Full Show Podcast: 20 February 2025

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
New Zealand's voice of reason is Mike the mic Hosking
Breakfast with the range Rover Villa designed to intrigue and
use togs ed b wlling you welcome.

Speaker 2 (00:10):
Today, Adrian and Orr in the sense of the high
drama and carnage of the past couple of years might
have been coming to an end. Winston Peters on the
cooks and the need for this reset. We're now a
soft target apparently for scams. Half a million of us
got sucked in last year. So Max around the five
hundred police promise, Rod Little and Britain. Joe McKenna's on
Pope Watch in Italy poscre we go for Thursday, seven
past six. I tell you what's not a good time

(00:31):
to be a climate Converter's regality strikes at an increasing pace.
According to the latest Fed Farmer's survey. We were telling
you this this time yesterday. The farmers are more upbeat
than they have been in at least a decade, due
no small part to the fact that the government has
reset several targets around climate. It's less onerous and therefore
easier to do business. And now news of several New
Zealand companies who have withdrawn from the Science Based Target Initiative.

(00:54):
Now that's our global nonprofit. It verifies what you're up to,
what you promised, how you're doing all that sort of stuff. Anyway,
the cold hard truth is it's easy to join and
you look good doing it, but it gets harder and
harder to meet the targets until the various businesses go
and now have you know what, don't worry about it.
Before Trump arrived and put the nail in the climate coffin,
generally globally, it was getting increasingly obvious that the targets

(01:17):
out of Paris are not, have not and will not
be met great intention, no real follow up or the
follow up that did eventuate prove the targets were hopelessly unrealistic.
We under the last government, of course, were in an
obsessive rabbit hole burrowing a way to no great advantage.
New government, more realistic view, and a number of local
companies now pulling out of the SBTi in New Zealand

(01:38):
you might remember a while back, straight up and down,
very honest about it, they said, look it's a good idea,
we can't do it, it's not real. We can now
add que Property Group silver fern farms, Auckland Airport, and
I assume a growing number of others. I think we're
at a turning point, rightly or wrongly, sort of like evs,
you know, where the pea HEV has become the answer
as opposed to the BEV. We got carried away with Zellos.

(02:00):
We thought we could do a lot more without the
economic damage. We were wrong. Yes, the climate's important. Yes
we would like to make some sort of effort to help,
but not at all costs, not at the expense of
a good life. Too much evidence is now in that
the evangelism is over and reality has arrived.

Speaker 3 (02:18):
News of the world in ninety seconds.

Speaker 2 (02:21):
Poor old Zelenski's week is turning to complete a nutter shite.

Speaker 4 (02:25):
We haven't had elections in Ukraine. Well, we have martial law,
essentially martial law in Ukraine, where the leader in Ukraine,
I mean, I hate to say it, but he's down
at four percent approval rating, and where a country has
been blown to smither in of.

Speaker 2 (02:40):
Course Olenski is having none of it, but the ground
is being swept out from under him.

Speaker 5 (02:44):
Unfortunately, President Trump, with who we have great respect as
a leader, and the American people who supports us, but
unfortunately he lives in this disinformation space.

Speaker 2 (02:55):
Meantime, Labrova from Saudi into the Russian Parliament full of
beans and upbeat assessments. So the tasks that were set
by the president's large scale tasks, and we will continue
our endeavors to implement those tasks. Trump's main Kellogg's right
by Tran and cib karas.

Speaker 6 (03:13):
Some wonderful talks with President Selesky, his staff and military commanders.

Speaker 7 (03:17):
Quite because he won't We're gonna listen who we are aware.
We understand the need for security guaranteed.

Speaker 2 (03:25):
Then for the old sports files, the sinner band, if
you can call it, that is still being heavily contested.
Wada coming to their own defense.

Speaker 8 (03:33):
We're not there to be popular or to make friends.

Speaker 4 (03:35):
We're there to apply the rules fairly and without fear
or favor and we feel that we've done that.

Speaker 2 (03:39):
Okay, as soon as lawyer claiming they were hard done by,
it is very unfair.

Speaker 9 (03:43):
I mean, he has been through the process from the
very beginning, by the book, and there's no favoritism. It
just so happens that these circumstances have been very unusual.
He feels that he's been treated quite harshly.

Speaker 2 (03:56):
Okay, finally an update from the so called worst mirror
in America into a broad look about this. This is
Dalton Lord Tiffany Henyard. A couple of weeks ago, her
and a boyfriend got into a fight out to being
criticized at a town hall meeting. The video was awesome viewing.
Next step the lawsuits. A couple of men are filed
against the mayor, her partners, and others for assaults and
retaliation for exercising free speech, including that Henyard went hit

(04:19):
two of them with her microphone. Anyway, we'll keep your posted.
Use the world in market inflation or is it stagflation?
So not a lot of growth in Britain and overnight
the read for the month of January three percent, above
analyst expectation of two point eight, so we'll see where
that goes. Eleven past six.

Speaker 1 (04:38):
The mic Asking Breakfast Full Show podcast on iHeartRadio, vowed
by News Talks Eppy.

Speaker 2 (04:46):
Another box tick for Trump this morning. The Commerce Secretary Lutnik.
He's the guy if you've been watching the executive signings.
He's the sort of the guy who sits ominously over
Trump's left hand shoulder and then reaffirms everything Trump's does
is brilliant. Anyway, it's been confirmed as the COMMAS secretary
the Comments Department employees fifty thousand people, or at least
it did until Lelon Arright fourteen minutes past second break

(05:07):
it who from j am I Well Andrew Keller, good morning,
Good morning, Mike, So fifty it was maybe another couple
of twenty clients to come. What did you see?

Speaker 7 (05:15):
Yeah, we get in there, aren't we? Official cash right now?

Speaker 10 (05:17):
At three point seventy five, which unfolded as expected.

Speaker 2 (05:21):
Look, I think.

Speaker 10 (05:22):
The moment, Mike, I think the I think the way
ahead now is a little clearer. We can, assuming nothing
untowards happened, expect to see a couple of further cuts,
as you said, twenty five basis points in April and May,
and that would take the OCO down to three and
a quarter. What the RBNZ has done, And Mike, this
is the point I make.

Speaker 7 (05:41):
This is not the first time in recent memory is.

Speaker 10 (05:45):
They've moved the forward track to be very similar to
where financial markets were already pricing the ocr so effectively
the market are already gone there. Key comments and takeaways
for listeners out there the OCR track has been front loaded,
So the RBNZ said, if economic conditions continue to involve
as projected, the committee has the scope to lower the OCR.

Speaker 7 (06:06):
Further through twenty twenty five.

Speaker 10 (06:08):
So go back to the November MPs, the OCR was
on a much more gradual flight path that lower through
twenty twenty five, twenty twenty six into twenty twenty seven.
Now that projected low point and the OCR is in
early twenty twenty six, so it's all front loaded exactly
where the market was already. Domestic activity is subdued but
is expected to recover during twenty twenty five, so that's

(06:29):
a positive global activity. Global growth likely to be weakened
by geopolitics that includes the impact of the trade barrier.
The thing is, Mike, I think that came through the
whole the press conference and through the tone of the
NPS is they are far more confident now about the
fact that there is spare capacity in the economy, so
much so that they're actually projecting CPI inflation to hit

(06:52):
two point seven percent this year. It's going to go
back up well away from the midpoint, the two percent midpoint,
But they're so confident about the spec capacity in the
market that they're going to continue to lower the OCR
so that CPI then falls back in early twenty twenty six,
and right through the statement, that language is very confident,
So I'm describing it as a confidently dubbish cut.

Speaker 7 (07:14):
There's a lot of focus.

Speaker 10 (07:15):
In the statement, Mike, on those GDP growth revisions, the
fact that it was so much higher in twenty twenty three,
twenty twenty four, and have that great big slump in
June and September, a.

Speaker 7 (07:25):
Couple of other factors.

Speaker 10 (07:26):
To know you get this lower OCR, You've just got
to remember this isn't twenty twenty one. We're not going
to get the same boost we got from lower interest rates.

Speaker 7 (07:33):
That we did back then.

Speaker 10 (07:34):
And actually the OCR just pulls down those short term
interest rates, it doesn't necessarily pull down the longer term
interest rates. The special topics there always a good read.
There's one on tariff there that was worth a look at.
Market response, Mike, relatively benign wholesale rates barely moved share
market a little lower. Currency moved around a little bit,
but settled pretty much back to where it started.

Speaker 2 (07:56):
Right the Real Estate Institute and do not use this
to leverage our bet for the end of the year.

Speaker 10 (08:04):
I have nothing to say Mike on that for the moment,
but having a second, let's just run through it.

Speaker 7 (08:08):
Shall we.

Speaker 10 (08:09):
On the housing make so this is later data from
later started from Ari and Z mortgage holders, since they're
patiently waiting for the opportunity to refix their mortgages, get
a little relief in their household budgets. What happens in
the housing market is important, Mike, because if your house
value goes out, we get this wealth effect, right. People
feel a little richer, increases the propensity and confidence to spend.
You see that in activity in retail sales. Still no

(08:31):
big news on house prices though. House Whiston nes released
yesterday on a raw basis that fell in January seasonal
adjusted a very mnemic little lift year on year. You
are still looking at a one point four percent fall
in house prices across the country. And the thing is
sales dropped slightly on a seasonally adjusted basis as well.
Sales started for descem but were revised up. I suppose

(08:51):
that's good, But overall, make the inventory. The amount of
property that's for sale has got larger. It's now the
highest we have seen in ten years and that's going to.

Speaker 7 (09:01):
Take a while to work through.

Speaker 10 (09:02):
Aukle market to me looks soggy sales falling year and
a year move in the index is lower than the
New Zealand move, but just on the housing related I
know we haven't got a lot of time.

Speaker 7 (09:11):
But Fletcher Building.

Speaker 10 (09:12):
Share price yesterday, yeah, they're looking a little bit more positive.

Speaker 7 (09:15):
The New Zealand story is part of that.

Speaker 10 (09:17):
Their share price after their first half announced up five
percent yesterday.

Speaker 2 (09:20):
And lay some numbers on me.

Speaker 10 (09:22):
Oh well, the dal Jones is down one hundred and
twenty points, about a quarter of percent. The S and
P five hundred was is up five points as we
look at it sixty one three four. The Nasdaq is
up small twenty thousand and forty one. European markets will
weaker overnight. Mike eight seven one two down points sixty
two percent on the foot see one hundred. The Nike

(09:43):
was down a quarter percent three nine one sixty four.
Shanghai Composite gained point eighty one three three five one.
The Aussies yesterday fell three quarters percent, closing at eight
four one nine, and the Insects fifty was down point
one four percent closing at thirteen thousand and thirty.

Speaker 7 (09:57):
Three Kiwi dollar still sort of lurk.

Speaker 10 (10:00):
King around the fifty seven cent mark point five six
ninety nine against the ossie point eight nine eight nine point.

Speaker 7 (10:05):
Five four seven seven euro point four to five three three.

Speaker 10 (10:08):
Pounds eighty six point four to four Japanese yen gold
training at two thousand, nine hundred and twenty eight dollars
and frank crude seventy six dollars and thirty nine cents
See tomorrow.

Speaker 2 (10:18):
Andrew Kelleher Jomiwealth dot co dot NZ tasking proving and
will go to the New Zealand banks and the fifty
basis points and working through all of that sort of stuff,
but proving that banking is highly profitable AGESBC, who also
played the ball here, but the Europe's largest lender annual
pre tax profit rows six and a half percent. For
the full year revenue was sixty six billion dollars, their
pre tax profit thirty two point three one billion dollars.

(10:43):
So there's money in banking. I'm not sure if you
realize that six twenty your used talksb The.

Speaker 1 (10:50):
Vike Hosking Breakfast Full Show podcast on iHeartRadio powered by
News talks.

Speaker 2 (10:55):
B This is all very heavily coordinated, obviously, but Zelenski
is an now in real, real trouble because what he's
relying on, unfortunately, is Trump either doing something different to
what he is doing or Europe getting their act together,
and I think the chances of that happening is zero.
This is what Trump just said on truth Social think
of it. A modestly successful comedian talk the United States

(11:16):
of America into spending three hundred and fifty billion dollars
to go into a war they couldn't win. The United
States has spent two hundred billion dollars more than Europe,
and Europe's money is guaranteed while the United States will
get nothing. Why didn't Sleepy Joe demand equalization in that
this war is far more important to Europe than it
is to us. Now, that's not a bad point. He
makes a reasonable point there. On top of this, Zelenski
admits that half the money we sent to him is missing.

(11:38):
He refuses to have elections, is very low in Ukrainian polls.
That's not true, and the only thing he was good
at was playing Biden like a fiddle a dictator. Without elections,
Zolensky better move fast, or he's not going to have
a country left. In the meantime, we are successfully negotiating
an end to the war with Russia. So that's Trump
moments ago. Just go back to the election thing is

(11:59):
moderately interesting the extent that it's a five year term
and it was due late last year. They didn't hold
it for a fairly obvious reasons. They're in the middle
of a war. But if you go back to twenty nineteen,
there were a huge number of contenders in the presidential race.
There were thirty something from memory contenders, and they run
that old rule whereby if you get fifty percent in
the first round, you win if you don't, and of

(12:19):
course nobody did, and so the two top contenders went
for the runoff, which was Poroshenko and Zelenski, and Zelensky
not only won, but he won by a mile. He
got seventy something percent from Memory of seventy two to
seventy three percent, and that was a record. And I
have no reason to believe that that level of popularities changed.

(12:39):
Trump's four percent is from a Zelensky opponent, and he
got it on telegram. So that's the sort of idiocy
you're dealing with six twenty five.

Speaker 1 (12:49):
Trending now with Chemist ware House Great savings every day.

Speaker 2 (12:54):
If you haven't watched the new TGL Golf League, give
it a go and let me know what you think.
I can't work out why you would watch it and
if it's ever going to be successful anyway. Overnight, Chifflet
and Fowler, who played for the New York Club. They
were up against Tiger Woods and his Jupiter Lynks team.
Easy one for New York, but Woods handed them a
whole one of the holes he just handed because it
was the thirteenth. Tiger had one hundred and ninety nine

(13:16):
left of the green. But then he brought out a widge.

Speaker 3 (13:19):
What you do, he's got a wedge? Night he said,
ninety nine yards. I said ninety night, lawyer, No, I
heard her say ninety nine.

Speaker 2 (13:37):
Woods obviously was embarrassed.

Speaker 8 (13:39):
I learned that.

Speaker 7 (13:41):
I had ninety nine yards. I hit one hundred yard
web shot.

Speaker 3 (13:46):
Oh he didn't have that was double.

Speaker 10 (13:50):
That was the most embarrassing thing that has one of
the things ever happened.

Speaker 9 (13:54):
Huld believe that just happened.

Speaker 2 (13:59):
Who's the person?

Speaker 7 (14:00):
Go have his teammates.

Speaker 2 (14:02):
Think if you haven't seen this, and that's why I
don't think it'll work. They when you say one ninety nine,
what he does is smack the ball into a screen.
It's like playing home golf. You know, you got those
machines at home. You smack it into a wall and
then the green is real. So once you've smacked it
into a wall several times, you then get to play
on a real green. The whole thing's weird, and it's
all indoors in a purpose built stadium, and the only

(14:24):
seeming fascination is they're all miked up, so they're chatting
to each other and as a bit of camaraderie, and I.

Speaker 3 (14:30):
Just take it as seriously as you can.

Speaker 11 (14:32):
Hear.

Speaker 6 (14:32):
Yeah, I can't help thinking if it was a real hole,
he would have realized that he was playing a cup
of stirring at the wall.

Speaker 2 (14:38):
He would have gone. That seems a lot longer than
ninety nine to me. By the way, we're a bit angsty,
I'm not but about the police five hundred promise, five
hundred new coppers. We've still got nine months to go.
The unions come out and go I don't think we're
going to get there. So we'll have a discussion about
that and then move on, adrian Or with this after
seven thirty this morning. Meantime the news is next your

(14:59):
news talk said.

Speaker 7 (15:00):
The.

Speaker 1 (15:04):
Mike Cars game in State Folk engaging and idle, the
Mic Hosking breakfast with Bailey's real estate finding the buyers
others can't use togs dead.

Speaker 2 (15:14):
B It was interesting. There are many things interesting yesterday
that came out of Adrianaor's press conference, one of which
is this what will be for many people. I suspect
a slightly complex scenario. So when the Reserve Bank goes
fifty points, you expect your mortgage to go down fifty points,
not the case. So on short term money, which is
floating in one year stuff like that, it will be affected.
I note that, for example, A and Z floating rate
at six 't eight nine Westpac one year down to

(15:34):
five four nine. See that's only a drop of five points,
not fifty four year rate at five nine nine drop
of ten points. So you ask, well, hold on, why
aren't they passing on the full fifty And the reason
they're not is because the money they get for longer
term doesn't come from the Reserve Bank's cash rate. It
sets out in the world key we bank, they're passing
on the full ocr for floating at six seven five

(15:55):
asb full amount on the floating six ' eight nine
b and z floating. If you're at the wrong end
of it, for total what they call total money seven
oh four, you're still paying seven percent. Seems ruinous to
me anyway. There's some criticism over how the bank is
handling all of this in terms of not the retail
interest rate, but whether the two to come, the twenty

(16:16):
five and twenty five is holding up people because they're going, well,
why we're to do anything now, because I've gotten two
lots of twenty five still to come. We're seeing some
inflation that Andrew was alluding to some inflation here. You're
seeing inflation in Britain, you're seeing inflation in America. So
the cuts come in suddenly you've still got inflation without
see America's got growth, Britain's got a tiny bit of growth.
We got no growth, so we're getting inflation with no growth.

(16:38):
So we got We've got some interesting things to deal
with there, which is good because Adriana was with us
in an hour, is going under Italy. The Pope's not well,
and that's where you get to the war so there's been
going on there as well. Jeremy dinner with shortly meantime
back here, a little bit of ankst around the police
targets the promise five hundred new cops. We've still got
nine months to go, So why we're exercised, I don't know,

(16:58):
but the claim is from the union and that we've
got fewer police officers now then when the scheme was
actually announced. The Police Commissioner has already indicated that June
twenty six looks like a more achievable time frame for him.
Associate Police Minister Casey Costello was with us very good
morning to you.

Speaker 12 (17:14):
Good morning, Mike.

Speaker 2 (17:15):
Is the claim true we have fewer police this morning
than we did when the scheme was announced.

Speaker 12 (17:20):
Yeah, we have our current numbers where it's we're about
one hundred and fifty less than we were before. We
had three hundreds of recruits in college at the moment,
and we're on track to put about six hundred and
fifty recruits through the first half of this year. So yeah,
we're really positive. There had to be a big shift.

(17:41):
There was a real drive that when we came in
there was no one went through and the seing Brown January.
When we first came into government, we had no recruitment pipeline.
We now have a fantastic pipeline. Over double the number
of applications last year than we had the previous year.
So yeah, we're really positive about where we're got.

Speaker 2 (18:00):
So the six fifty you just gave us, that's the
five hundred, isn't it's the one to fifty last plus
five So you will get there, you say, yeah.

Speaker 12 (18:07):
We've got the we've got to allow for the attrition rate,
so we're not taking the pressure off where we're aiming
to get to one hundred recruits in each wing and
the next couple of the next couple of months, so
that that will increase the flow. The pressure's really gone on.
But the upside is the quality of the approach we're getting.
The level of interest is outstanding and really positive initiatives

(18:30):
of police are dying. It is a really great person
campaign that will be starting announced places today, which I'm
really pleased about.

Speaker 2 (18:36):
So sorry, we've got a recruitment program announcing today.

Speaker 12 (18:40):
An advertising campaign, yeah, it's the Commissioner will be launching
the video.

Speaker 13 (18:48):
It's really it's great, it's.

Speaker 12 (18:50):
You know, heartwarming stuff and back to the old old
days of what policing was all about. The team that
you're joining, the reason that we do frontline policing stuff.

Speaker 13 (18:58):
So really excited about it, all.

Speaker 2 (19:00):
That fun stuff like running up gangs and.

Speaker 12 (19:03):
Ye deal in the frontline community stuff that really, you
know that that's why I joined. That's you know, that
was what policing was about.

Speaker 13 (19:12):
You being part of the community.

Speaker 12 (19:13):
That part of services stick and that's the quality recruits
every wing. I go out to see the graduation. It's
just heartwarming that the quality of people we're getting through.

Speaker 2 (19:23):
It's the Police Commissioner Wright that it's more like June
twenty twenty six. So from the politics of it, you're
probably going to fail or can you sit here this
morning confidently say you will meet your target.

Speaker 12 (19:33):
We're really confident now that we've got the pipeline going
through and the positive stuff. We also have last figures,
I was going to over one hundreds former police officers
that are plying to rejoin. So all of those factors,
and you know, we're vulnerable to attrition rates. And when
attrition there's peaks and troughs and attrition. September generally at

(19:55):
a time we have a high attrition rate, so all
of those things are moving targets and months by months
tracking isn't really helpful because it's a very based.

Speaker 2 (20:04):
Upon my thing, Casey. I mean, you guys deal with
the numbers and all of that. But part of it's
the vibe, isn't it. Part of it's the sense is
crime coming down? Are we feeling safe in our cities
and streets? Are the police doing their job? And I
don't think you can argue that they're not. We're on
the better side of this now, aren't we exactly?

Speaker 13 (20:22):
Really positive stories.

Speaker 12 (20:24):
You know when I was had in the podocy just recently,
both early on the weekend, you know, there's really positive
energy and just outstanding.

Speaker 13 (20:32):
Really back to base.

Speaker 12 (20:33):
It's frontline policing, and the vibe.

Speaker 13 (20:35):
Is really positive, good stuff.

Speaker 2 (20:36):
All right, nice talk. Do you appreciate it? Casey Costello
Associate policeman. It's the nine months ago. She's in charge
of the numbers. Hence we don't have Mitchell on the program.
Eighteen minutes away from seven. Neutral is three point five percent,
so we're still technically tightening the economy. It's the shambles. Well,
neutral is not three point five percent. I don't know
where you're getting that from. At worst it was three
point two five. Most people think it's three. It may

(20:57):
even be lower. And as one of the blokes from
the Reserve Bank was explaining your current as Conway, Paul
Conway was explaining yesterday, neutral is not a thing. Neutrals
of neutrals a thing that can move. But most people
seem to think it's not three point five, it's three percent.
So it's a debate. It's an interesting debate, and that's
why we got Adrien on later eighteen to two, the.

Speaker 1 (21:15):
Mic Hosking Breakfast Full Show podcast on iHeartRadio pw it
By News Talks a b very.

Speaker 2 (21:21):
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(21:42):
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Speaker 1 (21:51):
Seven International Correspondence with ends and eye Insurance, Peace of
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Speaker 2 (21:57):
Neatily joinly TENA morning to you, Good morning, make I
can only imagine this is the one stop shop of
conversation in your particular part of the world. How is he?
Do we know?

Speaker 11 (22:08):
Well, Pope Francis has pneumonia in both lungs and that's
quite complicating, as we know for someone of his age.
He's eighty eight years old. He had part of one
of his lungs removed when he was a young man.
He's had bronchitis in the past, so this is a
complex respiratory infection. He was doing a little bit better today.
He was out of bed and sitting in his tenth

(22:30):
floor suite at Jamali Hospital and he had a visit
from the Italian Prime Minister, Georgia Maloney.

Speaker 2 (22:36):
The report and it wasn't a tabloid, I will give
you that, But they suggesting was they're rehearsing his funeral.
Is that true? Do you know?

Speaker 11 (22:44):
Look, I would expect that those arrangements would be made.
You know that they would be looking at those preparations
as we saw for many years before the death of
Queen Elizabeth. These are standard preparations that the Vatican would
be I think going through at the moment, Even though
I haven't seen confirmation about I would expect that.

Speaker 2 (23:05):
And I know you're not a doctor, and I know
this is my weird fascination. But in looking at the
pictures of them, like obviously before he went to hospital,
he's got a tremendous swelling under his jaw in his
Do we know what that is? Is that obvious to
people or is.

Speaker 8 (23:19):
It just me?

Speaker 11 (23:21):
I think the understanding is that he's been on court
his oonne treatment for a while, which has affected his weight,
and as you said, there was swelling. Many of the
Vatican journalists who saw his last weekly audience last Wednesday
said he was absolutely dreadful. He was struggling to speak,
he couldn't breathe, and they couldn't believe that he wasn't
in hospital already.

Speaker 2 (23:41):
That's right, those are the pictures I look at. He
doesn't look well now, speaking of not looking well for
other reasons, maloney, is that once again Is it just me?
But I looked at those pictures around the table with
Macron and co. She looked like she'd rather be down
at Kentucky Fried Chicken.

Speaker 14 (23:57):
Yeah.

Speaker 11 (23:58):
To me, she just looked like a disdainful teenager. And
for somebody who has been openly supportive, consistently supportive of
Zelensky and Ukraine against Russia, suddenly she's in the middle
of a bit of a pickle because she has to
side with Europe and at the same time she wants
to keep her cozy relationship going with Donald Trump, President

(24:19):
of the US, and she's probably worried about the imposition
of those tariffs that we haven't heard heard about just yet.

Speaker 2 (24:26):
Can she explain or can you explain? What is it
about Europe? I mean literally, you guys are having the
rug pulled out from under you as we speak, as
peace talks start and continue between Russia and America. And
you've heard what Trump is said about Zelensky this morning.
What is it about Europe that they refuse to get
their act together? What Schultz doing storming out and whining

(24:47):
and bitching when really you might want to get your
act together and start looking like you're a bit cohesive.

Speaker 11 (24:54):
Yeah, I think that is still an issue for the
European leaders, especially for Germany as we know, facing this
critical election in the next few days. But they do
need to get their act together, and there are so
many different political points of view now and different coalitions
within Europe. For example, as we know, Maloney generally lines

(25:14):
up much more with Erduwan my bigger pardon Auburn in Hungary,
so there is this kind of it's very difficult I
think for the political leaders to build alliances, especially as
we know President mccron has got weakness in his own
backyard and Schultz is very weak in Germany.

Speaker 2 (25:33):
It's almost like a vacuum and they're taking advantage of it.
By the way, itna how spectacular and would you go
up there and have a good gook.

Speaker 11 (25:40):
Yeah, those images are just incredible. We've had skiers skiing
down on the snow on the slopes as the lav
has been erupting. We've had chaos on the streets and
tourists lining up in their cars to try and take
a look, and that's causing all sorts of problems and
flights have been diverted from the area as well. But
it's certainly worry I think seeing Edna explode and it

(26:04):
has impact, it will have an impact on tourism if
that continues.

Speaker 2 (26:07):
Yeah, exactly. And you don't have rules in Italy about that,
like when the thing's blowing up, you don't go skiing
down and all stand there and watch it or anything
like that.

Speaker 11 (26:14):
Stay away.

Speaker 2 (26:17):
How hard can it be? All right? Joe nice to
catch up Joe mckenneron Thursday Mornings in the Mic, asking breakfast,
Boris Johnson says this, when are we Europeans going to
be stopped being scandalized about Donald Trump and start helping
him in this war? Of course, Ukraine didn't start the war.
You might as well say America attack Japan at pel Harbor.
Keimmi bad Knox says, Lenski's not a dictator, He's the

(26:39):
democratically elected leader of Ukraine. Trump is right that Europe
needs to pull its weight and that includes the UK.
We need to get serious. The PM as in Starma,
will have my support to increase defense spending nine minutes
away from.

Speaker 1 (26:51):
Seven the Mike Hosking Breakfast with the Range Rover Villa
News togs Head been might.

Speaker 2 (26:57):
Great to see the police on the beat in the
Wellington CBD every day. The reasince has had an impact
with the unsavory characters that hang out in the city
of largely disappeared. So well done New Zealand police, good
old school policing. Josh, you're right, I think most of
a seed around the place. Quality of recruits is good, Mike.
Close friend in the thirties waited for a better government
that would allow effected policing, left a well paid job,
dropped fifty grand to follow her passion nearly through training,

(27:18):
said all the recruits in who Wing are high caliber,
which is good to hear. So, Mike, anyone in New
Zealand who's hanging out for a floating rate for a
lower mortgage is still getting screwed. If the bn Z
floating is still seven oh four. They've been effectively forcing
people to fix sooner. Well, they're not forcing anybody to
do anything. You're only getting screwed if you think you're
getting screwed. But as was pointed out yesterday, very very
few people for obvious reasons, we're on floating at the

(27:39):
moment because they've worked all this out. People are smart
when it comes to their own money, and this was
seed yesterday as well. People have played this pretty well
because when it comes to your money and your mortgage
and your home, you do the homework five minutes away
from seven for.

Speaker 3 (27:54):
The ins and the ouse.

Speaker 1 (27:56):
It's the fizz with business tiber take your business product
to the next level.

Speaker 2 (28:01):
I'm more insight into the workplace. This is the latest
Ranstad research. They've called it. Do Kiwis need to get
real with their workplace ideals. Looked at twenty six zerusand
people all over the world thirty five countries. Research found
that forty eight percent wouldn't take a job of the
company didn't align with their values on social environmental issues.
What crap, complete bs. Twenty eight percent said they've quit

(28:22):
their job for this reason. Rubbish ring me now, tell
me you quit your job because it didn't align with
your environmental values or if their work wasn't flexible enough.
Are now I believe that if their work wasn't flexible
enough with the old work life balance. Now we're starting
to come to groups with that though. Apparently a number
of people who said they would quitably a boss told
them to stop working from home as much. That's dropped
from fifty percent to thirty two percent out of the

(28:44):
past year. They also want to want to feel like
they're part of the family. Eighty seven percent said they
work better when they feel a sense of community with
their colleagues. I mean that's crap as well. On that
work life balance, it's still the most important thing. See
this is all your environment alignment rubbish. Just drop it.
Stop b essing us what you're in the environmental alignment

(29:05):
and executive It doesn't mean.

Speaker 15 (29:07):
Not being able to agree what the your conditioning should be.

Speaker 2 (29:09):
See this work life balance is what drives everybody. Eighty
eight percent said top of the mind. And if it's
not work life balance, it's money. You want money. You
want to sit at home in front of your computer
with your shoes off and your track is on, and
you want to pay rise. Come on, at least be
honest about it. No, I'm worried about the environment. Job
security is a major not surprisingly at the moment New Zealand,

(29:30):
specifically the reports that considering unemployment is five point one
percent unemployment. It's surprising to see talents expectations are still
so strong. Funny that Brook van Valden will sort that
out with a new striking business. Next time you're on
a partial strike, you're not getting the money. You can't
go on a partial strike and get full pay, So
that brings over as well mortgages. Right, let's get back

(29:50):
into this and talk to a mortgage broker. Where are
we at? What do we do? Should we panic? Fect? Floating?
How do we do it? Adrian or later then a
bloke who hopefully has got some ideas to get us
out of this economic hole. We'll talk to talk to
a startup specialist.

Speaker 3 (30:06):
News opinion and everything in between.

Speaker 1 (30:09):
The Mike Hosking Break Best with Vita, Retirement Communities, Life
your Way News, togsadv.

Speaker 2 (30:15):
I think seven past seven two Adrian came to the party,
has expected cash right down fifty points this more where
that came from. We'll get to that detail shortly when
he joins us after seven thirty men times the banks
have passed on some or all of the fifty points
in some way, But where does it leave the mortgage market.
New Zealand Homeland CEO Kip Hannas with us KIPT Morning Morning.
Mike Or made the point yesterday that there's not a

(30:36):
lot of money being written at the moment. Will that
change things or not?

Speaker 16 (30:41):
Yeah, we're seeing certainly a higher level of activity with
our advisors in terms of inquiry both on refinance and
also first time loan byers. So I think, yes, we
will see more activity.

Speaker 2 (30:52):
And is there a level of hesitation now given we
know two twenty five's are coming.

Speaker 16 (30:58):
Well, what we're seeing Mike our DHL property report is
actually the biggest concerns of homeowners and first home buyers
is more around job security and access to finance rather
than necessarily rates.

Speaker 14 (31:13):
That's east a.

Speaker 16 (31:14):
Bit because they know rates are coming to a reducing right.

Speaker 2 (31:19):
Does I mean when you talked about yesterday in the
press conference that banks are fiercely competing for this money
because they haven't written much money, they're out there to
get what is available. Is that true?

Speaker 16 (31:30):
Yes, we're seeing banks become more competitive, definitely on rates
and different types of offer. But I think it's also
important to bear in mind for a customer re client
that the structure is equally as important as the rate itself,
and the personalized service and management of the loan can
actually result in a better outcome than just focusing solely

(31:53):
on the rate.

Speaker 2 (31:54):
Very good point is are there deals to be had
to banks move a bit when you hustle.

Speaker 16 (31:59):
Yes, I think it's you know, it's important to get
advice for your home loan and invest the loan. And
I think that's why having an advisor is important, because
they can actually get to those better outcomes with some
of the banks and suppliers. So yes, there are our
better outcomes to be had.

Speaker 2 (32:17):
This further discussion, I don't know whether you deal with them,
but I'm being told that investors a back big time?
Is that true?

Speaker 16 (32:23):
Coming back is how I describe it. I wouldn't necessarily
say they're back big time. I think what we're seeing
in our property report research is that they're coming back
into the market. I think as rates come down further,
yes you will see them. You're back in a bigger way.

Speaker 2 (32:39):
Good stuff, Keep appreciate your expertise. Kep Hannah, who's the
New Zealand home loan CEO name? And it's past sevens?
Get like the reset with the Cooks is on. Our
Foreign minister was speaking last night to the Pacific Island
Political Science Association. He's looking to restate the parameters of
the current agreement. Winston Peter's with us. Very good morning
to you.

Speaker 7 (32:56):
Good morning you only.

Speaker 2 (32:57):
Real detail of what Brown signed and brought back to
the Cooks the other.

Speaker 17 (33:02):
Well, no, I don't have any detail at all because
he released an over an arching document. But there were
other agreements that they have entered and that's not been
shown to either New Zealand or the Cookarland people.

Speaker 2 (33:14):
There's something wrong. What's this problem? I mean, forget us
for a moment, but the Cook Island people. Some guy
goes off to China, brings it back and says, I'll
let you know when I'll let you know. I mean,
what's that about.

Speaker 17 (33:25):
Well, I suppose you and I are asking the same question.
But you know, if I go back to nineteen seventy three,
a long long time ago, Norman Kirk had that problem,
and then in nine eighty six, David Longi had that problem,
and in two thousand and one Helen Clark had that problem.
She sorted out with then Prime Minister Doctor Moate of
the Cook Islands, and that was the agreement we've been

(33:45):
working on. We're lying upon, and the very deal and
raceship we're lying upon, And all we are saying is
that's the deal we have.

Speaker 7 (33:52):
Now.

Speaker 17 (33:52):
We want to be respected because we're responsible to a
group of people who are very important to this country
and any democracy.

Speaker 7 (34:00):
They're called the disial taxpayers exactly.

Speaker 2 (34:02):
China says it. Don't worry about it, it's all complementary.
Everything's good. Do you believe them?

Speaker 17 (34:09):
Well, you know there's a famous business sort of principle.
It's called trust but verify. Yeah, I trust everybody, but
I check it out and make sure that what I'm
hearing is correct and right, and that I can account
to the Parliament of Misil if a mask question or
the people of Mosil with a mass questions.

Speaker 2 (34:25):
I read something the other day the Australians have a
tightest sort of agreement with US and with their issues
with Tabalu. They then the Solomons they tightened up the agreement.
In other words, it's a more explicit agreement. Are we
going to need to go down that track.

Speaker 7 (34:40):
Work?

Speaker 17 (34:40):
We shouldn't have to, you know, it's a thing called respect.
We have done enormous things for the realm countries. We
have been enormously responsible. We've made mistakes over the years.
We always do make mistakes, and that's the way life is,
and that's the way there. I say, broadcasting in politics is,
but we've never stopped trying. And I'm not going to
think that this or treat this relationship as anything about

(35:02):
some of that New Zealand people can be enormously proud
about it. So yes, what I'm really saying to the
Cook ar leadership is you have to tell your people
because any change you might make, I'm responsible constitutionally to
ask your people first. They are in the end. I
know they're only voters, but they are the masters of
this business.

Speaker 2 (35:22):
I get what you're saying. Is it entirely possible that
if you can iron this out with Brown, what they've
signed is benign. In other words, it's not the end
of the world.

Speaker 17 (35:32):
Well, you know, you could be right, but we should
have known beforehand because that's the special relationship we have.

Speaker 2 (35:39):
No I go, look, I don't disagree with you. By
the way, the Debbie Packer. Did you see what she
said on the news about her arrival in the Cook
Islands the other day?

Speaker 17 (35:49):
Mister Hoskins said in the as stund as you were,
because we're sitting in Parliament, we're in the first few
weeks and she's on holiday. This is the person I'm
ten and six thousand dollars a year to speak and
I can tell you this. I've traveled extensively in twenty
twenty four, but I spend more time in parliament over
this one hundred and twelve days. I spend more time

(36:10):
in parliament all the marat Pardy members.

Speaker 7 (36:13):
All put together.

Speaker 17 (36:14):
Oh now that's a disgrace. Yes, marrit people out there
were working seventy eighty hours a day a week and
working sometimes two or three jobs. I got to ask themselves,
are we being taking for a ride here?

Speaker 2 (36:25):
When she arrived and she said she knew nothing of
the passport deal and she knew nothing of the China trip.
How do you explain that a person's inner parliament and
knows nothing about her country or region farls of the world.
How does that happen? And are we being well served
when you're that naive?

Speaker 17 (36:44):
Well, comments of incredulity are not a stranger on your program.
But I can tell you that what's the most remarkable
thing I thought was has she been numbed out or
she been in a coma for the last three weeks?

Speaker 2 (36:56):
What do you do? I don't know anyway. That's democracy
is you're say nice to talk to you appreciate it.
Winston Peter's the Foreign minister. It's thirteen minutes past seven,
asking report Country New Zealand, Mike, our biggest earner, Dary
is maxed out. Country can't handle more cars. Reality is
it's harmful to the environment. We desperately need to find
other industries that can make this country more money, or
we're heading down a rabbit hole. Well, I've got good

(37:19):
news for you. And his name is Rowan Simpson and
he's with us after EPE. You want to hear him.
Fourteen past the.

Speaker 1 (37:27):
Mike asking Breakfast Full Show podcast on iHeartRadio powered by
News Talks at.

Speaker 2 (37:32):
B Mike, she said she didn't know about the China
trip yet. In Parliament Feb eleven, she asked questions related
to the China trip. That's exactly right. We told you
this twenty four hours ago on the program. Stay with
us from Monday to Friday, six till night, and we
don't ask much. So either she was lying when she
got to the cock Island she didn't know about the
China trip to pretend that she didn't, or in asking
the question in parliament she had no idea what she
was saying. It's one of the other right, seventeen pass

(37:54):
We've got a scam study it's not a scam study.
It's a new study on scams. Yes, we're becoming increasingly
soft targets. Recent Crime and Victims Survey estimates five hundred
and forty one thousand of US experience fra aud of
deception last year. How does that work? Independent Research Solutions
director Jared Gilberts with US Jared morning, Good morning, Mike.
You had a new job.

Speaker 15 (38:16):
I'm still with the University of Canterbury, but I've always
had the company on the side.

Speaker 2 (38:21):
Good on you, fair enough? So why see, if you
do the numbers, five hundred and forty one thousand over
a ten year period, that's everyone in the country. I
find I find that hard to believe, if not impossible.

Speaker 15 (38:31):
These numbers are astonishing and you can absolutely the numbers
that Crime and Victims Survey has got a rigorous methodology.
This is the most prominent crime in New Zealand's and
what's more, it's only going to get worse.

Speaker 2 (38:44):
Are we thick?

Speaker 15 (38:47):
We are slipping behind the eight ball? But here, Mike,
which is really concerning because a picture of this. If
you're an international scammer and they are almost universally offshore,
what you do you don't care where that money comes from.
You're just looking for the softest target possible. So if
New Zealand's off, New Zealand isn't putting things in place
to make this more difficult for them, then we will

(39:10):
become even a more significant target than we are now.
This is something that we really to act on an
acturate urgency.

Speaker 2 (39:16):
Couldn't agree more. I got a text yesterday that said, Hi, Mom,
I've got a new WhatsApp address, can you see me?
So I deleted So I did the right thing.

Speaker 15 (39:24):
Yeah, that's exactly right. But the problem is, see if
those links I got that too. By the way, those
links can be blocked very very quickly. Chech companies, right,
they can be blocked. But what we need at the moment,
there's no way. There's so many places to report these
and people say, well there's no wrong or to report them. Well,

(39:45):
that means there's no right doors. So we need to
bring government agencies all together in the same room physically,
plus private enterprise, so the tech companies in the banks,
to ensure that we can get on top of this as.

Speaker 7 (39:59):
Quickly as well.

Speaker 2 (40:00):
Let's hope we do, because I'm sort of sick of
talking about it, not to you jerk because you're a
nice guy. But you know how many years have we
been talking about scams?

Speaker 7 (40:07):
Mike?

Speaker 2 (40:07):
Why do you never have anybody from multi party? What
does that mean? O? The Mari Party, from Mariy Party,
all the Greens on if you need to ask you
listen to the wrong show. You're not actually because clearly
you're enjoying it. But work it out. Nineteen past seven.

Speaker 1 (40:22):
The Mic Asking Breakfast Full Show podcast on iHeartRadio Power
by News talks.

Speaker 2 (40:28):
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(41:34):
voke PASC twenty three. Mike is a financial advisor. None
of my clients get scammed because they call me for advice.
I can't muster much sympathy for victims when they don't
ask for professional advice. To be fair to some of
the victims, it's not always about financial advice. It's just
little fishing scams. I'll give you one in a moment anyway.
Given the issues around key we say, we've got to

(41:55):
talk to you about this. So this key, we say
a business miracle. Any of us are saving anything remotely
independent in retirement. Last week we told you about the
morning Star rankings, right, how the biggest operator in the
market was performing so poorly. And now we have yet
another cracket where the money is actually being invested. Group
called Mindful Money is upset over the increase in funds
going to fossil fuel producers. We have apparently a twenty

(42:17):
percent increase in the last six months. That's despite the
amount of new money flowing into KEI. We saves only
seven percent. Now, Mindful Money is clearly of the view
that the whole transition away from fossil fuels is still
an urgent and present thing, when clearly it is not.
What we have here is a clash of reality vi ideology.
The reality is KIWI saver funds look for returns right.

(42:38):
The ideology is that no matter how unrealistic it is
to run the world on sun and when we still
need to sacrifice even more to get there, if there's
been one crushing realization that's passed year or so around
that it is the simple truth that the transition to
renewables has been found out and badly. Genesis have half
a million tons of cold standing by for this winter

(42:58):
to keep the lights on. They have another half million
tons on order, with a backup order of another two
hundred thousand tons. Someone minds that coal. That's good business.
Good business pays dividends, and don't even look if you
hate coal at India and China. Coal is booming. Doesn't
make it nice or palatable, but it's real, and investment
is about reality. We're in a time, I think, where
the cold hard truth of what we thought was going

(43:20):
to be easy isn't. It might not even turn out
to be that real. The last thing we need a
quisaber funds playing dumb games like the banks and looking
to deny legitimate activity the financial lifeblood it needs to
produce goods and services that people actually want. What we
want in keywisaver is a pool of money that grows.
That happens by investing in relevant activities that turn a

(43:40):
dollar and pay a dividend. Moral indignation doesn't fund retirement.

Speaker 3 (43:45):
Paski flins.

Speaker 2 (43:46):
It is what Sammy got yesterday. Hi fire text.

Speaker 13 (43:49):
Hi.

Speaker 2 (43:50):
My name's Karina Joe and I'm a recruiter at shave
me Jobs. We're currently looking for a part time assistant
to join our team. The online work schedule is flexible
and you can work remotely. This job only takes one
hour a day and you can be done anytime anywhere.
With daily wages ranging from four hundred and eighty eight
dollars to twenty three hundred and seventy eight dollars. You'll
be paid immediately at the end of each workday. All

(44:11):
you need is a smartphone or computer to start working.
You can even work on weekends or pay any free time.
If you're interested, please contact me via WhatsApp. There's a number.
Note you must be at least twenty five years old.
Sammy took that, went straight to the boss and said
I need a pay rise, at which point the boss
looked at it and said, that's a scam, Sammy. He

(44:32):
thinks it's a good scam. I don't even think it's
a good sam scam.

Speaker 3 (44:34):
Yeah, I got that exact same TX.

Speaker 7 (44:36):
I thought it was personalized just to me. You know that.

Speaker 2 (44:38):
No, it's hiring new Glyn. I mean, surely he knows
it's a scam. Mike. We're trying to refix our mortgage,
but after repeated requests, our bank apparently can't tell us
what the break fear is.

Speaker 8 (44:47):
Well, it's bollocks.

Speaker 2 (44:49):
The bank sorted out in about thirty seconds. Don't take
that crap from them and change banks.

Speaker 8 (44:54):
Mike.

Speaker 2 (44:54):
I don't know if you mentioned this, but did you
watch the launch of the F one season on Sky Series.
Of course I've watched it, watched it live ish yesterday
on the bike at the O two Arena. Got some
thoughts on that. If any entrepreneur or promoter wants tips
on how to run a good show, watch that, because
essentially that was just ten cars and twenty drivers over

(45:18):
two hours, and you think, well, how are we going
to fill the time there?

Speaker 3 (45:20):
And they did and my.

Speaker 2 (45:21):
Word, it was brilliant. So we'll have more on that shortly. Meantime.
Adrian or b Reserve Bank Government back on the program
after the News, which is next, he reviews togs. There'd
be you There are.

Speaker 1 (45:36):
New Zealand's home for trusted news and views, The Mike
Hosking Breakfast with the range Rover, the la designed to
intrigue and use togs.

Speaker 11 (45:45):
That'd be we.

Speaker 2 (45:45):
Instims an entrepreneur, a bloke who spotted trade me before
anyone spotted trading and thought to that zero was another
one of his was investments. So he's with us, up
for light o'clock this morning, speaking the money, speaking of productivity,
speaking of the economy of twenty three minutes away from mate.
If I had adrian Or correctly yesterday, the fifty points
will come with another couple of cuts shortly, and at
that point, all things being equal, we are in neutral territory.

(46:07):
The drama is over. Adrianaor's with us. Very good morning,
am I. Worldwide coverage of what you did yesterday continuously
and consistently use the word slashed. New Zealand has slashed.
Does slashed imply drama or not?

Speaker 14 (46:23):
It does imply drama, but it's probably misnamed for us.
It was the financial markets totally anticipated what we did.
In fact, we merely left a rule. If it was
a high dive, we would have got a ten. So
I'll share what they're talking about.

Speaker 2 (46:37):
The banks have passed on some but not all. Is
that acceptable or not?

Speaker 14 (46:44):
The banks need to do better. They need to look
at their own margins and chase and compete with customers
much more vigorously. Their funding costs are being challenged because
you know, the official cash road is only one of
the variables that go into what they have to pay

(47:05):
when they're borrowing money to on land. But the margin
is also sitting there at.

Speaker 8 (47:10):
A very healthy level.

Speaker 14 (47:11):
So one would hope that when the competition, when people
come back to the market, which they're doing in drums
and drabs now, competition is alive those.

Speaker 2 (47:24):
Profit margins you talked about. We saw a couple of
results in the last week or so and I always
compare the Australian number to the New Zealand number. The
New Zealand number is always higher than the Australian number.
Why hasn't that been addressed by the government or you
or somebody somewhere so we get a better deal?

Speaker 14 (47:40):
Yeah, I mean, spot on. The biggest challenge is, you know,
income streams don't disrupt themselves, but they need disrupting. We're
doing a lot of work here at the bank. While
whilst you know, we always get blamed for capital or
you know, prudential things for the level of interest rates,
we're talking foot margins here and you know, the disruption

(48:03):
type things we're looking at doing is Central Bank visuital currencies,
open access to our aim and settlement systems, all of
the plumbing the background, allowing people to compete in the
simple transaction world at a cost I mean some countries,
So we would be multiples more expensive than many countries

(48:26):
just to do basic transactional banking.

Speaker 2 (48:29):
Ultimately whose doorsteps as on the governments.

Speaker 8 (48:34):
It's.

Speaker 14 (48:36):
You know, and the government's pretty limited. I mean, it's competition.
You've seen how hard it is to penetrate. I think
I think it's technology implementation. You know, we've I could
rattle off a list of things we're doing which I
think would fundamentally change the competitive landscape government has to

(48:56):
buy into.

Speaker 2 (48:58):
That would argue they are are they not? Because I
mean Nicola Willis is all over. I mean, you plainly
yak about doing something about this. I just worry that
nothing's happening.

Speaker 14 (49:07):
I kind of think, you know, there's three forms of efficiency.
The first one is cost efficiency, and so you know,
just just trying to do the same thing cheaper and
cheaper will get you some way only but it still
needs to be passed on. The other one is allocated
efficiency and lending to the right people and at the
right time. But the real one that's missing amongst all
this is dynamic efficiency, i e. You know, new technology,

(49:31):
new ways of doing the same thing. I can quote
several countries Brazil, in the Malaysia, Singapore, where the technology
is at the leading edge. We are far behind it
and trying to get people to focus on that I
think will be the game changer.

Speaker 2 (49:49):
So well, yeah, it's all there.

Speaker 14 (49:52):
We don't have to reinvent.

Speaker 2 (49:53):
No good luck with it. The most depressing part about
your press conference yesterday was when you started talking about
fair value. So the currency gets to f value. If
fair value is fifty seven US and forty five P
what's that tell you about New Zealand economy in the country.

Speaker 14 (50:07):
Well, that's that's right, So you know it's you know,
don't get too worried about comparing nominals, but fair value
is something where you know, the price of beer in
one country equals the price of beer in another once
you've a jaint adjusted for the exchange rate, and so
it's a nominal against nominal type thing.

Speaker 7 (50:24):
You know.

Speaker 14 (50:24):
The most depressing thing amongst all of this is that
we're talking about economic growth picking up, but you know
that's to two and a half percent, so you know
that's threshing threshing the debts and as fast as we can.
You know, we need to upgrade the vehicle.

Speaker 2 (50:38):
You in your cars. So yesterday it was Reno. You
only get a good Reno on the third recall. Are
you like a car expert? Is it true you only
get a good Reno on the third recall or you're
just making that up?

Speaker 14 (50:48):
I loved that quote. I lived in transfer, isn't that
was the advice I received. The best vehicle to ever
buy is the Reno after its third recall.

Speaker 2 (50:58):
So that this comes to this comes to the business
of productivity, which I don't know that we're ever going
to tackle properly because we understand on a piece of
paper what productivity might be, yet when it's useless at
it what fundamentally needs to change For that to change.

Speaker 14 (51:16):
We need investment in technology and people, capability and competence,
and we tend to just do the opposite. We just
like find doing the same thing slightly cheaper or just
applying more people. So generally the economic growth has seen
over decades now has been about more people coming into
the country, so more inputs are the same things slightly better.

(51:40):
It's investment in technology and capability. The government needs to
be courageous and be part of that investment. So infrastructure
enabling enabling or allowing and enabling investment to occur.

Speaker 2 (51:54):
Okay, I know the different scenarios. I get it. But
we're seeing you're seeing some inflation coming in this country
this year. Britain's seeing it, America is seeing it. They've
got more of a backstop and being able to deal
with it. Do we face, if you're a bit wrong,
stagflation in other words, more inflation, not a lot of growth,
and we're running out of tricks.

Speaker 14 (52:17):
Yes, you know, under that scenario, if we get significant
global inflation come back again, we're going to wear it.
Monetary policy will do its job. It's not going to
turn into domestic inflation. We'll be targeting one to three percent.
Inflation has come down, we're feeling very confident that it

(52:37):
is contained, but it's around a low potential growth rate.

Speaker 2 (52:42):
So a lot of people texted me, you know, my
feelings about what you've been doing over the last couple
of years, But a lot of people text me about
the number of people who have left the country, and
you talk about immigration. Do you carry any responsibility do
you think for the number of people who are packed
up and left because we're buggered, and.

Speaker 14 (53:00):
You buy monetary policy. We focus on low and stable inflation.
That's all we can provide. Monetary policy is neutral in
the long run on the effect on growth or where
people choose to live or not. What we can do
is issue notes and coins, and we want to make
the purchasing value of that broadly stable with the New

(53:22):
Zealand and that is our job.

Speaker 2 (53:25):
By the time I interview we've achieved it. Sure, exactly.
So by the time I interview you next, which is
in a couple of months, another couple of twenty fives,
a thing going to We're about done, aren't we. It
gets boring after that in theory.

Speaker 14 (53:37):
Yeah, which is great. You know, central bank should be boring.
That's why they chose me.

Speaker 7 (53:43):
You've got.

Speaker 14 (53:45):
We think a neutral interest rate is around three three
and a half percent. We're not too far off it now.
So why is that good news? That means we'll have
stable nominal interest rates, will have low and stable inflation,
will have employment growing, will have we have GDP growth
you know, will be will it be big long term

(54:07):
strong growth? Well, it's only going to be a functional
of how we.

Speaker 2 (54:11):
Are all right, appreciate your time as always. Adrian Or,
the Reserve Bank Governor seven forty five.

Speaker 1 (54:16):
The Vike Asking Breakfast Full Show podcast on iHeartRadio powered
by News.

Speaker 8 (54:21):
Talks at BE.

Speaker 2 (54:23):
Mike is talking, since we can't keep relying on tourism
and migration, we need to be progressive in innovation and technology.
Luxen needs to start talking this way. Well, he is
talking this way. The problem with lux and he's not
acting this way. There's not enough unfolding literally in front
of our eyes at the moment. Mike, your relationship with
Adrian Or seems to have gone full circle. No, it hasn't.
But I know why you're saying that. The business of

(54:44):
what I think of what he did to this country
is well documented, and he knows it's well documented, and
he knows exactly what I think. But there's no point
in relitigating that over and over again. We're dealing with
specific circumstances in the here and now, and what he
announced yesterday was interesting and worth exploring it every time
we having Adrian on the program. I'm going to go now,
let's go back to twenty twenty.

Speaker 8 (55:04):
Mate.

Speaker 2 (55:05):
It's going to make boring radio great interview Mike with
or a generally surly character, and you tamed him a
little and he revealed a lot of info. St tell
that's the last Texter sow you God like to like
to mix it up. You never know where you're at
with me, Mike. I enjoyed the Renault quote. We're owners
of a ninety seven, still have two lovely cars, reliable
and comfortable, Reliable, aren't they really? Anyway? He had a

(55:27):
hummer in the press conference yesterday, not literally, but he
was saying it's a driving a hummer. Then he did
a Ferrari. He did a dats in this morning, and
the Renault one was my favorite as well. Michael, banks
are charging excessive margins. Why aren't newcomers breaking down the
doors to get a piece of the supposed lucrative lending market?
Don very very good question, and I don't have an
answer for it, and I can only put it down

(55:48):
to our laziness, essentially, because Kiwi Bank was supposed to
be the disruptor. Kiwi Bank was going to be the
local little entity, the little bank that could, and we
were all going to because we're so aggrieved and so
upset about the Big four Australian banks that we were
going to break their door down and go there and
get our business and it was all going to be fantastic.
Never happened. And essentially because we can't be bothered and

(56:10):
things like open banking, the sort of tech that Adrian
was talking about, things like open banking. I've read a
lot about open banking that got open banking in Australia.
It's not a panacea because although it's easier to change banks,
if you don't want to change banks, he's still not
going to change banks, no matter how easy it is.
So there's plenty of competition in the market. And this
is where I can't get my head around him because
there is no excuse me, there's no question the local

(56:33):
banks here are gouging. There's no question in my mind
we are being ripped off none. And yet there is choice.
There's about thirteen, fourteen, fifteen banks out there you can
go to and borrow money from, and yet we choose
not to. We choose to be gouged by the main players.
Explain that to me. Nine Away from Ape.

Speaker 1 (56:53):
The mic Hosking Breakfast with Bailey's real Estate used TOGV.

Speaker 2 (56:57):
By count does Adrian or reach his financial decision on
his own or with a consortium of financial experts from
the government, banking and private sectors. Know he's got good
question He's got a committee within the Reserve Bank and
they sort of sit around and go what do you
reckon and generally they come to a consensus. Some banks
around the world have a vote and that vote is published.
We just have a committee that has a yack and

(57:19):
they tell you what they thought. Mike, idea for you
go read Nick Mobray on X on his views on
what the government should be doing. Very sensible. Get him
on the show. Nick Browra's I've already done it. I've
beaten you to it. Not necessarily on X because I'm
not on Expert. Mobra has a lot to say for himself.
He's the Zuru part of the Zuru family, orkandavec all
that sort of stuff. But he's got a lot of
good ideas. He's a very successful person, and successful people

(57:41):
need to be listened to more in this country. He
is of the spectrum of basically what I hear a
lot of from the private sector. And this is where
Luction's in some pole trouble. They would have blun they
would have doged it they would have Elon musked it.
So and what Luxlin's doing is not quite where they're at.
As for yesterday at the F one, if you haven't

(58:01):
watched it, watch it, I mean what a brilliant show. Essentially,
just think about this. All they were doing was revealing
their liveries. So a car comes out in the stage.
So just for it's like a runway, big runway. Osho
Arena had tens of thousands of people there paid to
go see it. That shows you how big F one
is these days. Big show. Caine Brown was there, Whitehead

(58:21):
was hosting, and so you have a big runway. Each
car comes out, one after the other. Some of them
made films. Aston Martin made a brilliant film, like a
really really clever film. Red Bull did what they did,
a car culture type film that was quite cool, recognizing
people's love of cars. That was nice. And they each

(58:42):
did their individual thing and introduced themselves in different ways.
And then the principal and the two drivers came on stage.
They had a very brief chat. Look at the car.
You're excited for the season, yadda YadA YadA. Liam, of course,
what made it really special? And there's a you should
look this up as well. At the end of the
Red Bull video about culture, dozens of people come on

(59:03):
and the music's pumping and the vibers there and they
walk on with these and Liam's there and Max is
there and it's that that moment surely that you think
I've arrived. I'm in the big time. This is the
real deal. Because it's all very well doing the odd
interview and you know, doing a bit of practice around
the track and stuff. But when you're in front of
tens of thousands of people and this is the launch
of your car and it is your car this season,

(59:25):
that was fantastic. So they got a good reception. Christian
Horner got booed, which tells you something about Christian Horner.
The biggest reception George because he's British, Olie Beharman because
he's British. But the biggest the Lewis Hamilton. There is
something about Lewis Hamilton. They cannot get enough of him.
He is godlike and when he came on they went off.

(59:47):
So all in all, as a show, it was fantastic
to watch. How did dig New Zealand out of a hole?
Let's get some advice after the News, which is.

Speaker 1 (59:54):
Next setting the agenda and talking the big issues. The
Mike Honking breakfast with Bailey's real Estate, finding the buyers
others can't use toks dead b.

Speaker 2 (01:00:09):
There are seven past days, and then try to be
an hour into what this country could be. The government
talks a lot about growth. Of course, we talk a
lot about productivity. What we talk about though and what
has been real or two very different pleas as we
were mentioning with Adrien or a couple of moments ago.
So what do we need for success? How do we
grow companies? Can we start and grow large successful companies?
Rohan Simpson was one of the founding members and investors

(01:00:31):
and trade Me and Zero. His new book is out Money.
It's called How to Be Wrong, and so presumably uniquely
placed to give us a little bit of advice this morning.
Rowan currently is chair of what's called the Hoku Group,
which I will explain in a moment. Anyway, run Simson
with us, Ryan morning, Hey Mike, how are you very well? Indeed,
so Hoku finds ideas. How many ideas are out there?

(01:00:51):
And of those ideas that are out there, how many
are nuts and how many are real?

Speaker 8 (01:00:56):
Well?

Speaker 15 (01:00:57):
Yeah, I mean there are lots, there are lots that
are not investable, but more than enough for us to
invest in that I have great potential, And you know
I've written about four of those companies. There was a
point in time where I thought I was an investor
in most of the good companies in New Zealand, but
that's certainly not true. Now there's hundreds.

Speaker 2 (01:01:13):
What's the gap between a good idea and making it work?

Speaker 15 (01:01:17):
Well, it's ultimately it comes down to people. For a
long time, we've talked about there being a shortage of
capital in New Zealand, and through that whole time, great
companies have been out there raising tens of millions of
dollars to grow. And you know, again the companies that
I've written about a great examples of that, but there's
many others. Hold Her as one that raised an eighty
five million dollar around the time last year. So there's

(01:01:38):
no shortage of capital. I think we need to get
over that. What happened though with these companies as soon
as they raise that capital, they then have to spend it,
and they spending it on people, and that's what We're
desperately short of. People who can work on and grow
these companies and does.

Speaker 2 (01:01:50):
That at this present point in time make life even
more difficult. My assessment of what's going on in this
country is, you know, is well written and well understood,
but the immigration story we don't seem to be as
cool as we once were. Is that fear or not?

Speaker 15 (01:02:04):
I don't know if that is fear? To be honest,
I think that you know, like New Zealand's reputation is
probably as good as it has been amongst the engineers
and the folks who we actually need to come and
work and live in this company and make these companies great.
I think one of the things that happens when we
think about immigration is again we get distracted by capital.
We think we need to attract wealthy people to bring

(01:02:25):
their money here and invest here. And it's I don't know,
it's a little bit like imagine mirror Fican Division three
and rugby team and we just need to hire the
next retired All Black to help us win a championship.
You know, what we really need are the people who
who want to come and live here and work here
and do the hard that do the hard yards on them,
helping these companies grow.

Speaker 2 (01:02:43):
Okay, and saying what you just said to you against
what the government announced the other day, and that is
to attract wealthy foreigners to come here with their money.

Speaker 15 (01:02:49):
I think it's fine. I know some of those folks
and there's a few of them that really desperately do
want to help the Zealand companies grow and that's great.
But you know that's certainly not the silver bullets.

Speaker 2 (01:02:59):
Are you dealing with in general terms? Once again, I'm
sort of looking at these things macro. So the country's
got a whole lot of problems. A lot of kids
don't turn up to school, those who do turn up
to school, don't pass exams, all that sort of stuff
we talk about regularly. Are you dealing with a microcosm
of people within a population who are always going to
be bright, always going to be achieved, is always going
to be go getters, and those are the ones you're

(01:03:19):
picking off? Is that what we're dealing with?

Speaker 15 (01:03:21):
I mean, there's an a rationality to starting a business
like these companies that grow to become big. So you know,
we're all lucky actually that the crazy founders of these
companies are a little bit irrational because otherwise they wouldn't start.
But it's a myth too that we just need those
folks like every crazy Rodgery or Peter Bett needs to
hire teams and then hundreds of people to help them
grow those businesses. So yeah, ultimately we need to grow

(01:03:43):
that pool much wider, and that all of those things
you talk about investments and education and all those things feed.

Speaker 2 (01:03:48):
Into that is the money out there globally. Certainly it
seems to me that if you've got some idea, especially
around things like climate change, you can get money. Is
that fair or not?

Speaker 15 (01:04:00):
The pool of capital for these companies is effectively infinite.
Might you know there's now hundreds of millions of dollars
of venture capital available for investment in New Zealand, there's
billions of dollars of inch capital in Australia, So you know,
like the constraint is certainly not around money for any
of these folks. So yeah, I think you know, there's
been there's been a lot of evidence of international investors

(01:04:22):
been more than willing to invest in based companies.

Speaker 2 (01:04:25):
What is driving that? Is that a passion project for
many people or is it I'm looking for good return?

Speaker 15 (01:04:32):
These folks are called venture capitalists, like they're looking for
returns and you know, their job literally is to find
the best companies in the world and to invest in them.
And so the challenge for us in New Zealand is
to be good enough, frankfully, to attract that investment. Are
we well we are if you look at the you know, again,
the companies I've written about have proven that we can
grow these sorts of companies here. You know, Trade Me

(01:04:53):
was a great domestic success, but there are in the
end and Timely and the others that I've worked on
an investment have all been global companies, and so so yeah,
there's no question we can do it here. We just
need to do it more in The question we should
really be asking is what's the constraints to that.

Speaker 2 (01:05:07):
I'll ask that question in a moment. But before I
forget trade Me, what I didn't understand about trade me
when you were in there in the start. It eventually
leaded lead to money that went up for a whole
bunch of other startups. So it's very existence helped others.
I don't know that many people would necessarily understand that,
would they No.

Speaker 15 (01:05:24):
I mean, you know, we sold trade Me in two
thousand and six, so it's a long time ago now
that company was sold for seven hundred and fifty million dollars.
That capital was all Australian money, was a Fairfax Australian
media company that borders and the vast majority of that
has been reinvested in in the next wave of the company.
The only reason I was able to be an investor
in Zero was because of that outcome. And each generation

(01:05:46):
builds on there on the previous one.

Speaker 2 (01:05:47):
All right, so take us through the specifics. You saw
what in trade me right at the very start, or
you didn't quite know.

Speaker 15 (01:05:53):
I was actually hired originally as the engineer to help
Sam and Jeff's sister who just hired to build the
in the beginning, So you know, my route into that
was as a software engineer really, and yeah, I mean
we were we were crazy, like I was just describing.
We thought we could create something from nothing and gave
it a good crack and you did.

Speaker 2 (01:06:13):
Listen, we'll come back to Zero in just a moment.
Ryan Simpson is our guest. How to Be Wrong is
the book. It's out on Monday thirteen past eight.

Speaker 1 (01:06:19):
The Mic Asking Breakfast Full Show podcast on iHeartRadio powered
by News Talks.

Speaker 2 (01:06:25):
It be You Talks. It'll be sixteen past eight How
to Be Wrong. As the book Ryan Simpson is our guest. Ryan,
you talk about barries before I get to zero, you
talked about barriers a moment. What are the barriers?

Speaker 7 (01:06:35):
What do we need to do?

Speaker 15 (01:06:37):
Well, as I said to you earlier, as people really
ultimately all the careful that's raised by these company in
Scienon's galeries. So you know that's where we're desperately short.
We're an underpopulated large set of islands.

Speaker 2 (01:06:47):
Yes, okay, and what do you do to change that?

Speaker 15 (01:06:51):
Well, I mean there's no single answer to that. There's
certainly no silver bullet answer, but it's all the little
things that add up. So you know, we need to
train more people. If you look at the number of
science graduates and engineers, especially in twenty twenty three, I
think there are only five hundred and ninety engineers graduated
in New Zealand. So you know, we're woefully short of
that of the people we need in terms of the

(01:07:11):
ones we train. And as we're talking about immigrations part
of the solution too.

Speaker 2 (01:07:15):
Yeah, exactly. And so the engineer is just this very
weekend or the beginning of the week said, there are
engineers leaving the country left, right and center because there's
no pipeline. I'm assuming somebody somewhere in Wellington who runs
the place are aware of all of this or not.

Speaker 15 (01:07:28):
I'm sure they are. I mean, we've spent hundreds and
hundreds of millions of dollars over the years on this problem, Mike.
I mean, I've heard the text that you read out
before sot of saying, you know, we need to invest
in innovative businesses and move away from dairy and tourism.
Like this is not a new idea. We've been talking
about that for decades and decades, and yeah, unfortunately, all

(01:07:48):
of that money that's been spent is a little bit
like pouring petrol onto the roof of a car and
hoping some of it ends up in the tank. There
haven't really been much accountability or systems and feed back
groups around that in terms of working out if it's
actually working.

Speaker 2 (01:08:00):
So you come out and try me age a zero.
Did zero seem obvious or not?

Speaker 15 (01:08:05):
I mean, it was an exciting potential, but it was
far from obvious. I mean I started the book actually
with the four stories near this moments. But these companies
like it's very easy to retrospectively, look back when a
company's a big success like Zero has become and imagine
that it was always on that path. But that's not
the experience of working in these companies day to day.
Often the exact opposite. So yeah, I mean my time

(01:08:27):
at Zero coincided with the IPO. We floated the company
at a dollar per year. Some people may be odd
enough to remember that, but for a long time after that,
the year price was lower than a dollar. You know,
if you did look at this company now, that's worth
I think it's getting close to thirty billion Australian dollars now,
but there was a long period of time where that
ferminly wasn't obvious.

Speaker 2 (01:08:46):
You talk also about how much startup advice is dangerously wrong.
Why is it wrong?

Speaker 15 (01:08:51):
Well, we wrapped a lot of mythology around startups, and
I think part of it's what we were just talking about,
Like a lot of it is retrospective. But what happens
often is the the messy bits get kind of airbrushed
out of the stories, and for me, those are the
most interesting moments. Like, you know, the two moments you
tend to hear about startups in the media is when
they are when they started or when they raise capital,
and then when that's sold, and those are kind of

(01:09:13):
the book end, But all of the interesting stuff happens
in the middle, and we're not so good at telling
those stories, frankly. And yeah, it's part of the motivation
in writing this book is to to kind of peel
back those layers a little bit and describe what it's
actually like.

Speaker 7 (01:09:26):
Good and yeah, hopefully.

Speaker 15 (01:09:27):
People who are working on these businesses are thinking about
it and interested in it can get a bit of.

Speaker 13 (01:09:31):
Sense of that.

Speaker 2 (01:09:32):
When Tim Brown is mentioned in the book, he speaks
very well of you, but I follow him with a
great deal of interest. So he's an entrepreneurial New Zealander.
All Birds does not work. It has not worked. It
loses money. Will it? Do you think work or not?

Speaker 15 (01:09:53):
I mean, I'm not an investor in All Birds. I
haven't followed the economic prospects of that company especially well,
but you know, it's it is an example of a
company that went through a through a big hype cycle,
benefited a lot from that on the upside, and I
guess I've been hurt from it, hurt by it on
the downside. But you know of Tims of smart guy
is a very patriotic newsand I have every confidence in

(01:10:15):
him and how he thinks about the future. So what's
the space.

Speaker 2 (01:10:17):
It's interesting, isn't it, because it's that old thing about
to be a truly successful entrepreneur, you need to have
filed a bunch of times. Is that true?

Speaker 15 (01:10:24):
Well, I think we do over glamorize failure a little bit.
I've also worked on an invested in startups that have sailed,
and I'll tell you it's really painful. I wouldn't. I
wouldn't encourage anybody or a human that approach. I think
a much smarter mindset, the one I write about is
like lots of small little failures constantly every day. Like
if you go in with the assumption that you're wrong
and then and be constantly on the lookout for that,

(01:10:46):
and you're much more likely to spot those areas and
adjust for them and fix them before they hurt you. Yeah,
And that's really a much much smarter way to think
about it.

Speaker 8 (01:10:55):
Yeah.

Speaker 15 (01:10:56):
I mean the second part, which you are much more dangerous,
is to lie like this a lot, especially unfortunately in
the ecosystem where government invests. It's kind of uncomfortable to
admit that you're wrong, and so it's easy to pretend
that it's working even though you.

Speaker 13 (01:11:09):
Know that it's not.

Speaker 2 (01:11:11):
Do you have any answers around productivity just in general,
this broad based conversation that we're no good at productivity
in this country if you put it down on a
piece of paper and explain the equation, but for whatever reason,
we just don't do it well.

Speaker 15 (01:11:22):
I mean, I'm pretty simple, so I think about it
just in terms of simple mass. When we sold trade
Me in two thousand and six, there were fifty three
of us working on that company. It was about six
hundred thousand dollars of revenue per employee. So that's pretty
remarkable in a New Zealand context. It's not really remarkable
in a global tech context. You know, zero I think
it's over two hundred thousand dollars per employee, and they

(01:11:44):
have a lot more employees than we have. You know,
they'll get probably closer to turnure in fifty thousand. We
may announce the next results. So you know, we've proven
we can build these sorts of companies in New Zealand.
It's not a question of whether or not it's possible.
It's just a question of scale, How do we do it?
How do we do more of it?

Speaker 2 (01:12:01):
Fantastic Roan, good to meet and talk with. You appreciate
it very much. Good luck with the book and I
hope it's out there and people read the stories and
learn something from them. How to Be Wrong is the book.
Rowan Simpson is the author eight twenty.

Speaker 1 (01:12:11):
One The Mike Hosking Breakfast with our Veda Retirement Communities
News togstead b.

Speaker 2 (01:12:17):
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help with the general health, but instead you've got a
bit of an upset stomach. It didn't work as intended. Well,
we've got some very good news. Not all magnesium supplements
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Gradham debut with Ryan I and vest with the VC

(01:13:21):
industry and these young people give me hope for New Zealand.
Please do more interviews with these fantastic young people. We will, Mike.
My daughter qualifies as a lawyer soon plans to go
to Australia. My son just started b comfinancial engineering. Plans
to go to Australia. As they say, no pathway, no
growth potential.

Speaker 8 (01:13:36):
See that, Jizu.

Speaker 2 (01:13:38):
If I can be a little bit blunt with you,
that's a defeat of statitude. And I speak as a
parent with a daughter in Melbourne probably never coming home,
as I told you before she was on a pathway
to go overseas. That's just her. It doesn't necessarily reflect
badly on the country. It's just young people go. I
don't think she'll be back. Could be wrong. Got a
son who's in Edinburgh loving life, may or may not
be back. Who would know. Got a daughter about to

(01:13:59):
graduate med school going nowhere, going nowhere. I got another
son going nowhere. So I think it's more about the individual.
I don't think young people look and go this country stuffed.
I mean, you've got a natural inclination as a young
person from my experience, that they'll go. I wouldn't mind
getting out there and having a crack at something. It's
a big, wide world, and I don't think there's anything

(01:14:19):
necessarily wrong with that. And it doesn't reflect directly on
the country you come from. It just means there's a
big wide world and you want to go explore it,
and the chances are you'll return home. My brother spent
many years overseas in Chicago and Singapore and in the
Middle East, has come back home, as so many of
them do. So I think it's more about individual circumstances
than necessarily are the state of the country, although having

(01:14:42):
said that their migration numbers in the last couple of
months would probably indicate I may well be wrong whether
and all sorts of other interesting things happening in Britain. Rod,
Little is but moments away for you.

Speaker 1 (01:14:54):
The Breakfast Show, Kiwi's Trust to Stay in the Know,
the Mike Hosking Breakfast with al Vida, Retirement, Communities, Life
Your Way, News Togs.

Speaker 2 (01:15:04):
He'd be KFC. I ask you this very simple question. KFC,
which are owned by young brands these days, announced yesterday
they're leaving Kentucky. Can you have Kentucky Fried Chicken if
you're no longer in Kentucky. They've been in Louisville, Kentucky forever.
They're moving to Texas, obviously because of the taxes. Speaking
of Texas, you need to earn a wage to pay
your taxes. And some interesting data out this morning from

(01:15:25):
trade Me on what we're earning. It's another record year,
if you can believe it. More shortly twenty three.

Speaker 1 (01:15:30):
To nine International correspondence with Ends and Eye Insurance, Peace
of Mind for New Zealand business.

Speaker 13 (01:15:36):
In the UK.

Speaker 2 (01:15:37):
Rod, a little very good morning to you.

Speaker 8 (01:15:40):
Good morning to you, mate.

Speaker 2 (01:15:41):
See I'm finding this whole thing fascinating in Europe. I
watched that meeting the other day. They couldn't organize a
piss up in a brewery that lot. Meantime, Trump and
Labrath and Marca Rubio wandering around the world redesigning the
whole planet. Where does this leave Britain.

Speaker 8 (01:15:57):
In a very awkward position. It's a strategically interesting position.
I mean, you're absolutely right, and that the general filly
over here, I think, particularly on the right obviously, is
that JD. Vance was correct one hundred percent in his
description of Europe and the European Union particularly, and that
we need a wake up call. We all need to

(01:16:19):
be doing more for our own defense rather than sponging
off America. But that tone has changed with Donald Trump's
rhetoric about Zelenski and Ukraine, and now he's playing into
the lapse of quite a few people in Europe who
do have mistrust Zelenski, you know, Hungary, Poland's, Slovakia or

(01:16:43):
all have their doubts. But some of what he's been
saying has been truly kind of have to say this
about a US president deranged, which is that Ukraine started
the war and that Ifsky doesn't want to watching. He's
a dictator and his country will go soon. So suddenly

(01:17:04):
poor Ukraine is facing both the US and the Russians,
and David Lammie hasn't yet. He's our foreign secretary, Praise
the Lord, hasn't yet come out and say anything about this.
It is very difficult. I think there is room here
for Britain to play a slightly mediating role. And Boris

(01:17:25):
Johnson's already been crying about how Appaul and Trump is
because of course Ukraine was Boris's project. It's a problem.
I tell you where. It's a particular problem in Europe,
and that's Germany, with elections coming up and parties on
both the far left and the right all gaining, gaining

(01:17:48):
huge amounts of votes, and arguing that basically the Trump
is right on Ukraine.

Speaker 3 (01:17:56):
We are I hope we.

Speaker 8 (01:17:58):
Stick to a moral path. Yeah, and we have done
so far, you know, and support Ukraine because we do
not want Putin to come out of this winning.

Speaker 2 (01:18:07):
No, we do not. What I up until Trump's comments,
what I had happening was there will be some sort
I think I agree with Trump on the guarantee. So
America's just funded that thing to the tune of hundreds
of billions of dollars with no guarantee on it. So
maybe they end up with some rare earths or some minerals,
or whatever the case may be, so that in itself
forms a guarantee that Ukraine want against Russia going further.

(01:18:30):
Russia get the chunk of land they wanted in the
first place. No, Ukraine doesn't earn NATO, but they get
the guarantee they're not going to be invaded further. That's
how I saw it coming. But then all of a
sudden we get this. He's on four percent and he's
a dictator, and I think, I just it's the whole
thing seems to have in the last twenty four hours
got ugly.

Speaker 8 (01:18:48):
It has got very ugly, and it also seems very
cheap from Trump, who is of course punching down. Yeah,
and you're absolutely right, there are sensible things on the table. Clearly.
You know, if this war is going to come to
an end, then someone is going to be annoyed, and
it will probably be US in Ukraine rather than Russia.
That is just real politics, isn't it. But yes, you're right,

(01:19:14):
things have taken an ugly turn, and I think that
has been noticed in London, which hasn't said much at
all so far, partly because we're scared of Trump, partly
because we want to protect our relationship with the Americans.
But it's not unhelpful in a way that Britain can
be seen to be a kind of mediator between the two.

Speaker 2 (01:19:35):
I'm no expert on your crime, but what I do
remember in twenty nineteen is Zolensky won by a mile.
It was Porishingko Vslinsky on the runoff anyone by a
mile this four percent, I have no reason to believe
that they held an election tomorrow Zelensky wouldn't win. Or
am I completely out of touch?

Speaker 8 (01:19:51):
No, You're probably absolutely right, And I assume that Donald
Trump has got his information from Pravta or somewhat similar.
There is no doubt that Ukraine is by far, far
and away the most corrupted European country. It is a
corrupt economy, there is no question about that whatsoever. So
Trump has a point there. But Silenski's popularity it has

(01:20:16):
waned undoubtedly since its probable high point in I would
guess mid twenty twenty two. But I still suspect that
you know, he would win an election if one were
called tomorrow. Trouble is, you know, elections in Ukraine are
always fraught, and the European Union's played a very very

(01:20:38):
dodgy role in them in the past. So it's a
fascinating time and not a terribly I don't know, secure
time if you're over here.

Speaker 2 (01:20:49):
Can't agree more. Speaking of which, I looked at your
inflation read this morning, which was higher than everyone expected,
which means if you've got inflation but no growth, they
call that stagg flation, which is not good.

Speaker 8 (01:20:59):
Wrong, that's right, nothing's good, Nothing is good about our economy.
That woman has wrecked the economy as surely, perhaps even
more so than did kuzy Kuatan in that incredible budget
of September twenty twenty two. She put up national insurance

(01:21:20):
on companies, so they won't hire anyone more and they
won't give anybody a pay rise. At the same point,
inflation is going up, so we will have a cost
of libion crisis again, and the economic growth is virtually dead.
It was a disastrous budget. I think the government knows
it was a disastrous budget. But so tightly is Reeves

(01:21:41):
tied to start up that nothing will.

Speaker 2 (01:21:43):
Happen, correct, I was looking at the picture of the
am I correct them, saying that the sinkhole and sorry,
do you have a lot of sinkholes? I don't quite
Britain with sinkholes for some reason.

Speaker 8 (01:21:53):
It's quite interesting. More and more, it's quite interesting for
your expat listeners to hear that Surry will soon be
enveloped and disappear into the bowels of the earth. Surry
our most affluent county, of course, and there are two
massive sinkholes there. We think they've been caused by nineteenth

(01:22:14):
and eighteenth century tunnels for mining. But this is happening
more and more often because we're building more and more houses.
We're building these houses in places where previously people didn't
build them for very good reason, and then six months
later they either get washed away in floods because they're
on a floodplain, or they sink into the earth.

Speaker 2 (01:22:36):
I'm looking at the headline today that UK is going
to be warmer than Greece this week with temperatures as
high as sixteen degrees. Does it feel spring like for uron?

Speaker 8 (01:22:46):
Not where I mate, it's zero degrees, it's snow on
the ground and it's absolutely freezing. But we are told
it's going to warm up tomorrow and you lot mus
get those headlines every so often. You know that to
Needed is hotter than Fiji. That's right, and it's true

(01:23:08):
for about eight minutes one. That's about it. I will forward.
I'll take anything. At the moment, I am so cold, mate.

Speaker 2 (01:23:17):
Go well, you have a good weekend. We'll catch up
next Tuesday. Rod a little out of Britain for you.
It's already eight forty five.

Speaker 1 (01:23:24):
The Like Asking Breakfast Fall Show podcast on iHeartRadio powered
by News Talks.

Speaker 8 (01:23:29):
At b.

Speaker 2 (01:23:30):
Very interesting developments in the EV world. To come back
to an amendment, but I promised you the business of pay. Firstly,
bad news. Sir Brian Roch, who was on the program
yesterday telling us how useless the public services he's announced
this morning that automatic pay rises are under threaten. The
public service chief executives sent a warning current remuneration structure
was unaffordable. The fact that they are automatic is just

(01:23:52):
for those of us out here in the real world
who actually have to earn a living as opposed to
it having it handed to us a little bit more
every year. That's probably no bad thing anyway. So pay
packets were at record levels last year. These are the
stats out this morning. Last court of twenty twenty four,
record salaries, fewer listings for jobs, big competition among prospective employees.

(01:24:13):
Another record average salary seventy three thousand, three hundred and
thirty two bucks, which is up one point three percent
year on year. Record salaries in Auckland seventy six, Grand
Bay twenty seventy two point six, Canterbury seventy two point one,
Gisbon seventy three point nine, one or two seventy, Northland
seventy one point six, Otigo seventy three point three, Southland
seventy two point six, Taranaki seventy point eight and the

(01:24:34):
Waycato seventy three point three. They're all records. Biggest actual
increases West Coast three point eight percent, Gisbon three percent,
why Caatto two and a half percent. Number of people
applying for roles. Applications are up twenty percent per listing.
Once again I asked the question, if you don't absolutely
have to be anywhere geographically, and you can be elsewhere,

(01:24:57):
why would you earn seventy six thousand dollars on average
in Auckland when you can earn seventy two thousand dollars
in Canterbury or seventy two thousand dollars in Southland, or
seventy three thousand dollars in a Tigo and live a
completely different life. Ten away from nine.

Speaker 3 (01:25:13):
The mic Hosking Breakfast with the range Rover of the
LA News Togs dead b EV.

Speaker 2 (01:25:19):
News, Nicola or Nicola have filed for Chapter eleven bankruptcy.
They just they did nothing but make electric cars and fuel,
sell electric semitrucks and stuff, so they're in Chapter eleven bankruptcy.
They tried to get some money known and give it
to them, so that tells you something about the EV market. Meantime,
Volkswagen and Audi they're reassessing their ANOUNCEDABA nite, reassessing their
commitment to all electric. So last year of VW's electric

(01:25:40):
sales are down two point seven percent. Audis a down
seven point eight They make some more high end stuff.
The high end electric market is oh Bark and Lucky
Dog broad A. Volkswagen group down three point four percent
for EV demand, so they're considering further investments in petrol.
They think hybrid's a the way to go. I think
we're all going including that now. The PHEB hybrid type

(01:26:01):
model is the way to go. Previous commitments to phase
out combustion engines by twenty thirty three in Europe not happening.
BMW the other day said the V eight lives on forever,
and praise the Lord for that. Then I come to
my mate Harry Metcalfe, who does a thing called Harry's Garage,
which is well worth watching. He did a piece and
he's been around in the motoring industry in Britain for ever,
and he did a sort of a history of where

(01:26:22):
they're at in Britain. They're sort of catching up with
us in the whole ev thing falls apart the value
of your trade in as a dog. They're really going
through difficult times in Britain at the moment. What I
didn't understand was you remember diesel Gate that VW had.
That all came out of the idea that VW wanted
to get diesels into America, and so they put some

(01:26:44):
gulfs in those sort of cars into America, and then
California came along and went, well, the problem with diesel
here is that it pollutes badly, and so we're not
letting these cars into California, at which point, so we're
going to make some rules around it, at which point
they said, you've got to meet these criteria, at which
point BW went back to Germany and tried to meet
the criteria. Worked out they couldn't, so they started making
up the numbers and at that point they got busted.

(01:27:07):
And at that point they suddenly thought, well, what the
hell's going on? Well, what about this Tesla guy. Tesler
guy's doing all the electric stuff. If we can't make
diesel that works, maybe we do electric. That's next thing.
You know. Here we are twenty twenty five, so they've
got huge problems in that particular part of the world
as too well, but it's well worth. He explains it brilliantly,
and it's well worth looking at the video. Look up
Harry's garage and he'll tell you how it works. And

(01:27:30):
he also reviews interesting cars as well. Five minutes Away
from nine.

Speaker 3 (01:27:34):
Trending Now with Keim Squarehouse Stop paying too much And.

Speaker 2 (01:27:39):
If you don't like cars, how about phones. iPhone's done
a new one this morning. We were expecting it. It
was supposed to be the super cheap budget model. It
was going to be some sort of new version of
the se but instead Tim turned up and did this.

Speaker 3 (01:27:51):
This is iPhone sixteen.

Speaker 6 (01:27:55):
With our latest generation Apple Silicon break Through battery, an
incredible high resolution two in one camera system, and the
powerful features of iOS eighteen, all in a durable and
beautiful design.

Speaker 2 (01:28:11):
I can tell you what having watched the F one launch.
In that launch, the F one one wins by like
a thousand miles. Same chip as the sixteen can do
all the Apple Intelligent features, So that's exciting. The sixteen
E no longer has a home button. You unlock it
with your face. Now, Katie hates that. Katie's got an Apple.

(01:28:32):
I don't have an apple. She's got an apple, She's
not an E. I don't know what she's got. But
whatever she's got, she can open it with a face
and it doesn't work, and she hates it, and all
she does is swear at it, and then she hits
something else to open it up. Whatever that may be.
Could it be the action button, because this one's got
an action button. The E's got an action button, and
when you hit it, action happens.

Speaker 1 (01:28:55):
It's a programmable shortcuts, so any number of things could
happen if you had that.

Speaker 15 (01:29:01):
Has has Kate got the wrong face for phones?

Speaker 7 (01:29:03):
Is that what the problem is?

Speaker 2 (01:29:05):
See when you say that sort of stuff, and that's
the sort of stuff I say, it doesn't go well
for me in my marriage.

Speaker 15 (01:29:11):
That's why I'm here.

Speaker 3 (01:29:12):
I'm here to say the things that Mike cons.

Speaker 2 (01:29:13):
Then and then I have to back it up and say, no,
you're too beautiful for it.

Speaker 8 (01:29:16):
It's just nice.

Speaker 2 (01:29:17):
That's a good line, good come back. Ah yeah. Pre
Orders for the sixteen E available from Saturday, because why
why don't you just tease a pre order, because like,
we've got nothing better to do with our lives. And
if you want to buy one of these? What was
one who put out the triple fold the other day?
Samsung Huawei. Yes, the Wiwai Triple Fold, three and a
half grand Wywai triple Fold. It's three and a half

(01:29:40):
thousand dollars. Well, I've got something for you with an
action button. Sixteen E eleven hundred and ninety nine dollars.
What cost of living crisis? Say that is us for
the day, which brings us very very nicely to Friday.
Full five days yep, your nose, full five days turning
up no working from home for us, all five days

(01:30:01):
back tomorrow morning, as always, Happy Days.

Speaker 1 (01:30:06):
For more from the mic Asking Breakfast, listen live to
News Talks at B from six am weekdays, or follow
the podcast on iHeartRadio

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