May 31, 2026 • 41 mins
This week's budget announcement had a focus on sorting out the books, and no straight sugar hits for individuals.
Infrastructure, healthcare and education seemed to be the clear priority of our fiscal plan, but three relief for the cost-of-living pressure many face.
Along with that, council rates have gone up for Auckland and the South Island's West Coast, and the Reserve Bank's signalled that there will be an increase to the OCR shortly - so the period we've seen of low interest rates on a mortgage is coming to an end.
So how can we prepare ourselves for a toughening economy? Was it good that we didn't have any government handouts?
Managing Director for the Private Office - Nick Crawford - joins Tim Beveridge for Smart Money...
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Speaker 1 (00:05):
You're listening to the Weekend Collective podcast from News Talk SEDB.
Speaker 2 (00:47):
Yes, welcome back. This is the Weekend Collective on Tim
Beverage and welcome to Smart Money. By the way, if
you miss any of the any of the hours, you
can go and check him out on a podcast after
six o'clock and a previous hour with Gordon Walker just
talking about what it means actually you get fit, and
we sort of only just actual surface in a way
because we just get to know Gordon. But yeah, you
(01:08):
can go and listen to that hour on at news
Talks hed B. Just got to iHeartRadio or the News
talksy B website and pretty soon after six o'clock everything's
up to listen to. Also, for the Politics hour, we
had Simon Watts as Minister for Auckland, just chatting about
some of the things that Wayne Brown had said, well
it wasn't really of an Auckland budget. But also Chris
(01:30):
Pink responding to the well the question that hec Seth
responded to from a journalist about whether, given the New
Zealand was aiming to spend two percent of GDP, whether
we were freeloading. Quite an interesting chat with Chris pink.
So you can go and check those out on the website,
but do that after six o'clock. But right now it's
smart money. There's a couple of things we want to
talk about because this week we had the budget this week, okay,
(01:54):
and look, I I'm not sure if I've said it proudly,
but I said it quite passionately that I got suck
a budget talk because you know, the lead up to
it and the sort of beltweg discussions around what would
happen and then what did happen anyway we saw it. Infrastructure,
health care and education seem to be the winners in
our fiscal plan, but there wasn't any huge relief for
the cost of living pressure that many face. And look,
(02:17):
we've had the announcement of rates for Auckland the Reserve Bank.
I mean, I think people probably looked forward with more
trepidation to their rates increase announcements as well as what
the Reserve Bank's going to do with the ocr But
one of the things they didn't do there weren't any
sugar hits for New Zealand in terms of whether you
(02:37):
get you know, an extra ten bucks a week or
fifteen dollars a week, there weren't any sugar hits. And
while I know it's tough for people, part of me
sort of thinks, I think that it's I'm not saying
that's a good thing that we didn't that there weren't
any sugar hits. But I always also want to ask
what you think about Maybe in a way it's good
(02:57):
news because it reminds us that ultimately we've got to
get out there and stand on our own two feet,
so you know, you can give us your take on
the budget as well, but to join the conversation and
to discuss that, among other things, because we also want
to have a chat about how much you share or
should share about your own financial situation within the relationship
(03:19):
you're in. And I think I'm probably thinking, if you're
married or in a long term relationship, should couples what
should you share? I know couples who haven't got a
clue what their retirement savings are each of them and
should they or not, or they just sort of think, oh,
we'll find out when we all turn sixty five. Anyway,
to join us to have that discussion. He is managing
director for the Private Office. His name is Nick Crawford
(03:39):
and he's with us now, Nick Gooda, Hi Tien. Nice
to be here again. So last time you were here.
Actually we got you in last time because you deal
with people who have windfalls, and we've got the lotto
up to Oh I don't know. Was there a lotto
struck last night? I haven't even checked yet. Do you
get into the lotter yourself? By the way, I'm.
Speaker 3 (04:01):
A classic example of someone that gets interested once the
jackpot it's over forty million, so.
Speaker 2 (04:07):
Okay, well, you save yourself a lot of money. We're
not wasting tickets on the lower ischelons of it, I guess.
Speaker 3 (04:11):
But I still get really disappointed when I don't win
at that level.
Speaker 2 (04:15):
So it's funny because you know the one, it's one
and thirty eight million chants, and yet we still get just, oh,
come on, why haven't I won? Anyway? I know I
haven't won because it's up to twenty eight million.
Speaker 3 (04:27):
And I think meeting people who've actually won the lot
so quite a lot. I'm always hoping that look will
rub off on me, but it never has so far.
Speaker 2 (04:34):
Does it feel actually get actually because you meet people
who won it, does it make it feel like it's
more likely for you? Because I've met all these people
who won a lot of it can't be that hard exactly.
And they're so normal.
Speaker 3 (04:45):
They're so normal they look like me and you, and
you think, well, maybe maybe it's going to be meeting
next time, but it never is. I still go to
get more than two numbers or three.
Speaker 2 (04:54):
Well, you shouldn't worry about it. I guess if you're
a wealth adviser, you should be looking after these things.
And it's just a bonus, is it. We'll call that
a bonus.
Speaker 3 (05:01):
I just like some hands on experience of what it
would actually be like to help me with the job.
Speaker 2 (05:07):
Fair enough, a bit of hands on experience. Hey, I mean,
do you follow budget announcement? Did you follow the budget
announcement closely? What was your take on everything? Yeah?
Speaker 3 (05:16):
And like you said, the money was there for health,
for education, for infrastructure, and there were no sweeteners given
out as a pre budget hit for consumers, and I
think that was generally quite well received. The economy in
New Zealand's obviously being fragile over this last couple of
years and giving out a sugar hit just before the
(05:42):
election was probably a bad idea and one that the avoided.
So sorry, said that last but again, yeah, giving out
a sweetener just before the election was probably a mistake
that they avoided in terms of the political side of it.
Speaker 2 (05:59):
You mean, because for those if there is something where
you know, for certain income families, usually low income families
are an extra fifteen dollars a week or something, but
it's usually seen as being it turns into a negative
headline because it's like, oh, we need more than that.
And I mean, there hasn't been any discussion because there
wasn't any There weren't any sweetness given out. And I
sort of think, I mean, if you are surviving financially,
(06:22):
it's easy to say it, but I just do worry
that people sort of hang out for the next budget
to see what's going to be in up for them,
and I just sort of think that, you know, I'd
rather see the investments they announced in health and education,
et cetera.
Speaker 3 (06:35):
I think, so, yeah, depending on what side the political
divide you are. And I think the expectation in this
budget was there weren't going to be any surprise, and
the surprises or those pre budget sweetners. I think what
most New Zealanders feel is that those people who are
in real need need to be helped. So you know,
if you can't work because you've you're in ill health,
(06:57):
or you've got a disability, than an expectation that those
people will be helped and helped properly. But yeah, there's
maybe that, and then the difference to a freeb to
try and win votes close to the election.
Speaker 2 (07:10):
Yeah, and I think people do you think that voters
see through freebes or.
Speaker 3 (07:15):
I think these days I think the days of the
population being quite naive, and whether that's from social media
or lots of news coverage. I think the negative press
that a obvious pre budget or pre election sweetener would
give might be counterproductive. And I think that's maybe where
(07:36):
they thought in this budget, to keep it steady as
you go heading into the election.
Speaker 2 (07:41):
Yeah, I would like to hearing me on that. By
the way, it's a simple throwaway remark that I sort
of wrote down, and when we're planning the show about
I just casually said to myselfs I said, I think
it's quite good that the government hasn't sort of handed
out any sugar hits, not for any other reason than
that I'd rather see money spent on things that actually
make a big difference from an infrastructure point of view,
(08:03):
whether it be health and education, what you reckon, you
can add your thoughts on that on eight hundred and
eighty ten eighty, because Nick, the other side of it is,
you know things are not great at the moment, do
how do you actually prepare? I almost feel like it's
a bit like the stable doors open and the horse
(08:25):
has bolted, but preparing for a toughening economy, you do
any sort of thoughts on what people should do if
we're worried about the fact that the cash raider is
going to go up eventually, and you know, I don't
think New Zealand is a feeling that they were suddenly
going to be flushed with cash despite whatever economic data
we we hear.
Speaker 3 (08:46):
Yeah, and I think since COVID, the New Zealand economy
has been in pretty tough times and so people may
be thinking that they've just started to come out of
that and here we go again. Energy costs are going
or gas prices are going, or food costs weekly shops
going up, and it's tough and it can be stressful.
(09:08):
I think the first thing to try and work out,
and it sounds a bit boring, but it's just work out.
What your expenditure is and what your income is. And
the first thing that I recommend to people is just
try and build up a bit of a cash buffer,
an emergency fund that you've got that there, and so
if things are more expensive, then at least you've got
something to fall back on. And the way that starts
(09:29):
really is to understand what you're spending and how that
relates to the income you've got coming in.
Speaker 2 (09:35):
Yeah, it's funny. I was actually thinking that's easier sit
than down in a way, isn't it, Because I mean,
how much do you how much do you do you
think people could save if they actually just looked at
the badgets and win. I mean, do you think we
what do you know about the average KEYWI and the
way we badge for tough times?
Speaker 3 (09:51):
What I know is that it's been a really tough
economy over the last few years, and lots of people
are struggling, and so easy to say, you know, try
and save a bit of money if you can, if
you're living paycheck to paycheck.
Speaker 2 (10:03):
And that's where.
Speaker 3 (10:07):
Getting the economy growing is so important. People feeling that
there are jobs out there, there's improvements that they can
have that their wage is going to go up and
they're going to be able to make and meet. So
coming back to the sugar hits or do we prefer
good policies that are going to deliver economic growth. That's
(10:27):
what I think the people want from the government, the environment,
and then to try and thrive within that. The problem
is the gap between the richard the poor is getting
wider and those at the bottom are really struggling.
Speaker 2 (10:38):
Yeah, yeah, I guess the thing is you're never going
to give You're never going to write that with simply
doing handouts and a budget, are you. But ultimately people
are going to get on their own two feet and
the start to prossible when we have a bitter economy.
But how do you feel about where the New Zealand
economy is hitting at the moment?
Speaker 3 (10:58):
I think the steps that have been taken up to
before the conflict in the Middle East were starting to work.
So inflation was under control, interest rates were lower, and
whilst you couldn't say the New Zealand economy was thriving,
it was starting to improve. That's what we were seeing
(11:19):
from our business based clients and the professional services people
that we see. I think though this conflict in the
Middle East is really not confidence a bit, and people
are expecting higher energy prices, they're expecting inflation, and they're
worried that interest rates might start to go up again
(11:40):
and the gentle recovery that we're having might be knocked back.
Speaker 2 (11:44):
Actually, how do you think we are? How do you
think people are coping with the economic consequences of what's
gone on with you? In the stretch of one mos
and obviously petrol is app I actually have a sense.
I mean, I also don't like to examine my own
finances every day because it scares the hell out of me,
to be honest, But I must say I don't feel,
(12:06):
as you know, there was a catastrophic time where we
every one felt like this is terrible. Picture's gone right up.
But it feels that we've sort of settled and I
don't know, have people made adjustments and other parts of
their budgets so they can just deal with the fuel
price change and have we sort of It doesn't feel
that we're actually as stressed about it as I thought
we would be. What's your take on it?
Speaker 3 (12:26):
I totally agree, and it is quite surprising. And if
you just look at the stock market returns, stock markets
that are actually up now since the conflict started, which
echoes that view that people are seeing it, but there's
not a reaction. And Okay, our gas prices are a
bit more expensive, but that's not really hitting people significantly
(12:46):
in the pocket. No one's feeling poorer. So I think
there's an ambivalence to it. Well, we're told that something's coming,
but it doesn't seem to have arrived yet. So we're
seeing that and we're not seeing any particular changes. And
then I think people start to question, is is the
media elevating it? Is it making a bigger thing, because
(13:11):
actually what we see on the news and what we're
feeling day to day, doesn't it seem to be the
same things.
Speaker 2 (13:17):
It's an interesting one, doesn't it. I don't know. I mean,
we all have our own reflection on that, because everyone's
got their own budgets and they go to the supermarket.
I mean, the thing that does freak me out, to
be honest, it's not the price of petrol. I just
look at what we spend on groceries each week and
some items where you think how much for that? You know,
it does seem that this the grocer the grocery bill
is the thing that frightens me the most ahead of petrol.
(13:40):
But I don't know if it's just because I don't know, Actually,
I don't know why that would be. It's just the
way my brain has functioned that I'm not too bothered
about the gas I'm not as bothered about the gas
price because I can choose to modify how often I'm
using the car as well. Whereas when it comes to
your groceries, you got to eat what you got to
eat up to a point.
Speaker 3 (13:58):
Absolutely. I was actually thinking about that point this morning.
And Super Mikeets in New Zealand seem to be this
perpetual discount where certain things will be on discount every
couple of weeks, and so whether it's buying chips or biscuits,
you kind of look for what's on discount that week.
(14:18):
I think what everyone recognizes, though, is the cost of
the weekly shot, the one that we always see in
the supermart, is getting more and more expensive. And and
you know the truth is that whilst a lot of
us are looky enough to be able to afford and
with done that, there's there's more and more people who can't.
And that's the real struggle for people.
Speaker 2 (14:39):
What's your take on what's going to happen with because
some Anna Bremen used to casting vote to you know,
not raise the care shrate. I saw some quite hot
takes about this, by the way, because I mean, they
can always raise it in a few weeks time. It's
not like it's the decision that's going to last for
a couple of years. I mean there's going to be
There are going to be I don't know how many
more meetings and how many times the care shrate gets
(15:00):
discussed by the Rezuve Bank and an announcement made. But
but the fact that she held it still seemed to
me to be quite a quite a sensible step, really,
wasn't it. Although they obviously it showed that some people
thought it should have gone up with the split.
Speaker 3 (15:15):
Vote, absolutely, and it's the direction of travel that people
are looking and I think they ultimately decided they wanted
to see that neutral. It's staying as it is. But
like you say, the split vote shows that the direction
will be upwards. That's what the signal is, not downwards.
(15:37):
Is just when will that happen isn't quite clear yet.
Speaker 2 (15:40):
Yeah, hey, look, look we'd love your calls on it.
I mean they don'tening remarks I made were simply on
the back of the budget that Nicola Willis didn't announce
any sugar hits for New Zealanders as individuals, where particular
groups of New Zealanders would find they've got an extra
x amount of dollars in their hands. They did announce
it fairly significant spend on healthcare, education. There was some
(16:03):
money for that. But just your general gist, because you know,
obviously the government loved the budget, the opposition hate it,
so everyone brands it according to their political stripes. What
are your feelings now we've had the budget. Are you
quite happy that there was nothing to frighten the horses?
Or do you actually were you thinking, God, I was
really looking forward to getting some sort of taxation relief
(16:25):
or something because life is so tough. We'd love your
calls on it. Eight hundred eighty ten eighty We're with
Nick Crawford. He's managing director of the Private Office. We'll
be back in just to tick News Talk z B
twenty three past five News Talk zed B. This is
smart money and my guess is Nick Crawford. He's a
managing director of the Private Office, which are a company
that helped people. One of his things is he deals
with quite a few people who've had a wind for
(16:46):
whether it be an inheritance or goodness made the lotto
good to hear he buys a ticket as well. You
buy a ticket as well, Nick, I can I just
be honest with you if you listening, I've been pussy
footing around the question of the budget, so which has
enabled me to simplify the question for you right now.
And we've got a couple of callers we're going to
go to in just a tick. But and Nick and
(17:08):
I were having a sort of a worthy chat about
the budget and an investment in infrastructure. But I've got
a really simple question for you. And I said this
before the budget came out. I just don't care about
the budget. If there's some money for health good I
think we need a health system that can serve us
and that's all I care about. But beyond that, I
just couldn't care less. I am more interested in what
(17:31):
the ocr announcement's going to be. And I'm also more
interested in what Auckland Council, and you know you might
be in your neck of the woods, what your counsel
is announcing with your rate spill. How would you rank
those if we got the OCR announcement, we got the
rate spill or the budget? Which were you more interested in?
Because I know what got the most column interests inches
it was the budget. But in terms of my interest,
(17:52):
I just I mean, I couldn't have cared less about
it really, apart from going, oh what did they spend
on health?
Speaker 4 (17:58):
Oh?
Speaker 2 (17:59):
Good, we have spent a lot of money on health.
I mean, where are you at with that? Nikka? You
in terms of your own interest? Because I know I've
heard of people who work in the financial sextor as
the sector as they'll look it up at the end
of the day. Maybe they didn't even follow it. But
where are you at with you're interested in the budget
and versus other things like OCRs and other things that
(18:19):
influence your world and nesting.
Speaker 5 (18:20):
Yeah.
Speaker 3 (18:21):
Absolutely, for my world, the OCR is far and away
the most important of those three metrics that you said.
That's an indication of where interest rates potentially going to
go for the banks. The banks will will pass any
raises on is a sign of what's happening with inflation,
(18:41):
and that goes into people's investments in the Kiwi Savis
so OCR all the way.
Speaker 2 (18:45):
Isn't it funny? Ay all the focus on Nicola Willison politics?
And yes, okay, to be fair announcements around the stuff
the government is responsible for, like health and education, et cetera.
There are a couple of big ones law enforcement. Yes,
I can understand the pressure that she is under. But
isn't it funny that how much time has spent on
poor Nikola Willis, you know, with people grilling into that
(19:06):
and the question time and stuff. And yet then we
have the OCR and the rates bill announcements and everyone's
that's what we really care about. And you know, I'm
not sure we flog the death flog to death the
OCR announcement, do we?
Speaker 3 (19:19):
Absolutely? And I think it's the fact that the budget announcements,
these are long term projects. These are things that will
imparked down the line. And maybe the way that the
economy's being people are more interested in the hair and now,
you know, what's going to help into my mortgage, what's
going to help into the weekly shop? And those are
the things that people are focused on. And the budgets.
Speaker 2 (19:38):
Yeah, neither and nor there. God, it sounds so irresponsible
for me to say it like that, but we'd love
your calls on that as well. By the way, what
what's the headline that that matters to you? Is it
the ocr is? What was in the budget? It's a
rates bill. I mean you could rank them if you like,
eight hundred and eighty ten eight. You've got a lot
of texts on this and a couple of callers. We'll
get underway with Johnny Hello.
Speaker 5 (19:58):
Okay. The one thing I noticed in this budget was
the rhetoric from the finiest minister. I'm not for or
against her, but just it was quite dismissive terms lolly
scramble being thrown around. And I listened to a couple
of economics professors over different platforms, and I know that
a lot of people are missing out in this budget
(20:21):
in terms of community services, people who offer services to
the disabled. And I think when you're a disabled person
and you've got like a you know, a condition that
can kill you at any point, which is a lot
of people, including me, it's kind of dismissive and condescending
(20:43):
to be told there's no lolly scramble when you're needing
a medicine that Farmac doesn't fund. So I think there's
a lot of people who missed out. But I understand
that we can't afford things the way they are. We've
set up a system that is insatiable, so we need cutbacks.
Speaker 2 (21:01):
It does, actually, it does feel insatiable, doesn't it. It
feels like no matter how much money there is, like
it would never be enough. Is that what it feels? So?
I mean as someone who's are you someone who's looking
for FARMAK to fund something specifically for you, and you're thinking, well,
you know.
Speaker 5 (21:23):
Well, well it was, but I think things have changed
for me. They are funding more respiratory medicine now, but
they're talking about cutting it down and you know, redistributing
that to some other thing. So like I've just had
a few years of being able to breathe without having
to deal with chest infections every couple of weeks because
(21:43):
they're wantless medicine. But if they cut it, which they're
talking about doing, and it's subsidized, it's five green of
pop every two months.
Speaker 2 (21:53):
I would hope that if you've got medicine that's been funded,
they can't. You can't go backwards on that stuff. I
would like to. I can't reassure you, but i'd like
to reassure you that I don't think that that's the
way things will do, really, but just the uncertainty from
your point of view, that's.
Speaker 5 (22:09):
Yes, uncertainty, that's all.
Speaker 2 (22:11):
Yeah, did you follow the I guess actually I should
have said. I should have said when I said all
I watched for was the health announcement, what I actually
I also meant farmac as well, because I do think
that that's the sort of thing that instantly impacts on
some people. So beyond that, were you looking for the
budget on anything else? Or were you just like, Okay,
(22:31):
let's see what farm mac happens.
Speaker 5 (22:33):
Oh? I was hoping that there would be more directed
towards getting children out of abusive situations, were providing oversight
to ording a tummandy key following the advice and the
independent children all that's the thing. But you know, I
live in Hope, and I know they are a good, honest,
(22:55):
decent people out there working towards those things. So we're
just going to like keep on working at the cold
face to make things better in our own neighborhood.
Speaker 2 (23:05):
Well, good on you, mate. So you you sound like
you you sound like well, you had a vested interest
in certain announcements that you're not particularly offended by the budget.
Speaker 5 (23:15):
Nah No, I voted financial infect and I've always voted
the other side, but I just got suitable to bs
and I thought, no, we actually need back down. We
need we need some discipline, and we need someone like
Wilson there despite the fact that she's like the old
pink Floyd school principal.
Speaker 2 (23:34):
Hey, thanks for cool mate. That's actually quite doesn't Nick
so like Johnny has a vested interest and announcements around health,
and yet he also I actually think that he's there'd
be a lot of people who think, yeah, I'd love
a bit of a break on this, But to be honest,
I look at the greater good of where New Zealand's at,
and we needed a slightly well steer budget. What do
(23:56):
you reckon?
Speaker 3 (23:57):
Absolutely? And I think the New Zealand public has got
a lot of intelligence around what the finances are and
they can feel that at the moment that isn't that
much money to go around. But what what I think
most people want is for those who are in real poverty,
and particularly with children in poverty. Like Johnny said that
(24:18):
disabled those who can't work through ill health, that they
do get supported. I've read somewhere that we could spend
every bit of income we have on the health service
and it still wouldn't be enough. It still wouldn't cover everything,
and therefore difficult choices to be made.
Speaker 2 (24:33):
I mean, I have an I pay for health insurance
because I can't be to give it up because I
don't trust the public system would be there for me
for the things I might need it there for, which
you know, actually it's an interesting trade off. If somebody
said to me, Tim, we're going to charge on another five
thousand dollars a year in text, but you won't need
health insurance. You can rely on the health system, I'd
(24:54):
be happy with it because but I don't know.
Speaker 3 (24:57):
I just I think the world's going in the opposite direction,
and more and more people doing what you're you're doing
is saying, actually, we recognize the public the public service
can't from everything. So I'm going to make my own
private arrangement.
Speaker 2 (25:11):
Which is a shame, because I do think that really,
I mean, if the one thing I want that there's
two or three things I want the government to nail,
and it's educating kids through school, it's law and order,
and it's health are the three things I can think
of off the top of my head. Of course, then we
get back to our interview with Chris Pink. We've got
another couple of billion dollars to defend ourselves. Well, yes, yes,
(25:33):
we do need to play our part two. Anyway, let's
take some more calls. Here we go, Helen, Hello, Oh, yes.
Speaker 4 (25:39):
Hio, Yes, hello to you both. Now, Tim, you you
use this phrase twice? Oh I thought i'd yeah, yeah,
I was wanting to think offer some advice on how
to learn to stand on your own two tea. If
you're severely disabled, moderately disabled, and nobody will give you
(26:03):
a job at public and oh and you're blind, how
do you how would you recommend people in this situation
learn to stand on their own two feet? There was
an announcement a few a couple of weeks ago about
how this was all going to be. The amount of
(26:27):
people with disabilities who are out of work was just shocking,
and it was all about turned around. Well that's I
haven't heard anything since then, and there was certainly nothing
in the budget, but you know, please please use your
words a bit more carefully, how okay? To stand on
their own two feet?
Speaker 2 (26:46):
Okay? I can look. We all know a metaphor when
we hear it, don't we, And it's a metaphor for being.
Speaker 4 (26:52):
In It isn't for people in this situation.
Speaker 2 (26:55):
But I think, I think if you want to take
me literally, I do, but don't mean otherwise.
Speaker 4 (27:01):
No, no, no, no no no.
Speaker 2 (27:02):
That's saying we can kill two birds with one stone.
I'm not about to go out and kill a couple
of birds with one stone.
Speaker 4 (27:08):
I'm using a meaning for your reality. It's two realities.
This world is the able bodied world is the disabled world.
When you use when you use phrases like that, this
is what people in the disability seek to take literally,
because that is how our lives are defined. We're always
being told to get get over it.
Speaker 2 (27:27):
Get haven't I'm not telling you to get over it.
Speaker 4 (27:29):
When you said suggesting, how you know you're suggesting how
that people learn to stand on their own two feet?
That's what you said, Well how do how do? How
are you? How are we supposed to do this? That's
what I I.
Speaker 2 (27:42):
Think our taking me using a metaphor about standing on
your own two feet as somehow having a crack at
the disabled community, which couldn't be further from the truth.
I'm simply talking about a metaphor or a saying around independence.
Speaker 4 (27:55):
And independent when you're in this situation.
Speaker 2 (27:59):
Well, okay, but I wasn't. Did you take me as
having a crack at disabled people when I said that?
Or did you just think that was an unfortunate turner
of expression some of us?
Speaker 5 (28:08):
Oh?
Speaker 4 (28:09):
Here he goes again. I just don't think you've been
living in those sort of kind of you. You're missing
out on some life experience, that's all.
Speaker 2 (28:20):
What would you rather? How would I have expressed what
I wanted to say? What did you Well?
Speaker 4 (28:23):
I don't think what were you trying to say?
Speaker 2 (28:26):
I was saying that there weren't any sugar hits for
people and in a way, they don't really go very
far anyway. Is that are we getting? Okay? Here, I'll
extend the thoughts now. I know that there are people
who are disabled who need as much support as they
can get from the community and from the government. Okay,
so we'll put that down. But when it comes to
(28:48):
New Zealand, New Zealand is getting on and becoming a
productive country, who which where people pay their way and
pay taxes and earn more for the country and get.
I think we've become a nation who are waiting for
the government to do something for us. And the more
of us that, metaphorically speaking, can stand our own two feet,
get off our butts and do something productive, the more
(29:10):
of us who can do that, the better. But I
don't think we are that country right now.
Speaker 4 (29:14):
No, No, we're Could you just sort of think before
you say these things? You got the more of a
getting on at two feet, Helen.
Speaker 2 (29:24):
I'm not going to stop using metaphors. Okay, don't take
it personally, but I think you're being ridiculous with that
sort of objection towards me. I think that is utterly rejected. Ridiculous.
Metaphors and parables and expressions exist, and no one should
take that. I mean, it's like if somebody says it's
like the blind leading the blind, and they get someone
calling up and saying, oh, you're having a crack at
(29:46):
blind people. Not that I use that expression necessarily, but
come on, give me a break for goodness sake. If
you're disabled, though, you're welcome to text me to tell
me if you thought that me just saying standing my
own two feet was somehow ablest discriminatory rhetoric, because do
you give me a break please? Okay, Nick, you don't
(30:07):
have to comment on that. I can stand alone to
fit on that one. Sorry, I didn't mean to say
it that way, but it's obviously part of my easily
excessed rhetoric. I'm going to take a break, have a
cup of tea and a lie down. But Helen, you
know I didn't mean any offense by that. It's but
it's all part of the fun of talkback, isn't it.
It's twenty minutes to six News Talks HEB News Talks
(30:28):
hed B. I'm sorry that we actually excluded my guest
from the last conversation while Helen was having a crack
at me. But we're with Nick Crawford. He's from the
private office and managing director. They are a company and
investment advisors who help people who've had windforce. But we
got a little bit off the ball on that one.
I'm allowed to say we got a bit off the
ball on that one. I'd better check. I better run
(30:48):
everything past Helen that I don't use the need to
keep our eyes on the ball now there. I'd be
in trouble with that one, wouldn't I. I did get
some mischievous texts saying that what I was saying was
falling on deaf fas. But anyway, right now, here's some texts.
Will run those past your neck and I'll tell you what.
Nothing like a good argument to pass the time, though,
was it? I could see you sitting there going, oh,
(31:10):
I think I'll keep out of this one. I thought
it was a good safe budget. This person says, but
my mum's a solo pensioner and with the rates, well
this is a thing. Rates, electricity, food, fuel all going up,
so without me helping her, I don't know how other
pensioners are surviving. To be honest, it really does worry me.
Says Mas. Yeah, fair enough. It's interesting that the first
(31:31):
thing that he mentioned in terms of cost was rates,
because that's going to be another few hundred bucks a year,
you know, to.
Speaker 3 (31:40):
Everyone, that's it. And I think that's what it comes
down to the economy. People are worried about how much
things cost. Things are getting more expensive, will be able
to afford them, and that's what they expect the government
to be able to fix. And coming up to an election,
that's what all the parties are going to try and
(32:01):
persuade that the steady hand at the tiller.
Speaker 2 (32:04):
It's interesting that Johnny, in fact, Johnny takes to me saying,
goodness me, sorry, what did I start there? Because it
was my conversation with Johnny there, But interesting that he
you know, he wanted to see certain things of the government,
he needed certain things, but he accepted. I mean, I
thought that was kind of selfless of them actually, because
a lot of people don't get past the fact that
(32:24):
they didn't get what they particularly needed.
Speaker 3 (32:28):
Absolutely, and that for me typifies the New Zealand community.
People recognize that there isn't money for everything, and compromises
need to be made, and what people expect is the
poorest and those people who are disabled, who are in
ill health, and people like hell And who were struggling
(32:49):
that they get they get the help, and it doesn't
go to people who were actually could work or could
do something more, and it taking Bay.
Speaker 2 (32:58):
Well, actually, there's a question that goes beyond just necessarily
the disabled community as well, but it does beg the
question as to whether there needs to be a little
bit more targeted assistance. So for instance, well, yeah, whenever
there's a break for anything, it's like the winter energy payment.
I think that that could be more targeted because that's
based on oh well, actually I'm not sure if it's
(33:21):
based on for pensioners who don't need it, would they
still get it? I think they still do. And you
do wonder sometimes whether there's more in for targeting. But anyway,
we won't have time to dig into that because time
is flying. Tim, I'm high Tim. The country is broke.
I would have been disappointed if there were any sugar hits.
The time to sort this mess out is now, not later,
when it would be more painful. And there's quite a
(33:42):
few messages basically along that time, along that line, and
I think probably, if I'm to judge the texts, that
sort of people feel that, you know, look, it's always
nice if we get a tax break or whatever, but
no one was really no one's disappointed because they didn't
expect it. So maybe I mean, I even saw Matthew Houghton,
who does like to sort of have a crack at
the government from time to time, even said that it
(34:06):
seemed that he thought it was quite a good budget
despite the pressures that are on.
Speaker 3 (34:10):
Yeah, the biggest takeaway I took was that the expect
to return to a budget surplus a year earlier, and
so yeah, I think that budget surplus is the one
that came out and that's something that sounds good. Yeah,
we want to be having more coming in than we're spending.
(34:31):
And that was the main takeaway that I took from
the budget.
Speaker 2 (34:35):
Do investment advisors look for anything particular on a budget
or is it just something where you'd look at it
like any New Zealander. Would you just want to see
what the government's pending on health and things? Or the
financial community is not particularly bothered by it. I mean
they'd been more interested in the cash rate, wouldn't they.
Speaker 3 (34:51):
Yeah, the economists would be interested in the budget. But
investment advisors like myself, Yeah, it's the cash rate. It's
what's happening in terms of confidence, inflation, interest rates.
Speaker 2 (35:02):
Tim. Yes, the grocery bill is ridiculus. Two dollars fifty
for a very small half a cauliflower. I'll tell you what.
To be honest, it sounds like a bargain from what
I've seen. You can take a list, stick to it,
get the specials, buy ingredients that stretch, but it's still
very expensive. I hear so many people saying, no, we
can't buy that that's from Soignya, just feedback on how
(35:27):
they're going and selective austerity, says Johnny. Critics argue the
condescension is hypocritical. While the government used language of extreme
restraint for public funding, it simultaneously introduced multi billion dollar
tax changes did it and corporate landlord concessions did it,
(35:48):
which opponents argue as a scramble that favors the wealthy
of ordinary citizens. I don't think there was anything along
that line. Well, maybe they're looking at the previous budgets.
But anyway, by the way, if you're worried about the
whole landlord thing and tax breaks and stuff, who do
you think the landlords pass that on to for tenants?
So yeah, I don't think that that was don't understand
that issue the way you do. Eleven and a half
(36:11):
minutes to six News Talks a B. I will mention
that I've had quite a few mischievous texts, but a
lot of texts in response to Allan's call. I'll see
if there are any that I can read out that
will not cause offense to either of us. Probably not actually, anyway,
it's eleven minutes to six, Yes News talks there be gosh,
(36:32):
only a few minutes to go with net Crawford. Sorry, Nick,
we haven't really made the most use of your talents
on this hour because we sort of got into a
little bit of political back and forth. But I mean
as a theme, I mean, I don't know how much
you want to get into the politics of things, but
to me, the budget shouldn't be about taxpayers looking for
(36:53):
a sugar hit with a bit of extra money here
and there. It should be about the government focusing on
providing the services that it can best provide as part
of a cohesive society. Is that's my take on it.
I mean you can for your thoughts or not, as
the case might be.
Speaker 3 (37:07):
I actually think that what people expect, you know, third
year of this government they want to or what they
should be thinking, is this government's got a plan, it's
got a strategy of how it's going to deliver on
its on its manifesto promises, and actually at the eleventh
hour giving a sugar hit two to the to the
(37:28):
public just wouldn't wash. So I actually.
Speaker 2 (37:30):
Thinks people would say through it anyway. It's just like,
you know, it might have given me more money, but
stuff you just haven't won my vote anyway.
Speaker 3 (37:38):
Absolutely, I think it would be seen as quite a
naked kind of vote, you know, not a bribe that's
probably a bit too much, but trying to win votes
through a budget giveaway, which which doesn't really suit the
benefits of the best in trusts of the country. Well,
what the government had been saying is that we've got
(37:59):
fiscal responsibility and we're going to make the hard decisions
to get the economy growing or not. And you can
think whether they've achieved that or totally failed in that
depend on where you set but that's what they've said,
So to go back on that I think would have
been a big mistake.
Speaker 2 (38:14):
I think the other thing with politicians is whether or
not you agree with them. The worst thing they can
do is to announce a policy where they're spending money
without really what you might think is a genuine justification
for doing it. And you know, whether or not you
agree with what the decisions of government makes, you understand,
at least from their explanations, why they're doing it. And
(38:34):
I think that's probably why while it was a not
exciting budget, as we've talked about, it's probably a success
from Nicola Willis's point of view, because you know, get
the shouting in Parliament, but in terms of the public
shouting about it, I haven't heard too much about.
Speaker 3 (38:48):
It, I agree, and I don't think. I think it
was as steady as you go budget. That was the
intention of it ahead of time, and whether you're on
the left or the right, then it seems to have
wondered that way.
Speaker 2 (39:01):
We'll do a few more texts. Look, and by the way,
I actually talked to Helen quite frequently on talk back,
and so she's had a crack at me. I defended
him myself, and it's all fears and all's fair in
love and war. Is it a metaphor I can use anyway,
So don't panic too much about it, people, I'll be
talking with Helen again. No doubt the budget, Lee says.
(39:22):
The budget is the most important as it determines the
financial implications going forward, which the OCR responds to. Okay,
you look, so the Reserve Bank probably care about the budget.
In fact, yeah, that's a good point. A look at
the last lot they spent like a drunken salor, this
person says, and the inflation rate shot up, so the
OCR had to respond if we're in surplus or heading
that way, the OCR will drop. Actually that is surprisingly thoughtful.
(39:47):
I don't mean because I'm surprised from Lee, but that's
it's interesting that we care you and I care about
the OCR, becaus got mortgages, the Reserve Bank, care about
the budget. So one does link to the other.
Speaker 3 (40:00):
Yeah, and I don't think is we don't care about
the budget. Well is what has the most impact? And yes,
if we're now in a budget surplus, what we can
start to do is attacked that deficit. And what we
all know is that New Zealand has got a large deficit.
We owe money, and getting into surplus means we can
start to have a crack at that. So I think
(40:22):
it is important that we're living within our means and
try and get our debt down. That's the long term strategy.
Speaker 2 (40:28):
And Jeff writes you one hundred percent right about the
way people look to the government too. Well, I didn't
quite put it this way, but Jeff says to wipe
our butts for us the only you only have to
look at the way these guys responded to the fuel crisis.
Calm old key, old key measured, not sure, old key
is old maybe that's a type of Yet some people
wanted a nanny state overreaction and accuse them of mist
(40:49):
lead in the country. Thanks that's from Jeff and I
had a few positive texts just about Johnny's call and
thought that he sounded like a thoughtful, reasonable person. Anyway, Hey,
look we've run out of time. Time does fly when
you have a little bit of fun on the show.
Thanks for listening, and Sunday it's Sex's Next. Thanks to
Nick Crawford for joining us. Good on your Netwhere do
(41:09):
people see you if they want to catch up with
a private office website?
Speaker 5 (41:13):
Yeah?
Speaker 3 (41:14):
Wwwdprivateoffice dot co dot inzi excellent.
Speaker 2 (41:17):
We'll catch you again. Thanks my producer Isaiah, and we'll
see you next weekend.
Speaker 1 (41:26):
For more from the Weekend Collective, listen live to News
Talks EDB weekends from three pm, or follow the podcast
on iHeartRadio.
You're listening to the Weekend Collective podcast from News Talk SEDB.
Speaker 2 (00:47):
Yes, welcome back. This is the Weekend Collective on Tim
Beverage and welcome to Smart Money. By the way, if
you miss any of the any of the hours, you
can go and check him out on a podcast after
six o'clock and a previous hour with Gordon Walker just
talking about what it means actually you get fit, and
we sort of only just actual surface in a way
because we just get to know Gordon. But yeah, you
(01:08):
can go and listen to that hour on at news
Talks hed B. Just got to iHeartRadio or the News
talksy B website and pretty soon after six o'clock everything's
up to listen to. Also, for the Politics hour, we
had Simon Watts as Minister for Auckland, just chatting about
some of the things that Wayne Brown had said, well
it wasn't really of an Auckland budget. But also Chris
(01:30):
Pink responding to the well the question that hec Seth
responded to from a journalist about whether, given the New
Zealand was aiming to spend two percent of GDP, whether
we were freeloading. Quite an interesting chat with Chris pink.
So you can go and check those out on the website,
but do that after six o'clock. But right now it's
smart money. There's a couple of things we want to
talk about because this week we had the budget this week, okay,
(01:54):
and look, I I'm not sure if I've said it proudly,
but I said it quite passionately that I got suck
a budget talk because you know, the lead up to
it and the sort of beltweg discussions around what would
happen and then what did happen anyway we saw it. Infrastructure,
health care and education seem to be the winners in
our fiscal plan, but there wasn't any huge relief for
the cost of living pressure that many face. And look,
(02:17):
we've had the announcement of rates for Auckland the Reserve Bank.
I mean, I think people probably looked forward with more
trepidation to their rates increase announcements as well as what
the Reserve Bank's going to do with the ocr But
one of the things they didn't do there weren't any
sugar hits for New Zealand in terms of whether you
(02:37):
get you know, an extra ten bucks a week or
fifteen dollars a week, there weren't any sugar hits. And
while I know it's tough for people, part of me
sort of thinks, I think that it's I'm not saying
that's a good thing that we didn't that there weren't
any sugar hits. But I always also want to ask
what you think about Maybe in a way it's good
(02:57):
news because it reminds us that ultimately we've got to
get out there and stand on our own two feet,
so you know, you can give us your take on
the budget as well, but to join the conversation and
to discuss that, among other things, because we also want
to have a chat about how much you share or
should share about your own financial situation within the relationship
(03:19):
you're in. And I think I'm probably thinking, if you're
married or in a long term relationship, should couples what
should you share? I know couples who haven't got a
clue what their retirement savings are each of them and
should they or not, or they just sort of think, oh,
we'll find out when we all turn sixty five. Anyway,
to join us to have that discussion. He is managing
director for the Private Office. His name is Nick Crawford
(03:39):
and he's with us now, Nick Gooda, Hi Tien. Nice
to be here again. So last time you were here.
Actually we got you in last time because you deal
with people who have windfalls, and we've got the lotto
up to Oh I don't know. Was there a lotto
struck last night? I haven't even checked yet. Do you
get into the lotter yourself? By the way, I'm.
Speaker 3 (04:01):
A classic example of someone that gets interested once the
jackpot it's over forty million, so.
Speaker 2 (04:07):
Okay, well, you save yourself a lot of money. We're
not wasting tickets on the lower ischelons of it, I guess.
Speaker 3 (04:11):
But I still get really disappointed when I don't win
at that level.
Speaker 2 (04:15):
So it's funny because you know the one, it's one
and thirty eight million chants, and yet we still get just, oh,
come on, why haven't I won? Anyway? I know I
haven't won because it's up to twenty eight million.
Speaker 3 (04:27):
And I think meeting people who've actually won the lot
so quite a lot. I'm always hoping that look will
rub off on me, but it never has so far.
Speaker 2 (04:34):
Does it feel actually get actually because you meet people
who won it, does it make it feel like it's
more likely for you? Because I've met all these people
who won a lot of it can't be that hard exactly.
And they're so normal.
Speaker 3 (04:45):
They're so normal they look like me and you, and
you think, well, maybe maybe it's going to be meeting
next time, but it never is. I still go to
get more than two numbers or three.
Speaker 2 (04:54):
Well, you shouldn't worry about it. I guess if you're
a wealth adviser, you should be looking after these things.
And it's just a bonus, is it. We'll call that
a bonus.
Speaker 3 (05:01):
I just like some hands on experience of what it
would actually be like to help me with the job.
Speaker 2 (05:07):
Fair enough, a bit of hands on experience. Hey, I mean,
do you follow budget announcement? Did you follow the budget
announcement closely? What was your take on everything? Yeah?
Speaker 3 (05:16):
And like you said, the money was there for health,
for education, for infrastructure, and there were no sweeteners given
out as a pre budget hit for consumers, and I
think that was generally quite well received. The economy in
New Zealand's obviously being fragile over this last couple of
years and giving out a sugar hit just before the
(05:42):
election was probably a bad idea and one that the avoided.
So sorry, said that last but again, yeah, giving out
a sweetener just before the election was probably a mistake
that they avoided in terms of the political side of it.
Speaker 2 (05:59):
You mean, because for those if there is something where
you know, for certain income families, usually low income families
are an extra fifteen dollars a week or something, but
it's usually seen as being it turns into a negative
headline because it's like, oh, we need more than that.
And I mean, there hasn't been any discussion because there
wasn't any There weren't any sweetness given out. And I
sort of think, I mean, if you are surviving financially,
(06:22):
it's easy to say it, but I just do worry
that people sort of hang out for the next budget
to see what's going to be in up for them,
and I just sort of think that, you know, I'd
rather see the investments they announced in health and education,
et cetera.
Speaker 3 (06:35):
I think, so, yeah, depending on what side the political
divide you are. And I think the expectation in this
budget was there weren't going to be any surprise, and
the surprises or those pre budget sweetners. I think what
most New Zealanders feel is that those people who are
in real need need to be helped. So you know,
if you can't work because you've you're in ill health,
(06:57):
or you've got a disability, than an expectation that those
people will be helped and helped properly. But yeah, there's
maybe that, and then the difference to a freeb to
try and win votes close to the election.
Speaker 2 (07:10):
Yeah, and I think people do you think that voters
see through freebes or.
Speaker 3 (07:15):
I think these days I think the days of the
population being quite naive, and whether that's from social media
or lots of news coverage. I think the negative press
that a obvious pre budget or pre election sweetener would
give might be counterproductive. And I think that's maybe where
(07:36):
they thought in this budget, to keep it steady as
you go heading into the election.
Speaker 2 (07:41):
Yeah, I would like to hearing me on that. By
the way, it's a simple throwaway remark that I sort
of wrote down, and when we're planning the show about
I just casually said to myselfs I said, I think
it's quite good that the government hasn't sort of handed
out any sugar hits, not for any other reason than
that I'd rather see money spent on things that actually
make a big difference from an infrastructure point of view,
(08:03):
whether it be health and education, what you reckon, you
can add your thoughts on that on eight hundred and
eighty ten eighty, because Nick, the other side of it is,
you know things are not great at the moment, do
how do you actually prepare? I almost feel like it's
a bit like the stable doors open and the horse
(08:25):
has bolted, but preparing for a toughening economy, you do
any sort of thoughts on what people should do if
we're worried about the fact that the cash raider is
going to go up eventually, and you know, I don't
think New Zealand is a feeling that they were suddenly
going to be flushed with cash despite whatever economic data
we we hear.
Speaker 3 (08:46):
Yeah, and I think since COVID, the New Zealand economy
has been in pretty tough times and so people may
be thinking that they've just started to come out of
that and here we go again. Energy costs are going
or gas prices are going, or food costs weekly shops
going up, and it's tough and it can be stressful.
(09:08):
I think the first thing to try and work out,
and it sounds a bit boring, but it's just work out.
What your expenditure is and what your income is. And
the first thing that I recommend to people is just
try and build up a bit of a cash buffer,
an emergency fund that you've got that there, and so
if things are more expensive, then at least you've got
something to fall back on. And the way that starts
(09:29):
really is to understand what you're spending and how that
relates to the income you've got coming in.
Speaker 2 (09:35):
Yeah, it's funny. I was actually thinking that's easier sit
than down in a way, isn't it, Because I mean,
how much do you how much do you do you
think people could save if they actually just looked at
the badgets and win. I mean, do you think we
what do you know about the average KEYWI and the
way we badge for tough times?
Speaker 3 (09:51):
What I know is that it's been a really tough
economy over the last few years, and lots of people
are struggling, and so easy to say, you know, try
and save a bit of money if you can, if
you're living paycheck to paycheck.
Speaker 2 (10:03):
And that's where.
Speaker 3 (10:07):
Getting the economy growing is so important. People feeling that
there are jobs out there, there's improvements that they can
have that their wage is going to go up and
they're going to be able to make and meet. So
coming back to the sugar hits or do we prefer
good policies that are going to deliver economic growth. That's
(10:27):
what I think the people want from the government, the environment,
and then to try and thrive within that. The problem
is the gap between the richard the poor is getting
wider and those at the bottom are really struggling.
Speaker 2 (10:38):
Yeah, yeah, I guess the thing is you're never going
to give You're never going to write that with simply
doing handouts and a budget, are you. But ultimately people
are going to get on their own two feet and
the start to prossible when we have a bitter economy.
But how do you feel about where the New Zealand
economy is hitting at the moment?
Speaker 3 (10:58):
I think the steps that have been taken up to
before the conflict in the Middle East were starting to work.
So inflation was under control, interest rates were lower, and
whilst you couldn't say the New Zealand economy was thriving,
it was starting to improve. That's what we were seeing
(11:19):
from our business based clients and the professional services people
that we see. I think though this conflict in the
Middle East is really not confidence a bit, and people
are expecting higher energy prices, they're expecting inflation, and they're
worried that interest rates might start to go up again
(11:40):
and the gentle recovery that we're having might be knocked back.
Speaker 2 (11:44):
Actually, how do you think we are? How do you
think people are coping with the economic consequences of what's
gone on with you? In the stretch of one mos
and obviously petrol is app I actually have a sense.
I mean, I also don't like to examine my own
finances every day because it scares the hell out of me,
to be honest, But I must say I don't feel,
(12:06):
as you know, there was a catastrophic time where we
every one felt like this is terrible. Picture's gone right up.
But it feels that we've sort of settled and I
don't know, have people made adjustments and other parts of
their budgets so they can just deal with the fuel
price change and have we sort of It doesn't feel
that we're actually as stressed about it as I thought
we would be. What's your take on it?
Speaker 3 (12:26):
I totally agree, and it is quite surprising. And if
you just look at the stock market returns, stock markets
that are actually up now since the conflict started, which
echoes that view that people are seeing it, but there's
not a reaction. And Okay, our gas prices are a
bit more expensive, but that's not really hitting people significantly
(12:46):
in the pocket. No one's feeling poorer. So I think
there's an ambivalence to it. Well, we're told that something's coming,
but it doesn't seem to have arrived yet. So we're
seeing that and we're not seeing any particular changes. And
then I think people start to question, is is the
media elevating it? Is it making a bigger thing, because
(13:11):
actually what we see on the news and what we're
feeling day to day, doesn't it seem to be the
same things.
Speaker 2 (13:17):
It's an interesting one, doesn't it. I don't know. I mean,
we all have our own reflection on that, because everyone's
got their own budgets and they go to the supermarket.
I mean, the thing that does freak me out, to
be honest, it's not the price of petrol. I just
look at what we spend on groceries each week and
some items where you think how much for that? You know,
it does seem that this the grocer the grocery bill
is the thing that frightens me the most ahead of petrol.
(13:40):
But I don't know if it's just because I don't know, Actually,
I don't know why that would be. It's just the
way my brain has functioned that I'm not too bothered
about the gas I'm not as bothered about the gas
price because I can choose to modify how often I'm
using the car as well. Whereas when it comes to
your groceries, you got to eat what you got to
eat up to a point.
Speaker 3 (13:58):
Absolutely. I was actually thinking about that point this morning.
And Super Mikeets in New Zealand seem to be this
perpetual discount where certain things will be on discount every
couple of weeks, and so whether it's buying chips or biscuits,
you kind of look for what's on discount that week.
(14:18):
I think what everyone recognizes, though, is the cost of
the weekly shot, the one that we always see in
the supermart, is getting more and more expensive. And and
you know the truth is that whilst a lot of
us are looky enough to be able to afford and
with done that, there's there's more and more people who can't.
And that's the real struggle for people.
Speaker 2 (14:39):
What's your take on what's going to happen with because
some Anna Bremen used to casting vote to you know,
not raise the care shrate. I saw some quite hot
takes about this, by the way, because I mean, they
can always raise it in a few weeks time. It's
not like it's the decision that's going to last for
a couple of years. I mean there's going to be
There are going to be I don't know how many
more meetings and how many times the care shrate gets
(15:00):
discussed by the Rezuve Bank and an announcement made. But
but the fact that she held it still seemed to
me to be quite a quite a sensible step, really,
wasn't it. Although they obviously it showed that some people
thought it should have gone up with the split.
Speaker 3 (15:15):
Vote, absolutely, and it's the direction of travel that people
are looking and I think they ultimately decided they wanted
to see that neutral. It's staying as it is. But
like you say, the split vote shows that the direction
will be upwards. That's what the signal is, not downwards.
(15:37):
Is just when will that happen isn't quite clear yet.
Speaker 2 (15:40):
Yeah, hey, look, look we'd love your calls on it.
I mean they don'tening remarks I made were simply on
the back of the budget that Nicola Willis didn't announce
any sugar hits for New Zealanders as individuals, where particular
groups of New Zealanders would find they've got an extra
x amount of dollars in their hands. They did announce
it fairly significant spend on healthcare, education. There was some
(16:03):
money for that. But just your general gist, because you know,
obviously the government loved the budget, the opposition hate it,
so everyone brands it according to their political stripes. What
are your feelings now we've had the budget. Are you
quite happy that there was nothing to frighten the horses?
Or do you actually were you thinking, God, I was
really looking forward to getting some sort of taxation relief
(16:25):
or something because life is so tough. We'd love your
calls on it. Eight hundred eighty ten eighty We're with
Nick Crawford. He's managing director of the Private Office. We'll
be back in just to tick News Talk z B
twenty three past five News Talk zed B. This is
smart money and my guess is Nick Crawford. He's a
managing director of the Private Office, which are a company
that helped people. One of his things is he deals
with quite a few people who've had a wind for
(16:46):
whether it be an inheritance or goodness made the lotto
good to hear he buys a ticket as well. You
buy a ticket as well, Nick, I can I just
be honest with you if you listening, I've been pussy
footing around the question of the budget, so which has
enabled me to simplify the question for you right now.
And we've got a couple of callers we're going to
go to in just a tick. But and Nick and
(17:08):
I were having a sort of a worthy chat about
the budget and an investment in infrastructure. But I've got
a really simple question for you. And I said this
before the budget came out. I just don't care about
the budget. If there's some money for health good I
think we need a health system that can serve us
and that's all I care about. But beyond that, I
just couldn't care less. I am more interested in what
(17:31):
the ocr announcement's going to be. And I'm also more
interested in what Auckland Council, and you know you might
be in your neck of the woods, what your counsel
is announcing with your rate spill. How would you rank
those if we got the OCR announcement, we got the
rate spill or the budget? Which were you more interested in?
Because I know what got the most column interests inches
it was the budget. But in terms of my interest,
(17:52):
I just I mean, I couldn't have cared less about
it really, apart from going, oh what did they spend
on health?
Speaker 4 (17:58):
Oh?
Speaker 2 (17:59):
Good, we have spent a lot of money on health.
I mean, where are you at with that? Nikka? You
in terms of your own interest? Because I know I've
heard of people who work in the financial sextor as
the sector as they'll look it up at the end
of the day. Maybe they didn't even follow it. But
where are you at with you're interested in the budget
and versus other things like OCRs and other things that
(18:19):
influence your world and nesting.
Speaker 5 (18:20):
Yeah.
Speaker 3 (18:21):
Absolutely, for my world, the OCR is far and away
the most important of those three metrics that you said.
That's an indication of where interest rates potentially going to
go for the banks. The banks will will pass any
raises on is a sign of what's happening with inflation,
(18:41):
and that goes into people's investments in the Kiwi Savis
so OCR all the way.
Speaker 2 (18:45):
Isn't it funny? Ay all the focus on Nicola Willison politics?
And yes, okay, to be fair announcements around the stuff
the government is responsible for, like health and education, et cetera.
There are a couple of big ones law enforcement. Yes,
I can understand the pressure that she is under. But
isn't it funny that how much time has spent on
poor Nikola Willis, you know, with people grilling into that
(19:06):
and the question time and stuff. And yet then we
have the OCR and the rates bill announcements and everyone's
that's what we really care about. And you know, I'm
not sure we flog the death flog to death the
OCR announcement, do we?
Speaker 3 (19:19):
Absolutely? And I think it's the fact that the budget announcements,
these are long term projects. These are things that will
imparked down the line. And maybe the way that the
economy's being people are more interested in the hair and now,
you know, what's going to help into my mortgage, what's
going to help into the weekly shop? And those are
the things that people are focused on. And the budgets.
Speaker 2 (19:38):
Yeah, neither and nor there. God, it sounds so irresponsible
for me to say it like that, but we'd love
your calls on that as well. By the way, what
what's the headline that that matters to you? Is it
the ocr is? What was in the budget? It's a
rates bill. I mean you could rank them if you like,
eight hundred and eighty ten eight. You've got a lot
of texts on this and a couple of callers. We'll
get underway with Johnny Hello.
Speaker 5 (19:58):
Okay. The one thing I noticed in this budget was
the rhetoric from the finiest minister. I'm not for or
against her, but just it was quite dismissive terms lolly
scramble being thrown around. And I listened to a couple
of economics professors over different platforms, and I know that
a lot of people are missing out in this budget
(20:21):
in terms of community services, people who offer services to
the disabled. And I think when you're a disabled person
and you've got like a you know, a condition that
can kill you at any point, which is a lot
of people, including me, it's kind of dismissive and condescending
(20:43):
to be told there's no lolly scramble when you're needing
a medicine that Farmac doesn't fund. So I think there's
a lot of people who missed out. But I understand
that we can't afford things the way they are. We've
set up a system that is insatiable, so we need cutbacks.
Speaker 2 (21:01):
It does, actually, it does feel insatiable, doesn't it. It
feels like no matter how much money there is, like
it would never be enough. Is that what it feels? So?
I mean as someone who's are you someone who's looking
for FARMAK to fund something specifically for you, and you're thinking, well,
you know.
Speaker 5 (21:23):
Well, well it was, but I think things have changed
for me. They are funding more respiratory medicine now, but
they're talking about cutting it down and you know, redistributing
that to some other thing. So like I've just had
a few years of being able to breathe without having
to deal with chest infections every couple of weeks because
(21:43):
they're wantless medicine. But if they cut it, which they're
talking about doing, and it's subsidized, it's five green of
pop every two months.
Speaker 2 (21:53):
I would hope that if you've got medicine that's been funded,
they can't. You can't go backwards on that stuff. I
would like to. I can't reassure you, but i'd like
to reassure you that I don't think that that's the
way things will do, really, but just the uncertainty from
your point of view, that's.
Speaker 5 (22:09):
Yes, uncertainty, that's all.
Speaker 2 (22:11):
Yeah, did you follow the I guess actually I should
have said. I should have said when I said all
I watched for was the health announcement, what I actually
I also meant farmac as well, because I do think
that that's the sort of thing that instantly impacts on
some people. So beyond that, were you looking for the
budget on anything else? Or were you just like, Okay,
(22:31):
let's see what farm mac happens.
Speaker 5 (22:33):
Oh? I was hoping that there would be more directed
towards getting children out of abusive situations, were providing oversight
to ording a tummandy key following the advice and the
independent children all that's the thing. But you know, I
live in Hope, and I know they are a good, honest,
(22:55):
decent people out there working towards those things. So we're
just going to like keep on working at the cold
face to make things better in our own neighborhood.
Speaker 2 (23:05):
Well, good on you, mate. So you you sound like
you you sound like well, you had a vested interest
in certain announcements that you're not particularly offended by the budget.
Speaker 5 (23:15):
Nah No, I voted financial infect and I've always voted
the other side, but I just got suitable to bs
and I thought, no, we actually need back down. We
need we need some discipline, and we need someone like
Wilson there despite the fact that she's like the old
pink Floyd school principal.
Speaker 2 (23:34):
Hey, thanks for cool mate. That's actually quite doesn't Nick
so like Johnny has a vested interest and announcements around health,
and yet he also I actually think that he's there'd
be a lot of people who think, yeah, I'd love
a bit of a break on this, But to be honest,
I look at the greater good of where New Zealand's at,
and we needed a slightly well steer budget. What do
(23:56):
you reckon?
Speaker 3 (23:57):
Absolutely? And I think the New Zealand public has got
a lot of intelligence around what the finances are and
they can feel that at the moment that isn't that
much money to go around. But what what I think
most people want is for those who are in real poverty,
and particularly with children in poverty. Like Johnny said that
(24:18):
disabled those who can't work through ill health, that they
do get supported. I've read somewhere that we could spend
every bit of income we have on the health service
and it still wouldn't be enough. It still wouldn't cover everything,
and therefore difficult choices to be made.
Speaker 2 (24:33):
I mean, I have an I pay for health insurance
because I can't be to give it up because I
don't trust the public system would be there for me
for the things I might need it there for, which
you know, actually it's an interesting trade off. If somebody
said to me, Tim, we're going to charge on another five
thousand dollars a year in text, but you won't need
health insurance. You can rely on the health system, I'd
(24:54):
be happy with it because but I don't know.
Speaker 3 (24:57):
I just I think the world's going in the opposite direction,
and more and more people doing what you're you're doing
is saying, actually, we recognize the public the public service
can't from everything. So I'm going to make my own
private arrangement.
Speaker 2 (25:11):
Which is a shame, because I do think that really,
I mean, if the one thing I want that there's
two or three things I want the government to nail,
and it's educating kids through school, it's law and order,
and it's health are the three things I can think
of off the top of my head. Of course, then we
get back to our interview with Chris Pink. We've got
another couple of billion dollars to defend ourselves. Well, yes, yes,
(25:33):
we do need to play our part two. Anyway, let's
take some more calls. Here we go, Helen, Hello, Oh, yes.
Speaker 4 (25:39):
Hio, Yes, hello to you both. Now, Tim, you you
use this phrase twice? Oh I thought i'd yeah, yeah,
I was wanting to think offer some advice on how
to learn to stand on your own two tea. If
you're severely disabled, moderately disabled, and nobody will give you
(26:03):
a job at public and oh and you're blind, how
do you how would you recommend people in this situation
learn to stand on their own two feet? There was
an announcement a few a couple of weeks ago about
how this was all going to be. The amount of
(26:27):
people with disabilities who are out of work was just shocking,
and it was all about turned around. Well that's I
haven't heard anything since then, and there was certainly nothing
in the budget, but you know, please please use your
words a bit more carefully, how okay? To stand on
their own two feet?
Speaker 2 (26:46):
Okay? I can look. We all know a metaphor when
we hear it, don't we, And it's a metaphor for being.
Speaker 4 (26:52):
In It isn't for people in this situation.
Speaker 2 (26:55):
But I think, I think if you want to take
me literally, I do, but don't mean otherwise.
Speaker 4 (27:01):
No, no, no, no no no.
Speaker 2 (27:02):
That's saying we can kill two birds with one stone.
I'm not about to go out and kill a couple
of birds with one stone.
Speaker 4 (27:08):
I'm using a meaning for your reality. It's two realities.
This world is the able bodied world is the disabled world.
When you use when you use phrases like that, this
is what people in the disability seek to take literally,
because that is how our lives are defined. We're always
being told to get get over it.
Speaker 2 (27:27):
Get haven't I'm not telling you to get over it.
Speaker 4 (27:29):
When you said suggesting, how you know you're suggesting how
that people learn to stand on their own two feet?
That's what you said, Well how do how do? How
are you? How are we supposed to do this? That's
what I I.
Speaker 2 (27:42):
Think our taking me using a metaphor about standing on
your own two feet as somehow having a crack at
the disabled community, which couldn't be further from the truth.
I'm simply talking about a metaphor or a saying around independence.
Speaker 4 (27:55):
And independent when you're in this situation.
Speaker 2 (27:59):
Well, okay, but I wasn't. Did you take me as
having a crack at disabled people when I said that?
Or did you just think that was an unfortunate turner
of expression some of us?
Speaker 5 (28:08):
Oh?
Speaker 4 (28:09):
Here he goes again. I just don't think you've been
living in those sort of kind of you. You're missing
out on some life experience, that's all.
Speaker 2 (28:20):
What would you rather? How would I have expressed what
I wanted to say? What did you Well?
Speaker 4 (28:23):
I don't think what were you trying to say?
Speaker 2 (28:26):
I was saying that there weren't any sugar hits for
people and in a way, they don't really go very
far anyway. Is that are we getting? Okay? Here, I'll
extend the thoughts now. I know that there are people
who are disabled who need as much support as they
can get from the community and from the government. Okay,
so we'll put that down. But when it comes to
(28:48):
New Zealand, New Zealand is getting on and becoming a
productive country, who which where people pay their way and
pay taxes and earn more for the country and get.
I think we've become a nation who are waiting for
the government to do something for us. And the more
of us that, metaphorically speaking, can stand our own two feet,
get off our butts and do something productive, the more
(29:10):
of us who can do that, the better. But I
don't think we are that country right now.
Speaker 4 (29:14):
No, No, we're Could you just sort of think before
you say these things? You got the more of a
getting on at two feet, Helen.
Speaker 2 (29:24):
I'm not going to stop using metaphors. Okay, don't take
it personally, but I think you're being ridiculous with that
sort of objection towards me. I think that is utterly rejected. Ridiculous.
Metaphors and parables and expressions exist, and no one should
take that. I mean, it's like if somebody says it's
like the blind leading the blind, and they get someone
calling up and saying, oh, you're having a crack at
(29:46):
blind people. Not that I use that expression necessarily, but
come on, give me a break for goodness sake. If
you're disabled, though, you're welcome to text me to tell
me if you thought that me just saying standing my
own two feet was somehow ablest discriminatory rhetoric, because do
you give me a break please? Okay, Nick, you don't
(30:07):
have to comment on that. I can stand alone to
fit on that one. Sorry, I didn't mean to say
it that way, but it's obviously part of my easily
excessed rhetoric. I'm going to take a break, have a
cup of tea and a lie down. But Helen, you
know I didn't mean any offense by that. It's but
it's all part of the fun of talkback, isn't it.
It's twenty minutes to six News Talks HEB News Talks
(30:28):
hed B. I'm sorry that we actually excluded my guest
from the last conversation while Helen was having a crack
at me. But we're with Nick Crawford. He's from the
private office and managing director. They are a company and
investment advisors who help people who've had windforce. But we
got a little bit off the ball on that one.
I'm allowed to say we got a bit off the
ball on that one. I'd better check. I better run
(30:48):
everything past Helen that I don't use the need to
keep our eyes on the ball now there. I'd be
in trouble with that one, wouldn't I. I did get
some mischievous texts saying that what I was saying was
falling on deaf fas. But anyway, right now, here's some texts.
Will run those past your neck and I'll tell you what.
Nothing like a good argument to pass the time, though,
was it? I could see you sitting there going, oh,
(31:10):
I think I'll keep out of this one. I thought
it was a good safe budget. This person says, but
my mum's a solo pensioner and with the rates, well
this is a thing. Rates, electricity, food, fuel all going up,
so without me helping her, I don't know how other
pensioners are surviving. To be honest, it really does worry me.
Says Mas. Yeah, fair enough. It's interesting that the first
(31:31):
thing that he mentioned in terms of cost was rates,
because that's going to be another few hundred bucks a year,
you know, to.
Speaker 3 (31:40):
Everyone, that's it. And I think that's what it comes
down to the economy. People are worried about how much
things cost. Things are getting more expensive, will be able
to afford them, and that's what they expect the government
to be able to fix. And coming up to an election,
that's what all the parties are going to try and
(32:01):
persuade that the steady hand at the tiller.
Speaker 2 (32:04):
It's interesting that Johnny, in fact, Johnny takes to me saying,
goodness me, sorry, what did I start there? Because it
was my conversation with Johnny there, But interesting that he
you know, he wanted to see certain things of the government,
he needed certain things, but he accepted. I mean, I
thought that was kind of selfless of them actually, because
a lot of people don't get past the fact that
(32:24):
they didn't get what they particularly needed.
Speaker 3 (32:28):
Absolutely, and that for me typifies the New Zealand community.
People recognize that there isn't money for everything, and compromises
need to be made, and what people expect is the
poorest and those people who are disabled, who are in
ill health, and people like hell And who were struggling
(32:49):
that they get they get the help, and it doesn't
go to people who were actually could work or could
do something more, and it taking Bay.
Speaker 2 (32:58):
Well, actually, there's a question that goes beyond just necessarily
the disabled community as well, but it does beg the
question as to whether there needs to be a little
bit more targeted assistance. So for instance, well, yeah, whenever
there's a break for anything, it's like the winter energy payment.
I think that that could be more targeted because that's
based on oh well, actually I'm not sure if it's
(33:21):
based on for pensioners who don't need it, would they
still get it? I think they still do. And you
do wonder sometimes whether there's more in for targeting. But anyway,
we won't have time to dig into that because time
is flying. Tim, I'm high Tim. The country is broke.
I would have been disappointed if there were any sugar hits.
The time to sort this mess out is now, not later,
when it would be more painful. And there's quite a
(33:42):
few messages basically along that time, along that line, and
I think probably, if I'm to judge the texts, that
sort of people feel that, you know, look, it's always
nice if we get a tax break or whatever, but
no one was really no one's disappointed because they didn't
expect it. So maybe I mean, I even saw Matthew Houghton,
who does like to sort of have a crack at
the government from time to time, even said that it
(34:06):
seemed that he thought it was quite a good budget
despite the pressures that are on.
Speaker 3 (34:10):
Yeah, the biggest takeaway I took was that the expect
to return to a budget surplus a year earlier, and
so yeah, I think that budget surplus is the one
that came out and that's something that sounds good. Yeah,
we want to be having more coming in than we're spending.
(34:31):
And that was the main takeaway that I took from
the budget.
Speaker 2 (34:35):
Do investment advisors look for anything particular on a budget
or is it just something where you'd look at it
like any New Zealander. Would you just want to see
what the government's pending on health and things? Or the
financial community is not particularly bothered by it. I mean
they'd been more interested in the cash rate, wouldn't they.
Speaker 3 (34:51):
Yeah, the economists would be interested in the budget. But
investment advisors like myself, Yeah, it's the cash rate. It's
what's happening in terms of confidence, inflation, interest rates.
Speaker 2 (35:02):
Tim. Yes, the grocery bill is ridiculus. Two dollars fifty
for a very small half a cauliflower. I'll tell you what.
To be honest, it sounds like a bargain from what
I've seen. You can take a list, stick to it,
get the specials, buy ingredients that stretch, but it's still
very expensive. I hear so many people saying, no, we
can't buy that that's from Soignya, just feedback on how
(35:27):
they're going and selective austerity, says Johnny. Critics argue the
condescension is hypocritical. While the government used language of extreme
restraint for public funding, it simultaneously introduced multi billion dollar
tax changes did it and corporate landlord concessions did it,
(35:48):
which opponents argue as a scramble that favors the wealthy
of ordinary citizens. I don't think there was anything along
that line. Well, maybe they're looking at the previous budgets.
But anyway, by the way, if you're worried about the
whole landlord thing and tax breaks and stuff, who do
you think the landlords pass that on to for tenants?
So yeah, I don't think that that was don't understand
that issue the way you do. Eleven and a half
(36:11):
minutes to six News Talks a B. I will mention
that I've had quite a few mischievous texts, but a
lot of texts in response to Allan's call. I'll see
if there are any that I can read out that
will not cause offense to either of us. Probably not actually, anyway,
it's eleven minutes to six, Yes News talks there be gosh,
(36:32):
only a few minutes to go with net Crawford. Sorry, Nick,
we haven't really made the most use of your talents
on this hour because we sort of got into a
little bit of political back and forth. But I mean
as a theme, I mean, I don't know how much
you want to get into the politics of things, but
to me, the budget shouldn't be about taxpayers looking for
(36:53):
a sugar hit with a bit of extra money here
and there. It should be about the government focusing on
providing the services that it can best provide as part
of a cohesive society. Is that's my take on it.
I mean you can for your thoughts or not, as
the case might be.
Speaker 3 (37:07):
I actually think that what people expect, you know, third
year of this government they want to or what they
should be thinking, is this government's got a plan, it's
got a strategy of how it's going to deliver on
its on its manifesto promises, and actually at the eleventh
hour giving a sugar hit two to the to the
(37:28):
public just wouldn't wash. So I actually.
Speaker 2 (37:30):
Thinks people would say through it anyway. It's just like,
you know, it might have given me more money, but
stuff you just haven't won my vote anyway.
Speaker 3 (37:38):
Absolutely, I think it would be seen as quite a
naked kind of vote, you know, not a bribe that's
probably a bit too much, but trying to win votes
through a budget giveaway, which which doesn't really suit the
benefits of the best in trusts of the country. Well,
what the government had been saying is that we've got
(37:59):
fiscal responsibility and we're going to make the hard decisions
to get the economy growing or not. And you can
think whether they've achieved that or totally failed in that
depend on where you set but that's what they've said,
So to go back on that I think would have
been a big mistake.
Speaker 2 (38:14):
I think the other thing with politicians is whether or
not you agree with them. The worst thing they can
do is to announce a policy where they're spending money
without really what you might think is a genuine justification
for doing it. And you know, whether or not you
agree with what the decisions of government makes, you understand,
at least from their explanations, why they're doing it. And
(38:34):
I think that's probably why while it was a not
exciting budget, as we've talked about, it's probably a success
from Nicola Willis's point of view, because you know, get
the shouting in Parliament, but in terms of the public
shouting about it, I haven't heard too much about.
Speaker 3 (38:48):
It, I agree, and I don't think. I think it
was as steady as you go budget. That was the
intention of it ahead of time, and whether you're on
the left or the right, then it seems to have
wondered that way.
Speaker 2 (39:01):
We'll do a few more texts. Look, and by the way,
I actually talked to Helen quite frequently on talk back,
and so she's had a crack at me. I defended
him myself, and it's all fears and all's fair in
love and war. Is it a metaphor I can use anyway,
So don't panic too much about it, people, I'll be
talking with Helen again. No doubt the budget, Lee says.
(39:22):
The budget is the most important as it determines the
financial implications going forward, which the OCR responds to. Okay,
you look, so the Reserve Bank probably care about the budget.
In fact, yeah, that's a good point. A look at
the last lot they spent like a drunken salor, this
person says, and the inflation rate shot up, so the
OCR had to respond if we're in surplus or heading
that way, the OCR will drop. Actually that is surprisingly thoughtful.
(39:47):
I don't mean because I'm surprised from Lee, but that's
it's interesting that we care you and I care about
the OCR, becaus got mortgages, the Reserve Bank, care about
the budget. So one does link to the other.
Speaker 3 (40:00):
Yeah, and I don't think is we don't care about
the budget. Well is what has the most impact? And yes,
if we're now in a budget surplus, what we can
start to do is attacked that deficit. And what we
all know is that New Zealand has got a large deficit.
We owe money, and getting into surplus means we can
start to have a crack at that. So I think
(40:22):
it is important that we're living within our means and
try and get our debt down. That's the long term strategy.
Speaker 2 (40:28):
And Jeff writes you one hundred percent right about the
way people look to the government too. Well, I didn't
quite put it this way, but Jeff says to wipe
our butts for us the only you only have to
look at the way these guys responded to the fuel crisis.
Calm old key, old key measured, not sure, old key
is old maybe that's a type of Yet some people
wanted a nanny state overreaction and accuse them of mist
(40:49):
lead in the country. Thanks that's from Jeff and I
had a few positive texts just about Johnny's call and
thought that he sounded like a thoughtful, reasonable person. Anyway, Hey,
look we've run out of time. Time does fly when
you have a little bit of fun on the show.
Thanks for listening, and Sunday it's Sex's Next. Thanks to
Nick Crawford for joining us. Good on your Netwhere do
(41:09):
people see you if they want to catch up with
a private office website?
Speaker 5 (41:13):
Yeah?
Speaker 3 (41:14):
Wwwdprivateoffice dot co dot inzi excellent.
Speaker 2 (41:17):
We'll catch you again. Thanks my producer Isaiah, and we'll
see you next weekend.
Speaker 1 (41:26):
For more from the Weekend Collective, listen live to News
Talks EDB weekends from three pm, or follow the podcast
on iHeartRadio.
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