mirror that, right, it started work. So it's all about 150 00:06:50,440 --> 00:07:00,240 Speaker 2: following the things that yeah are doing. Was your first 151 00:07:00,320 --> 00:07:04,159 Speaker 2: job out of UNI, was that Deloitte, that's right, doing auditing? Yeah, yes, 152 00:07:04,240 --> 00:07:07,560 Speaker 2: and so that was that was the more of the accounting, absolutely, 153 00:07:07,760 --> 00:07:10,440 Speaker 2: and the travel the world out of thinking that's right, 154 00:07:10,440 --> 00:07:11,200 Speaker 2: which I didn't do. 155 00:07:11,280 --> 00:07:13,360 Speaker 1: Right, So you didn't didn't get a post in Singapore 156 00:07:13,400 --> 00:07:13,640 Speaker 1: or whatever. 157 00:07:13,720 --> 00:07:15,720 Speaker 2: I didn't. Actually, I was really enjoying the work that 158 00:07:15,760 --> 00:07:18,600 Speaker 2: I was doing in New Zealand. So I stayed in 159 00:07:18,640 --> 00:07:20,880 Speaker 2: New Zealand for quite some time in my early career. 160 00:07:21,080 --> 00:07:21,320 Speaker 3: Yeah. 161 00:07:21,520 --> 00:07:23,520 Speaker 1: You know, sometimes I asked people who go into Deloitt 162 00:07:23,520 --> 00:07:24,960 Speaker 1: to one of the Big four, you know, you weren't 163 00:07:25,040 --> 00:07:27,120 Speaker 1: tempted to sort of you can build a whole career 164 00:07:27,320 --> 00:07:29,480 Speaker 1: through those that they look after people and they carry 165 00:07:29,520 --> 00:07:31,840 Speaker 1: them right through. You weren't sort of sucked into the 166 00:07:31,880 --> 00:07:33,720 Speaker 1: machine of the of the accounting world like that. 167 00:07:33,760 --> 00:07:38,480 Speaker 2: Well what happened was first off, fantastic firm, incredible opportunities, 168 00:07:39,200 --> 00:07:41,920 Speaker 2: and so one of those was I quite quickly moved 169 00:07:41,960 --> 00:07:46,480 Speaker 2: into the corporate finance team. Really enjoyed that work. So 170 00:07:46,680 --> 00:07:49,880 Speaker 2: at the time we were doing commercial litigations, expert evidence 171 00:07:49,880 --> 00:07:54,520 Speaker 2: for commercial litigation, due diligence, valuations of businesses and so 172 00:07:54,760 --> 00:07:57,720 Speaker 2: M and A kind of activity. And I loved the 173 00:07:57,800 --> 00:08:00,280 Speaker 2: M and A work I was doing, and that's when 174 00:08:00,320 --> 00:08:02,640 Speaker 2: I decided to go in house M and A for 175 00:08:02,680 --> 00:08:03,520 Speaker 2: Carter Hot Harvey. 176 00:08:03,760 --> 00:08:03,880 Speaker 3: Right. 177 00:08:04,280 --> 00:08:06,040 Speaker 2: So again I was just sort of following my nose 178 00:08:06,400 --> 00:08:08,720 Speaker 2: in terms of the work that I most enjoyed. 179 00:08:09,000 --> 00:08:10,600 Speaker 1: Yeah, that's an interesting company. 180 00:08:10,600 --> 00:08:12,280 Speaker 3: What era of Carter Holt were you in. 181 00:08:12,680 --> 00:08:16,720 Speaker 2: Chris Ladell was to sell yeah, yeah, and so when did. 182 00:08:16,680 --> 00:08:18,520 Speaker 1: I'm just trying to think when Graham Heart got involved? 183 00:08:18,560 --> 00:08:21,080 Speaker 1: Was he I had left by the time, right, and 184 00:08:21,080 --> 00:08:22,920 Speaker 1: that was sort of a would have been a will 185 00:08:22,960 --> 00:08:24,760 Speaker 1: when hitting at that point, that's right. 186 00:08:24,800 --> 00:08:27,160 Speaker 2: So I think that was because I left card Holt 187 00:08:27,200 --> 00:08:31,080 Speaker 2: in two thousand and two, that's when I went to Australia, 188 00:08:31,200 --> 00:08:34,960 Speaker 2: so I think Graham came, yeah, not long after that. 189 00:08:35,120 --> 00:08:37,000 Speaker 1: Yeah, but I remember Chris the deal. We were dealing 190 00:08:37,000 --> 00:08:39,480 Speaker 1: with a wall of wood, and yes, you know, there 191 00:08:39,520 --> 00:08:41,480 Speaker 1: was a lot of challenges even then, you know, and 192 00:08:41,600 --> 00:08:42,760 Speaker 1: just getting getting the mix. 193 00:08:42,640 --> 00:08:43,360 Speaker 2: Right, that's right. 194 00:08:43,520 --> 00:08:46,719 Speaker 1: So I guess that's that's a very real world, kind 195 00:08:46,720 --> 00:08:49,239 Speaker 1: of gritty sort of thing to keep your teeth and fantastic. 196 00:08:49,360 --> 00:08:52,520 Speaker 2: So I started doing as I say in house M 197 00:08:52,520 --> 00:08:54,000 Speaker 2: and A. So that the buying and the selling of 198 00:08:54,040 --> 00:08:56,160 Speaker 2: the businesses, and there was quite a lot of that 199 00:08:56,240 --> 00:09:00,359 Speaker 2: occurring at that time under Cross's leadership. But then I 200 00:09:00,360 --> 00:09:03,040 Speaker 2: I always wanted to stay on and see how those 201 00:09:03,080 --> 00:09:07,920 Speaker 2: businesses went. So I always became fascinated in the strategy 202 00:09:07,960 --> 00:09:12,040 Speaker 2: behind the merger or the divestment, and so I wanted 203 00:09:12,080 --> 00:09:14,760 Speaker 2: to get more into rather than buying and selling businesses, 204 00:09:14,800 --> 00:09:17,880 Speaker 2: I wanted to get more into understanding how they ran. 205 00:09:18,800 --> 00:09:20,599 Speaker 2: So I asked if I could get out of the 206 00:09:20,679 --> 00:09:22,640 Speaker 2: M and A team, and I went into the swam 207 00:09:22,640 --> 00:09:27,920 Speaker 2: milling division and terrific role there. It's as great as 208 00:09:27,920 --> 00:09:32,480 Speaker 2: you get. And you know, it's deconstruction manufacturing that's really 209 00:09:32,920 --> 00:09:38,080 Speaker 2: challenging work. And you know, and also saw that sort 210 00:09:38,080 --> 00:09:40,640 Speaker 2: of the ups and the downs, the periods of making 211 00:09:40,679 --> 00:09:45,560 Speaker 2: cash losses, making difficult decisions like shutting down plants which 212 00:09:45,640 --> 00:09:48,240 Speaker 2: could be the only main employer in a small town. 213 00:09:48,880 --> 00:09:51,880 Speaker 2: I saw how people led through that. So it was 214 00:09:52,320 --> 00:09:57,840 Speaker 2: my first foray into business business decisions. 215 00:09:58,400 --> 00:10:01,160 Speaker 1: High level, I mean, you know, management at the reasonably 216 00:10:01,200 --> 00:10:04,040 Speaker 1: high level. There where you're actually having to make big calls. 217 00:10:03,800 --> 00:10:05,520 Speaker 2: Absolutely, and it really a lot of fire. 218 00:10:05,880 --> 00:10:06,040 Speaker 3: Yeah. 219 00:10:06,559 --> 00:10:08,880 Speaker 1: Yeah, So how long did you stay before you moved 220 00:10:08,960 --> 00:10:09,840 Speaker 1: into banking? 221 00:10:10,320 --> 00:10:13,000 Speaker 2: So that was I'm going to say two thousand and 222 00:10:13,040 --> 00:10:15,000 Speaker 2: I'm gonna give my dates right a wee while back, 223 00:10:15,040 --> 00:10:18,720 Speaker 2: So two thousand and two. I stayed there until then. 224 00:10:18,840 --> 00:10:21,800 Speaker 2: And then my husband, he's a Kiwi, he's off a 225 00:10:21,800 --> 00:10:26,280 Speaker 2: farm down south of Auckland, and he had finished what 226 00:10:26,360 --> 00:10:29,520 Speaker 2: he was doing, sold his business and we decided that 227 00:10:29,559 --> 00:10:32,640 Speaker 2: we'd go to Australia. And when we got to Australia, 228 00:10:32,720 --> 00:10:36,480 Speaker 2: he was running a business over there and I honestly 229 00:10:36,600 --> 00:10:39,120 Speaker 2: was looking through ads thinking, I know, I don't want 230 00:10:39,120 --> 00:10:41,640 Speaker 2: to go back into m and A. I want to 231 00:10:41,640 --> 00:10:46,000 Speaker 2: stay in business, and there was just an ad for 232 00:10:46,040 --> 00:10:48,800 Speaker 2: the Commonwealth Bank of Australia. They were looking for someone 233 00:10:48,840 --> 00:10:51,559 Speaker 2: who had my skill set, and I thought, well, it's 234 00:10:51,559 --> 00:10:54,800 Speaker 2: a big company, it's got lots of different divisions, lots 235 00:10:54,840 --> 00:10:56,720 Speaker 2: of opportunities, and so I'll give it a go. 236 00:10:56,960 --> 00:11:00,360 Speaker 1: Yeah, and it's obviously worked out. You've stayed a long 237 00:11:00,440 --> 00:11:02,720 Speaker 1: time in banking, then you know it must be must 238 00:11:02,760 --> 00:11:05,280 Speaker 1: be twenty years, more more than many years, and to 239 00:11:05,320 --> 00:11:08,000 Speaker 1: have that sort of success in the banking sector. Something's 240 00:11:08,000 --> 00:11:10,560 Speaker 1: obviously gelled. You know, what would you say is the 241 00:11:10,600 --> 00:11:13,520 Speaker 1: reason for your success in that particular industry. 242 00:11:13,960 --> 00:11:16,600 Speaker 2: You've got to love what you do. I think that's 243 00:11:16,600 --> 00:11:19,480 Speaker 2: the starting point with everything. And then people sometimes look 244 00:11:19,480 --> 00:11:21,480 Speaker 2: at you a bit sideways. It's like, you love banking 245 00:11:21,480 --> 00:11:23,920 Speaker 2: and I do genuinely likes people. 246 00:11:24,040 --> 00:11:26,160 Speaker 3: The reputation is it might be a bit gray, you know. 247 00:11:26,960 --> 00:11:29,319 Speaker 2: It's not that at all. It's firstly, I just think 248 00:11:29,360 --> 00:11:33,440 Speaker 2: about the impact that we can have and you know, 249 00:11:33,600 --> 00:11:38,800 Speaker 2: powering up economies, helping businesses, helping people through the difficult times, 250 00:11:39,200 --> 00:11:42,120 Speaker 2: you know, is really important. It's not always you know, 251 00:11:42,160 --> 00:11:47,360 Speaker 2: about the easy times, bringing new exciting innovations to market, 252 00:11:47,440 --> 00:11:50,920 Speaker 2: working with technology. You know, there's just so many different 253 00:11:50,960 --> 00:11:52,240 Speaker 2: skill sets in a bank. 254 00:11:52,360 --> 00:11:53,840 Speaker 1: Yeah, I mean, if you just look, there's a lot, 255 00:11:53,920 --> 00:11:56,800 Speaker 1: always a lot going on there is. We don't need 256 00:11:56,840 --> 00:11:58,319 Speaker 1: to get tour into it. But you're involved at the 257 00:11:58,920 --> 00:11:59,880 Speaker 1: political end as well. 258 00:12:00,160 --> 00:12:00,559 Speaker 2: That's right. 259 00:12:00,720 --> 00:12:03,480 Speaker 1: Certainly there's plenty going on in New Zealand, but in Australia. 260 00:12:03,800 --> 00:12:06,480 Speaker 1: I always sort of make this observation that they're actually 261 00:12:06,720 --> 00:12:08,640 Speaker 1: even tougher on the banks over there. I think in 262 00:12:08,720 --> 00:12:11,720 Speaker 1: terms of the way the media gets stuck into banks 263 00:12:11,720 --> 00:12:15,160 Speaker 1: and the robustness of the debate over there is pretty intense. 264 00:12:15,160 --> 00:12:16,120 Speaker 3: How did you find all that? 265 00:12:16,440 --> 00:12:18,839 Speaker 2: I think I think that's Australia generally, to be honest, 266 00:12:18,880 --> 00:12:21,280 Speaker 2: I don't think that's specific to the banking sector. I 267 00:12:21,320 --> 00:12:25,680 Speaker 2: think there's a lot of scrutiny in Australia the media. 268 00:12:26,520 --> 00:12:30,320 Speaker 2: I mean, you've got some pretty famous mastheads over in Australia, 269 00:12:30,360 --> 00:12:34,640 Speaker 2: owned by some pretty famous people, and the scrutiny is high. 270 00:12:34,679 --> 00:12:37,559 Speaker 2: And would I would say most industries would say that 271 00:12:37,559 --> 00:12:39,320 Speaker 2: the scrutiny is high on them, not just banking. 272 00:12:39,480 --> 00:12:39,720 Speaker 3: Yeah. 273 00:12:39,800 --> 00:12:42,440 Speaker 1: Sure, I wanted to ask because you'd had that experience 274 00:12:42,480 --> 00:12:45,040 Speaker 1: in Australia. You know, do you think Australians have a 275 00:12:45,080 --> 00:12:48,120 Speaker 1: different attitude to money than Kiwi's. You know, we've seen 276 00:12:48,120 --> 00:12:50,920 Speaker 1: as fairly similar personalities, but maybe Australians are a bit 277 00:12:51,000 --> 00:12:51,840 Speaker 1: bolder and brasher. 278 00:12:51,880 --> 00:12:55,200 Speaker 2: And yeah, I think there's some similarities. I think one 279 00:12:55,200 --> 00:12:58,120 Speaker 2: thing that I'm really envious of though, when I think 280 00:12:58,160 --> 00:13:02,240 Speaker 2: about Australia is the superannu right part of that system. 281 00:13:02,320 --> 00:13:06,280 Speaker 2: I think the ability to help people save for their futures, 282 00:13:06,960 --> 00:13:11,280 Speaker 2: and then the ability of those organizations to invest those moneies. 283 00:13:11,440 --> 00:13:15,000 Speaker 2: You know, well, boy, I think that's really setting up 284 00:13:15,360 --> 00:13:17,920 Speaker 2: the country for success. So I would call out that 285 00:13:18,080 --> 00:13:21,680 Speaker 2: as being something that's very positive about the Australian system. 286 00:13:21,760 --> 00:13:21,960 Speaker 3: Yeah. 287 00:13:22,000 --> 00:13:25,000 Speaker 1: I mean often New Zealanders are looking across the Tasman 288 00:13:25,040 --> 00:13:28,679 Speaker 1: looking at higher wages, higher productivity, and you know, feeling 289 00:13:28,679 --> 00:13:31,040 Speaker 1: a bit jealous. We can look at the iron ore 290 00:13:31,120 --> 00:13:33,559 Speaker 1: or whatever. But you know, it seems to me that 291 00:13:33,720 --> 00:13:36,599 Speaker 1: that strength and the financial sector, which is sort of 292 00:13:36,679 --> 00:13:41,160 Speaker 1: underpinned by that savings regime, must be a huge factor 293 00:13:41,240 --> 00:13:43,920 Speaker 1: in Australia's ability to sort of weather some of the 294 00:13:44,080 --> 00:13:45,240 Speaker 1: ups and downs a bit better than you. 295 00:13:45,600 --> 00:13:48,040 Speaker 2: I mean, it's a bigger economy, you know, it's got 296 00:13:48,360 --> 00:13:51,560 Speaker 2: those sort of and it has natural advantages obviously that 297 00:13:51,600 --> 00:13:54,120 Speaker 2: are really important for powering up the economy. But you 298 00:13:54,120 --> 00:13:56,080 Speaker 2: know a lot of my friends will say, oh, you know, 299 00:13:56,120 --> 00:13:59,000 Speaker 2: these great wages over there, there's a lot of tax 300 00:13:59,080 --> 00:14:02,679 Speaker 2: over there too, I don't think, and I think that's 301 00:14:02,679 --> 00:14:05,120 Speaker 2: a very important dynamic. A lot of New Zealanders want 302 00:14:05,120 --> 00:14:08,120 Speaker 2: the benefits of the infrastructure that they see in Australia, 303 00:14:08,200 --> 00:14:10,599 Speaker 2: but they don't like the idea of the tax that 304 00:14:10,760 --> 00:14:14,640 Speaker 2: actually has to pay for that. Yeah, so you know 305 00:14:14,640 --> 00:14:16,320 Speaker 2: when you go over there and you're paying stamp duty 306 00:14:16,360 --> 00:14:22,240 Speaker 2: on a lot of things. Yeah, so you can't have 307 00:14:22,320 --> 00:14:24,480 Speaker 2: your cake and eat it too. You have to decide there. 308 00:14:24,760 --> 00:14:28,240 Speaker 1: And obviously it's a hard call to make for someone 309 00:14:28,560 --> 00:14:31,400 Speaker 1: about a compulsory souper. I think Paul Keating did it 310 00:14:31,440 --> 00:14:33,760 Speaker 1: in Australia. But it's it's saying well, no, you're going 311 00:14:33,800 --> 00:14:35,440 Speaker 1: to pay a bit more now, and businesses are going 312 00:14:35,480 --> 00:14:37,120 Speaker 1: to pay a bit more now and it might hurt, 313 00:14:37,440 --> 00:14:40,080 Speaker 1: but we'll have some trillions yes later on. 314 00:14:40,320 --> 00:14:43,920 Speaker 2: Yes, I agree, it is a very difficult thing to introduce. 315 00:14:45,280 --> 00:14:48,640 Speaker 2: But again, you know, you can't move forward without making 316 00:14:48,680 --> 00:14:50,760 Speaker 2: some of these, you know, the tougher decisions that set 317 00:14:50,800 --> 00:14:51,640 Speaker 2: you up for the future. 318 00:14:51,880 --> 00:14:52,600 Speaker 3: Yeah. 319 00:14:52,680 --> 00:14:54,320 Speaker 1: I suppose I better ask this because I'll get in 320 00:14:54,360 --> 00:14:56,280 Speaker 1: trouble if I don't. But do you think New Zealand 321 00:14:56,320 --> 00:14:58,520 Speaker 1: is well served by the Australian owned banks? What do 322 00:14:58,560 --> 00:15:00,680 Speaker 1: you make of the sort of controversy around the idea 323 00:15:00,760 --> 00:15:03,040 Speaker 1: that we don't have enough competition or that we don't 324 00:15:03,200 --> 00:15:05,520 Speaker 1: have enough control of our own banking sector. 325 00:15:05,840 --> 00:15:10,280 Speaker 2: Look, I think there's some absolute benefits for being owned 326 00:15:10,320 --> 00:15:13,600 Speaker 2: by large Australian banks, and I think those are not 327 00:15:13,760 --> 00:15:15,560 Speaker 2: well understood, and I try and explain them as much 328 00:15:15,560 --> 00:15:19,160 Speaker 2: as I can. Firstly, you know, access in capital markets, 329 00:15:19,200 --> 00:15:21,920 Speaker 2: and because you know New Zealanders like to borrow more 330 00:15:21,920 --> 00:15:24,960 Speaker 2: than they save, ASP's going to go offshore and raise 331 00:15:25,000 --> 00:15:29,160 Speaker 2: billions of dollars in the open markets. And you know, 332 00:15:29,400 --> 00:15:32,480 Speaker 2: having the Australian owned banks behind you is an important 333 00:15:32,520 --> 00:15:35,840 Speaker 2: dynamic there and that adds real value to the New 334 00:15:35,920 --> 00:15:40,280 Speaker 2: Zealand marketplace. In my mind. The other things would be 335 00:15:40,920 --> 00:15:44,800 Speaker 2: just the level of investment that the larger banks can 336 00:15:44,840 --> 00:15:46,960 Speaker 2: make in Australia means that we get huge benefits of 337 00:15:47,040 --> 00:15:50,760 Speaker 2: things like cybersecurity, for example, so we're able to tap 338 00:15:50,800 --> 00:15:55,360 Speaker 2: into the technological amazing capability again that I believe has 339 00:15:55,440 --> 00:15:59,440 Speaker 2: real value. So a lot of benefits, I would say, 340 00:15:59,480 --> 00:16:00,680 Speaker 2: but bring on the competition. 341 00:16:01,040 --> 00:16:10,120 Speaker 1: Sure, okay, I've got a few sort of quick fire 342 00:16:10,200 --> 00:16:13,240 Speaker 1: questions here. What would you say, is the poorest you 343 00:16:13,240 --> 00:16:13,640 Speaker 1: ever been? 344 00:16:14,640 --> 00:16:16,760 Speaker 2: I think, as I sort of alluded to growing up 345 00:16:16,800 --> 00:16:20,000 Speaker 2: at home, we were in a real financial difficulty. 346 00:16:20,440 --> 00:16:23,040 Speaker 1: Yeah, yeah, So that was a sense of knowing that 347 00:16:23,200 --> 00:16:25,880 Speaker 1: maybe other kids had some more money going on in 348 00:16:25,920 --> 00:16:26,480 Speaker 1: the household. 349 00:16:26,560 --> 00:16:29,320 Speaker 2: I was I remember going up to the dairy. Didn't 350 00:16:29,360 --> 00:16:31,120 Speaker 2: have any food in the house, and we had a 351 00:16:31,160 --> 00:16:32,720 Speaker 2: whole bunch of bottles and you know how you could 352 00:16:32,720 --> 00:16:35,640 Speaker 2: go and take has shown my age could take glass 353 00:16:35,640 --> 00:16:38,160 Speaker 2: bottles up to the dairy and you could stop them 354 00:16:38,160 --> 00:16:38,720 Speaker 2: out for something. 355 00:16:38,800 --> 00:16:40,280 Speaker 1: Yeah. 356 00:16:40,440 --> 00:16:42,560 Speaker 2: Well yeah, no, So I remember dinner that night was 357 00:16:42,800 --> 00:16:45,440 Speaker 2: taking the glass bottles up to the deery and getting 358 00:16:45,440 --> 00:16:47,320 Speaker 2: some sausages and the other bits and bobs, and it 359 00:16:47,400 --> 00:16:47,760 Speaker 2: was dinner. 360 00:16:47,840 --> 00:16:48,120 Speaker 3: Wow. 361 00:16:48,280 --> 00:16:48,480 Speaker 2: Yeah. 362 00:16:48,520 --> 00:16:48,760 Speaker 3: Yeah. 363 00:16:48,800 --> 00:16:51,560 Speaker 1: So that is pretty close to the line, isn't it. 364 00:16:51,840 --> 00:16:52,440 Speaker 2: Tricky times? 365 00:16:52,480 --> 00:16:53,280 Speaker 3: Yeah, yeah, tough. 366 00:16:53,640 --> 00:16:55,960 Speaker 1: You've already answered really this spind are you're a spender 367 00:16:56,000 --> 00:16:57,800 Speaker 1: or a saver, But do you sort of feel like 368 00:16:57,840 --> 00:16:59,280 Speaker 1: you're naturally good with money or is it? 369 00:16:59,320 --> 00:17:00,440 Speaker 3: I guess that's as you say. 370 00:17:00,480 --> 00:17:04,399 Speaker 2: Come from that background, I would say mum's early focus 371 00:17:04,440 --> 00:17:08,840 Speaker 2: on saving was really positive. But I would say understanding 372 00:17:08,880 --> 00:17:12,400 Speaker 2: more about financial how to manage your financial affairs through 373 00:17:12,440 --> 00:17:17,399 Speaker 2: being in a bank absolutely has been beneficial. So you know, 374 00:17:17,440 --> 00:17:19,439 Speaker 2: when I went into banking over in Australia and I 375 00:17:19,520 --> 00:17:21,880 Speaker 2: learned this whole thing about compulsory super I'm like, why 376 00:17:21,960 --> 00:17:26,359 Speaker 2: was I not doing that earlier? You know, things like that, Yeah, 377 00:17:26,359 --> 00:17:28,960 Speaker 2: shape you learn a lot part from being in a bank. 378 00:17:29,119 --> 00:17:30,560 Speaker 1: So if you had to pick a piece of advice 379 00:17:30,680 --> 00:17:33,159 Speaker 1: to give people listening just to sort of have a 380 00:17:33,160 --> 00:17:35,960 Speaker 1: better sense of finances and money, what would you be 381 00:17:36,000 --> 00:17:37,359 Speaker 1: your top piece of advice for people? 382 00:17:37,440 --> 00:17:41,119 Speaker 2: Yeah, get some advice actually, and there are so many 383 00:17:41,240 --> 00:17:46,120 Speaker 2: places to get some great help for managing your financial affairs, 384 00:17:46,359 --> 00:17:48,040 Speaker 2: and don't pick it all off at once. You can 385 00:17:48,200 --> 00:17:52,880 Speaker 2: actually make some small, just small changes that can really 386 00:17:52,920 --> 00:17:56,680 Speaker 2: make a difference. So, you know, we'll talk about at ASP. 387 00:17:56,920 --> 00:18:00,560 Speaker 2: You know, our customers have saved millions and millions of 388 00:18:00,600 --> 00:18:03,600 Speaker 2: dollars through Save the Change. It's a tiny way that 389 00:18:03,680 --> 00:18:06,239 Speaker 2: you can create a good habit to start getting some 390 00:18:06,280 --> 00:18:07,640 Speaker 2: money in a separate account. 391 00:18:07,760 --> 00:18:08,000 Speaker 3: Sure. 392 00:18:08,160 --> 00:18:10,120 Speaker 1: Yeah, I always sort of ask, what's what's the most 393 00:18:10,160 --> 00:18:11,880 Speaker 1: indulgent purchase you've ever made? 394 00:18:13,520 --> 00:18:17,159 Speaker 2: I feel like anything to do with a house. I 395 00:18:17,200 --> 00:18:23,159 Speaker 2: think the house seems to be this emotional excuse for 396 00:18:23,760 --> 00:18:25,400 Speaker 2: I don't know, creating a really nice home. 397 00:18:25,320 --> 00:18:27,119 Speaker 3: I think is a sack a lot of money. 398 00:18:27,200 --> 00:18:28,879 Speaker 2: They do sack a lot of money, And so when 399 00:18:28,920 --> 00:18:31,119 Speaker 2: you're doing a renovation and you can kind of choose 400 00:18:31,160 --> 00:18:34,879 Speaker 2: between different things, I think homes are a really important 401 00:18:34,880 --> 00:18:35,640 Speaker 2: place so sure. 402 00:18:35,760 --> 00:18:37,959 Speaker 1: I mean, coming from a you know, that difficult background 403 00:18:38,000 --> 00:18:40,000 Speaker 1: you talked about, when you got say into deloy To 404 00:18:40,040 --> 00:18:41,960 Speaker 1: or into some of these management jobs, was there a 405 00:18:42,000 --> 00:18:45,080 Speaker 1: moment where you finally thought, oh, I've actually got a 406 00:18:45,080 --> 00:18:47,000 Speaker 1: bit of financial security and you felt like you could 407 00:18:47,000 --> 00:18:47,679 Speaker 1: splash out of it. 408 00:18:47,920 --> 00:18:50,080 Speaker 2: I felt like a millionaire when I started working my 409 00:18:50,200 --> 00:18:53,919 Speaker 2: first job. I've saved my letter. Yeah, my first you know, 410 00:18:54,040 --> 00:18:56,879 Speaker 2: I think it was my first proper job, and my 411 00:18:57,000 --> 00:19:00,199 Speaker 2: salary was twenty three thy five hundred and I just 412 00:19:00,200 --> 00:19:02,600 Speaker 2: thought i'd made it. Yeah, I really did, so, Yes, 413 00:19:03,440 --> 00:19:07,480 Speaker 2: it came with some financial freedom. So the first thing 414 00:19:07,480 --> 00:19:10,200 Speaker 2: that was on my list was a car. So yeah, nice, 415 00:19:10,200 --> 00:19:12,960 Speaker 2: So you are a car person. I'm becoming less of 416 00:19:13,000 --> 00:19:14,120 Speaker 2: a car person, I think. 417 00:19:15,040 --> 00:19:15,240 Speaker 3: Yeah. 418 00:19:15,280 --> 00:19:18,960 Speaker 2: I mean, I'm just got my first EV so I'm 419 00:19:19,320 --> 00:19:20,159 Speaker 2: really enjoying that. 420 00:19:20,240 --> 00:19:22,480 Speaker 1: I have to say, yeah, you know, similar note, but 421 00:19:22,680 --> 00:19:24,679 Speaker 1: other things that you still dream of buying but you 422 00:19:24,760 --> 00:19:26,960 Speaker 1: just haven't got there for whatever reason, time or they're 423 00:19:26,960 --> 00:19:29,080 Speaker 1: on your life goals purchase wise. 424 00:19:29,240 --> 00:19:32,880 Speaker 2: Yeah, I think. You know, we've got two young sons, 425 00:19:33,920 --> 00:19:38,760 Speaker 2: and for me, family holidays they're the best, my best 426 00:19:38,840 --> 00:19:43,000 Speaker 2: childhood memories, they're my best early adult memories. They're my 427 00:19:43,080 --> 00:19:47,520 Speaker 2: best parenting memories if you like. And so at the 428 00:19:47,560 --> 00:19:50,520 Speaker 2: top of my list for things A the home and 429 00:19:50,560 --> 00:19:52,800 Speaker 2: then B travel sure travel. 430 00:19:52,520 --> 00:19:54,480 Speaker 1: With them, yeah, just and then I guess that is 431 00:19:54,520 --> 00:19:57,440 Speaker 1: finding the time to go for a decent length of time. 432 00:19:57,680 --> 00:20:01,080 Speaker 2: Absolutely, but you know, sometimes just small trips can be 433 00:20:01,200 --> 00:20:05,680 Speaker 2: fun as well. We've had plenty of long weekends supporting 434 00:20:05,720 --> 00:20:07,760 Speaker 2: the kids with sport or something that have been a 435 00:20:07,760 --> 00:20:08,680 Speaker 2: lot of fun as well. 436 00:20:08,720 --> 00:20:11,800 Speaker 3: So yeah, yeah, it's sort of about I guess lifestyle. 437 00:20:11,800 --> 00:20:14,320 Speaker 1: But Prome Minister Christopher Luxen sort of I think he 438 00:20:14,400 --> 00:20:17,640 Speaker 1: slightly misunderstood the question personally, but he reckoned. He spent 439 00:20:17,720 --> 00:20:20,000 Speaker 1: sixty dollars a week on groceries when he was asked 440 00:20:20,080 --> 00:20:22,359 Speaker 1: last year in the election campaign, do you have a 441 00:20:22,359 --> 00:20:24,600 Speaker 1: big grocery shop? What kind of grocery shopper are you? 442 00:20:24,880 --> 00:20:28,359 Speaker 2: Okay, we spent a lot of money on food and 443 00:20:28,720 --> 00:20:31,480 Speaker 2: a couple of things there. I've got a rower and 444 00:20:31,520 --> 00:20:34,280 Speaker 2: a basketballer, so the bickeyball is six foot eight, rowers 445 00:20:34,320 --> 00:20:36,560 Speaker 2: six foot five. Food in our house is a. 446 00:20:36,560 --> 00:20:38,600 Speaker 1: Very big deal and it probably doesn't last long. 447 00:20:38,600 --> 00:20:43,320 Speaker 2: It doesn't last very long. It flies out, and so 448 00:20:43,560 --> 00:20:46,320 Speaker 2: our food bill is I would just call it substantial. 449 00:20:47,040 --> 00:20:48,760 Speaker 2: And now they may not be living at home, but 450 00:20:48,800 --> 00:20:53,040 Speaker 2: we're still supporting them financially, so it's still substantial. But 451 00:20:53,040 --> 00:20:55,880 Speaker 2: the only thing I would say, though, is the our 452 00:20:55,960 --> 00:20:59,600 Speaker 2: food bill is coming down because we're eating just a 453 00:20:59,600 --> 00:21:03,280 Speaker 2: little bit less meet actually right, Yes, there things. 454 00:21:03,160 --> 00:21:05,200 Speaker 3: Up about lifestyle healthy. Yeah. 455 00:21:05,440 --> 00:21:07,800 Speaker 1: Do you ever still imagine winning lotto? 456 00:21:08,320 --> 00:21:10,399 Speaker 2: I used to dream about that as a child, I 457 00:21:10,440 --> 00:21:12,919 Speaker 2: really did, and we used to watch it as a 458 00:21:12,920 --> 00:21:15,239 Speaker 2: family on team actually buy tickets or just dream When 459 00:21:15,280 --> 00:21:18,040 Speaker 2: I was young. Dad definitely did buy tickets, and I 460 00:21:18,119 --> 00:21:20,879 Speaker 2: used to dream non stuff about what I would do 461 00:21:21,359 --> 00:21:25,359 Speaker 2: with all that money. You know today I don't sort 462 00:21:25,359 --> 00:21:29,320 Speaker 2: of dream about that anymore so, but you know what, 463 00:21:29,400 --> 00:21:31,200 Speaker 2: we do buy a lot of tickets every now and then. 464 00:21:31,320 --> 00:21:32,200 Speaker 3: Yeah, that's for fun. 465 00:21:32,920 --> 00:21:35,320 Speaker 1: Yeah, I ask it because you know, sometimes I sort 466 00:21:35,320 --> 00:21:37,760 Speaker 1: of imagine winning a smaller amount. I actually don't know 467 00:21:37,760 --> 00:21:39,440 Speaker 1: if I want to win a hundred million dollars or 468 00:21:39,480 --> 00:21:41,280 Speaker 1: something like that. It sort of kind of turns your 469 00:21:41,320 --> 00:21:42,160 Speaker 1: life upside down. 470 00:21:43,320 --> 00:21:44,920 Speaker 2: Yes, in any of those stories. 471 00:21:45,560 --> 00:21:47,919 Speaker 1: Look the question here and you sort of answered it 472 00:21:48,160 --> 00:21:51,240 Speaker 1: through the other questions. But as making money important in itself, 473 00:21:51,320 --> 00:21:53,080 Speaker 1: or has that been a byproduct of the success. 474 00:21:53,720 --> 00:21:57,600 Speaker 2: It's never about that, I think, and I always sort of, 475 00:21:58,320 --> 00:22:01,240 Speaker 2: you know, provide whoever are if anyone ever asks me 476 00:22:01,280 --> 00:22:05,200 Speaker 2: about that, I always go back to choose things that 477 00:22:05,240 --> 00:22:08,320 Speaker 2: you're passionate about and that you love doing. Don't go 478 00:22:08,359 --> 00:22:12,320 Speaker 2: and choose something because it pays. You know, you don't 479 00:22:12,320 --> 00:22:14,560 Speaker 2: want to be getting lots of money and then hating 480 00:22:14,600 --> 00:22:16,400 Speaker 2: your job every day, you know, so that that would 481 00:22:16,400 --> 00:22:21,880 Speaker 2: be awful. So and actually interesting fact for you, learning 482 00:22:21,920 --> 00:22:27,080 Speaker 2: good savings behaviors is five times more impactful than a 483 00:22:27,119 --> 00:22:27,800 Speaker 2: pay increase. 484 00:22:28,080 --> 00:22:29,080 Speaker 3: Wow. Yeah. 485 00:22:29,119 --> 00:22:32,359 Speaker 2: And the whole reason for that is because many people 486 00:22:32,400 --> 00:22:34,119 Speaker 2: go and get a pay increase and then just spend 487 00:22:34,119 --> 00:22:36,520 Speaker 2: that pay increase and so they're actually no better off 488 00:22:36,760 --> 00:22:41,320 Speaker 2: than they were before. And so savings habits are actually 489 00:22:41,400 --> 00:22:42,520 Speaker 2: the most important thing of all. 490 00:22:43,080 --> 00:22:45,320 Speaker 1: Yeah. I mean, if I could give you the power 491 00:22:45,359 --> 00:22:47,760 Speaker 1: to be in charge of the country for the day, 492 00:22:48,000 --> 00:22:51,000 Speaker 1: prime minister for a day, is this something that you 493 00:22:51,000 --> 00:22:54,200 Speaker 1: would most want to do to sort of I guess, 494 00:22:54,280 --> 00:22:57,760 Speaker 1: transform New Zealand, deal with some social inequity and all 495 00:22:57,760 --> 00:22:58,560 Speaker 1: that sort of stuff. 496 00:22:58,840 --> 00:23:01,600 Speaker 2: I mean, there's two very two long term things. You know. 497 00:23:01,600 --> 00:23:03,040 Speaker 2: We need to get education right and we need to 498 00:23:03,080 --> 00:23:05,120 Speaker 2: get housing rights. So those are two long term ones. 499 00:23:05,160 --> 00:23:09,520 Speaker 2: But if I chose something that was near term, easier 500 00:23:09,640 --> 00:23:13,480 Speaker 2: to do in my view and could really help with productivity, 501 00:23:14,400 --> 00:23:18,640 Speaker 2: I think we could really lean into digital identity as 502 00:23:19,480 --> 00:23:22,800 Speaker 2: a neighbor for the digital economy and to also to 503 00:23:22,880 --> 00:23:26,399 Speaker 2: improve this safety because at the moment we've got a 504 00:23:26,400 --> 00:23:29,560 Speaker 2: lot of issues with forwards and scams and you know, 505 00:23:29,640 --> 00:23:31,280 Speaker 2: and cyber issues. 506 00:23:32,280 --> 00:23:35,520 Speaker 1: So digital identity, you mean, how we. 507 00:23:36,720 --> 00:23:39,399 Speaker 2: Having a safe way. It's having a safe way for 508 00:23:39,440 --> 00:23:43,320 Speaker 2: people to have their information and then they can permission 509 00:23:43,840 --> 00:23:45,000 Speaker 2: it for someone. 510 00:23:44,720 --> 00:23:45,600 Speaker 3: To use right. 511 00:23:45,680 --> 00:23:49,359 Speaker 2: Yeah, and that would also get rid of at the 512 00:23:49,400 --> 00:23:54,960 Speaker 2: moment for financial crime reasons. You know, everyone has to 513 00:23:55,000 --> 00:23:58,040 Speaker 2: be I d inveed a million times over by lots 514 00:23:58,080 --> 00:24:00,200 Speaker 2: of different businesses, and all of those businesses is a 515 00:24:00,240 --> 00:24:04,320 Speaker 2: collecting information. They're storing that information, They've got people undertaking 516 00:24:04,359 --> 00:24:08,560 Speaker 2: all of those activities. It's just really inefficient. So big 517 00:24:08,600 --> 00:24:13,800 Speaker 2: productivity when big safety improvement, that would be something near 518 00:24:13,880 --> 00:24:14,720 Speaker 2: term and practical. 519 00:24:14,840 --> 00:24:15,119 Speaker 3: Yeah. 520 00:24:15,160 --> 00:24:19,160 Speaker 1: It's interesting how much anyone involved in banking I come 521 00:24:19,200 --> 00:24:22,320 Speaker 1: across seems to have to have become a real techi 522 00:24:22,440 --> 00:24:25,280 Speaker 1: these days. It really is at the cutting edge of 523 00:24:25,400 --> 00:24:26,960 Speaker 1: so much of our tech DISCUSSI. 524 00:24:26,600 --> 00:24:30,080 Speaker 2: Absolutely, Yeah, it's you know, these days, if you're involved 525 00:24:30,080 --> 00:24:32,040 Speaker 2: in a business like ours, you have to be you 526 00:24:32,320 --> 00:24:35,720 Speaker 2: really have to understand technology and how to harness it. 527 00:24:36,600 --> 00:24:38,119 Speaker 3: So yeah, I. 528 00:24:38,160 --> 00:24:41,040 Speaker 1: Mean, obviously, what we've been through in the last few 529 00:24:41,119 --> 00:24:43,760 Speaker 1: years has created this cost of living squeeze. We've seen 530 00:24:43,760 --> 00:24:49,080 Speaker 1: all this inflation has that created extra pressure on the 531 00:24:49,080 --> 00:24:51,639 Speaker 1: banking system in terms of how people are looking at it, 532 00:24:52,040 --> 00:24:54,240 Speaker 1: how concerned they are about what's going on. How do 533 00:24:54,280 --> 00:24:58,159 Speaker 1: you view banking's role in this whole sort of economic cycle. 534 00:24:58,359 --> 00:25:01,480 Speaker 2: Yeah, some of the really interesting things Before we think 535 00:25:01,520 --> 00:25:05,600 Speaker 2: about the recent cost of living pressures, one thing that's 536 00:25:05,640 --> 00:25:07,679 Speaker 2: been really helpful for a lot of people in New 537 00:25:07,760 --> 00:25:13,400 Speaker 2: Zealand is actually our debt levels have been more manageable, 538 00:25:14,000 --> 00:25:19,920 Speaker 2: and also the government support during COVID really we saw 539 00:25:20,000 --> 00:25:23,080 Speaker 2: a lot of balances and savings build up. So we 540 00:25:23,119 --> 00:25:27,879 Speaker 2: monitor financial wellbeing in an aggregated way across all of 541 00:25:27,880 --> 00:25:30,639 Speaker 2: our customers. And interestingly, if we have a look at 542 00:25:30,680 --> 00:25:35,159 Speaker 2: where New Zealanders are now, we're still at higher levels 543 00:25:35,160 --> 00:25:38,360 Speaker 2: than when we went into COVID, so we've got higher 544 00:25:38,520 --> 00:25:44,919 Speaker 2: financial wellbeing generally than pre COVID. And another sort of 545 00:25:44,960 --> 00:25:48,520 Speaker 2: interesting element I guess is that the majority of our 546 00:25:48,560 --> 00:25:51,119 Speaker 2: customers are making big trade offs, by the way, So 547 00:25:51,160 --> 00:25:53,640 Speaker 2: it's not that people aren't making sacrifices. They definitely are. 548 00:25:54,760 --> 00:26:00,080 Speaker 2: But we were supporting around four hundred customers who need 549 00:26:00,359 --> 00:26:03,359 Speaker 2: real help. But these days we've got so many different 550 00:26:03,359 --> 00:26:09,640 Speaker 2: ways to help those customers. So we're actually surprised how 551 00:26:09,720 --> 00:26:12,520 Speaker 2: well Kiwi's and Kiwi businesses are fairing right now. 552 00:26:12,760 --> 00:26:14,480 Speaker 1: Yeah, we haven't seen the kind of like after the 553 00:26:14,520 --> 00:26:17,480 Speaker 1: GFC there was a big rise in mortgage defaults and 554 00:26:17,520 --> 00:26:19,719 Speaker 1: things like that. I mean, it's obviously tough. We're not 555 00:26:19,840 --> 00:26:24,399 Speaker 1: saying it isn't and it's building, but you know, just finally, 556 00:26:24,400 --> 00:26:28,199 Speaker 1: I guess, what, do you feel optimistic enough that New 557 00:26:28,280 --> 00:26:30,560 Speaker 1: Zealand can get through this cycle, whether you know, whether 558 00:26:30,600 --> 00:26:33,920 Speaker 1: it's November or February or next May or whenever we 559 00:26:34,359 --> 00:26:35,720 Speaker 1: sort of can say that it's turned. 560 00:26:35,840 --> 00:26:37,760 Speaker 2: Yeah, I do feel optimistic about it. I mean, I'm 561 00:26:37,760 --> 00:26:41,320 Speaker 2: an optimist by nature, by the way, But again, I 562 00:26:41,400 --> 00:26:45,480 Speaker 2: feel optimistic why because I think we're working better together 563 00:26:45,480 --> 00:26:48,960 Speaker 2: than ever before. Debt levels are lower, and I think 564 00:26:48,960 --> 00:26:52,800 Speaker 2: that's really meant that there's more resilience in the system 565 00:26:53,240 --> 00:26:58,000 Speaker 2: than there was leading into the GFC as an example. Yeah, 566 00:26:58,119 --> 00:27:01,040 Speaker 2: and we've just got more ways of helping our customers. 567 00:27:01,080 --> 00:27:05,560 Speaker 2: So you know, we've got an enormous balance sheet at ASBA, 568 00:27:05,960 --> 00:27:09,200 Speaker 2: we've got a lot of runway in terms of supporting 569 00:27:09,280 --> 00:27:11,880 Speaker 2: our customers. Throw and in Factor and COVID we grew 570 00:27:11,920 --> 00:27:14,000 Speaker 2: a lot of market share and business lending because we 571 00:27:14,080 --> 00:27:17,639 Speaker 2: decided that we wanted to really support businesses through that period. 572 00:27:19,200 --> 00:27:21,840 Speaker 2: And so yeah, with a really strong balance sheet like 573 00:27:21,880 --> 00:27:23,960 Speaker 2: what we've got, we can help people. 574 00:27:24,280 --> 00:27:26,919 Speaker 1: That's great, Victoria, thanks for that, and thanks for chatting 575 00:27:27,119 --> 00:27:27,840 Speaker 1: on Money Talks. 576 00:27:27,960 --> 00:27:28,080 Speaker 2: Ran. 577 00:27:28,240 --> 00:27:31,119 Speaker 1: Thank you Lim, thanks for listening to this episode of 578 00:27:31,200 --> 00:27:33,920 Speaker 1: Money Talks. If you want to get in touch, drop 579 00:27:33,960 --> 00:27:37,359 Speaker 1: me a line at Liam dot Dan at zme dot 580 00:27:37,400 --> 00:27:40,320 Speaker 1: co dot nz and you can read more from me 581 00:27:40,560 --> 00:27:44,080 Speaker 1: at inzidherld dot co dot nz. Thanks to my producer 582 00:27:44,320 --> 00:27:49,359 Speaker 1: Ethan Sills can sound engineer Lin McDonald. Follow Money Talks 583 00:27:49,400 --> 00:27:52,520 Speaker 1: on iHeartRadio or wherever you get your podcasts, with new 584 00:27:52,560 --> 00:27:56,359 Speaker 1: episodes available every Thursday.