March 15, 2026 • 7 mins
The Acting Prime Minister (and Act Party leader) says the United States has not asked New Zealand for military support in the Strait of Hormuz.
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Speaker 1 (00:01):
For nine.
Speaker 2 (00:02):
In my dreams, I see Welcome Back to the Country
on Oscar's Day, my heart will go on from Titanic,
one of the greatest, biggest movies of all time. I
don't know if it's the greatest movie of all time.
There is, of course, that iconic scene with Leo Leo
(00:23):
DiCaprio yep, I got it right and Kate Winslet up
the front of the Titanic hugging each other. How do
I segue from that to Winston and David Seymour? David,
how do I do that? Because you two aren't exactly
corporate or political huggers of each other.
Speaker 1 (00:42):
Well, it's I think it's mainly you that wants to
make that transition. I mean, you know it's not normally
your demographic, but are trying to transition.
Speaker 2 (00:52):
No, no, no, it's not. Okay, We're accepting you, you
and Winston because I'm going to get onto Iran. It's
such a serious topic. But the other big story of
the day is, of course Miles Horrlus sudden resignation. A
lot of us in the industry didn't see it coming,
but Winston's already put the boot in, saying basically he
said Miles would resign as soon as he got his
(01:12):
bonuses for selling off the consumer brands. I take it
you have a different angle.
Speaker 1 (01:18):
Well, you can't argue with results. I think most people
I talk to are pretty pleased with the way that
FONTR has been run. Ninety percent of farmers voted for
the sale, and you look at the price at the gate,
you know, it's been pretty solid. Obviously that's not entirely
controlled by Fonterra, but it does require them to go
(01:38):
out and hustle globally. They seem to have run the
thing pretty well. So then I sort of look at
you know, does New Zealand benefit from having politicians, you know,
beating down every door. Well maybe if they provide an
alternative that is constructive. But then I say, well, what's
actually the alternative here? I mean, you know, the guy
(02:01):
is a free citizen and he's done the job for
eight years. He's done pretty well. He's offering to stick
around for six months, which I think is always a
good sign that he's going on good terms. So I
would say, good on Miles Hurrell. He's done a good job,
and let's try a bit more supporting each other in
New Zealand because it's only five million of us and
I don't know if we've got enough enemies to continually
(02:23):
beat up on him.
Speaker 2 (02:23):
Well, exactly, we need more Miles Hurrales in this country.
You're hearing anything about going to run New Zealand rugby.
Imagine a bloke with Miles Hurrell's logistical, common sense and
organization of a super huge company. I reckon he could
tidy up New Zealand rugby in a Fortnite.
Speaker 1 (02:40):
Well, it is just a logistical exercise. We're just trying
to get the ball over the line and down on
the ground. So given some of the challenges that the
All Blacks have had doing that in recent games, maybe
he's just what we need.
Speaker 2 (02:54):
Let's address the other urgent issue of the day, and
I know that Finance Minister Nikola Willis will hold a
one press conference to update New Zealanders on the government's
response to the economic turmoil spilling out of the conflict
in the Middle East. I'm obviously reading that you have
come out this morning and said the United States has
not asked New Zealand for military support in the strait
(03:16):
of her moves. We haven't got anything we could send
anyhow have we.
Speaker 1 (03:21):
I think that's a little unfair. It's certainly true that
New Zealand is under invested, probably about twenty years since
Allan Clark said, oh, we live in a benign strategic environment,
got rid of the combat wing of the Air Force,
and we've got the same old ships that we had
then for the most part. However, that doesn't take away
(03:42):
from the people in the New Zealand Defense Force, the
first class. A lot of them are respected for what
they do by their peers around the world, and I
wouldn't be surprised if we did get a request and
fulfilled it. We've got the capability to do so, but
all of that would have to go before the Cabinet.
We'd have to weigh it up, and at this point
(04:03):
it's all hypothetical because we don't have a response anyway.
But I wouldn't run down the people in the NZDF.
In the meantime, what.
Speaker 2 (04:09):
Is Nikola Willis going to say this afternoon at one
pm regarding the petrol or fuel supplies.
Speaker 1 (04:16):
Well, I expect that she'll give an update on the
amount of reserves that we have. I expect she'll make
the point that we actually are in a pretty good
position right now, depending on whether it is jet fuel,
diesel or petrol. We have about fifty days of supply,
and in the context of this war, fifty days is
(04:37):
a lifetime. There are things that could happen that would
be worse in the future, and we are actively working
on that in several ways. New Zealand has its diplomats
building connections on this issue with our traditional friends including
Australia and Singapore, but also the likes of the South Koreans,
(04:58):
Japanese and Americans. We're at the table talking to people
constantly about what plays out if there's a problem or
if the problem deepens. Rather, we're also looking at contingencies
for what could happen. But at this point, the sixty
four thousand dollars question is when will the straight or
(05:18):
foremost reopen. Nearly everybody has an incentive to let that happen,
so it's just a matter of time, I would say,
But we're preparing for every scenario. We're also looking at fertilizer,
it's obviously a big issue. We're also looking at plastic
because a huge amount of New Zealand's produce actually goes
offshore and plastic and keeping a supply of that's important.
Speaker 2 (05:41):
And I think just finally I heard you quoted on
news talks there'd be a week bit earlier about your
thoughts on GDP numbers, which I think what come out
this week for the last quarter of is that right?
The last quarter of twenty twenty five.
Speaker 1 (05:53):
I think that that is right. On Thursday, we'll seek
the same quarter.
Speaker 2 (05:58):
So obviously this was not going to affect that. But
I mean, you've painted some scenarios on what could possibly
happen with GDT a GDP, should I say, and inflation
because we were just battling to get inflation under three
percent per anum.
Speaker 1 (06:15):
Yeah. Well, I was asked about forecasts that Westpac Bank
have made. They're saying that inflation could get up into
the mid threes and that economic growth, which they had
forecast for this year at three point three, might be
only two point eight. I just made two comments about
that number. One, if you told me that economic growth
(06:35):
this year was going to be two point eight after inflation,
I'd be pretty happy with that, And I wouldn't worry
so much that someone had previously forecasts three point three.
Two point eight would be a good number for us anyway,
so far as inflation goes, the question there is okay,
where is it now about three point one? Where will
(06:57):
it go? Probably higher because energy costs will rise. But
will that lead to the Reserve Bank raising interest rates? Well,
you know traditionally that's what happens when inflation rises. I'm
sure that they will be put keeping in mind that
there will also be a lot of pressure on household
spending because of higher energy prices, and that's disinflationary. So
(07:20):
they'll have to weigh up two things that may not
necessarily lead to any interest rate rises.
Speaker 2 (07:26):
I can hear Celine Dion in the background and David, well, no, no, no,
I know, and I just do I need to apologize
for the comparison with you and Winston at the front
of the Titanic. Not that I'm suggesting the Coalition government
has any comparisons or parallels to the Titanic, David, but
you know it was only in good humor.
Speaker 1 (07:46):
Of everyone in New Zealand Radio. You have the weirdness fuses.
Speaker 2 (07:51):
I'm not sure whether that's a compliment or an insult.
See see
For nine.
Speaker 2 (00:02):
In my dreams, I see Welcome Back to the Country
on Oscar's Day, my heart will go on from Titanic,
one of the greatest, biggest movies of all time. I
don't know if it's the greatest movie of all time.
There is, of course, that iconic scene with Leo Leo
(00:23):
DiCaprio yep, I got it right and Kate Winslet up
the front of the Titanic hugging each other. How do
I segue from that to Winston and David Seymour? David,
how do I do that? Because you two aren't exactly
corporate or political huggers of each other.
Speaker 1 (00:42):
Well, it's I think it's mainly you that wants to
make that transition. I mean, you know it's not normally
your demographic, but are trying to transition.
Speaker 2 (00:52):
No, no, no, it's not. Okay, We're accepting you, you
and Winston because I'm going to get onto Iran. It's
such a serious topic. But the other big story of
the day is, of course Miles Horrlus sudden resignation. A
lot of us in the industry didn't see it coming,
but Winston's already put the boot in, saying basically he
said Miles would resign as soon as he got his
(01:12):
bonuses for selling off the consumer brands. I take it
you have a different angle.
Speaker 1 (01:18):
Well, you can't argue with results. I think most people
I talk to are pretty pleased with the way that
FONTR has been run. Ninety percent of farmers voted for
the sale, and you look at the price at the gate,
you know, it's been pretty solid. Obviously that's not entirely
controlled by Fonterra, but it does require them to go
(01:38):
out and hustle globally. They seem to have run the
thing pretty well. So then I sort of look at
you know, does New Zealand benefit from having politicians, you know,
beating down every door. Well maybe if they provide an
alternative that is constructive. But then I say, well, what's
actually the alternative here? I mean, you know, the guy
(02:01):
is a free citizen and he's done the job for
eight years. He's done pretty well. He's offering to stick
around for six months, which I think is always a
good sign that he's going on good terms. So I
would say, good on Miles Hurrell. He's done a good job,
and let's try a bit more supporting each other in
New Zealand because it's only five million of us and
I don't know if we've got enough enemies to continually
(02:23):
beat up on him.
Speaker 2 (02:23):
Well, exactly, we need more Miles Hurrales in this country.
You're hearing anything about going to run New Zealand rugby.
Imagine a bloke with Miles Hurrell's logistical, common sense and
organization of a super huge company. I reckon he could
tidy up New Zealand rugby in a Fortnite.
Speaker 1 (02:40):
Well, it is just a logistical exercise. We're just trying
to get the ball over the line and down on
the ground. So given some of the challenges that the
All Blacks have had doing that in recent games, maybe
he's just what we need.
Speaker 2 (02:54):
Let's address the other urgent issue of the day, and
I know that Finance Minister Nikola Willis will hold a
one press conference to update New Zealanders on the government's
response to the economic turmoil spilling out of the conflict
in the Middle East. I'm obviously reading that you have
come out this morning and said the United States has
not asked New Zealand for military support in the strait
(03:16):
of her moves. We haven't got anything we could send
anyhow have we.
Speaker 1 (03:21):
I think that's a little unfair. It's certainly true that
New Zealand is under invested, probably about twenty years since
Allan Clark said, oh, we live in a benign strategic environment,
got rid of the combat wing of the Air Force,
and we've got the same old ships that we had
then for the most part. However, that doesn't take away
(03:42):
from the people in the New Zealand Defense Force, the
first class. A lot of them are respected for what
they do by their peers around the world, and I
wouldn't be surprised if we did get a request and
fulfilled it. We've got the capability to do so, but
all of that would have to go before the Cabinet.
We'd have to weigh it up, and at this point
(04:03):
it's all hypothetical because we don't have a response anyway.
But I wouldn't run down the people in the NZDF.
In the meantime, what.
Speaker 2 (04:09):
Is Nikola Willis going to say this afternoon at one
pm regarding the petrol or fuel supplies.
Speaker 1 (04:16):
Well, I expect that she'll give an update on the
amount of reserves that we have. I expect she'll make
the point that we actually are in a pretty good
position right now, depending on whether it is jet fuel,
diesel or petrol. We have about fifty days of supply,
and in the context of this war, fifty days is
(04:37):
a lifetime. There are things that could happen that would
be worse in the future, and we are actively working
on that in several ways. New Zealand has its diplomats
building connections on this issue with our traditional friends including
Australia and Singapore, but also the likes of the South Koreans,
(04:58):
Japanese and Americans. We're at the table talking to people
constantly about what plays out if there's a problem or
if the problem deepens. Rather, we're also looking at contingencies
for what could happen. But at this point, the sixty
four thousand dollars question is when will the straight or
(05:18):
foremost reopen. Nearly everybody has an incentive to let that happen,
so it's just a matter of time, I would say,
But we're preparing for every scenario. We're also looking at fertilizer,
it's obviously a big issue. We're also looking at plastic
because a huge amount of New Zealand's produce actually goes
offshore and plastic and keeping a supply of that's important.
Speaker 2 (05:41):
And I think just finally I heard you quoted on
news talks there'd be a week bit earlier about your
thoughts on GDP numbers, which I think what come out
this week for the last quarter of is that right?
The last quarter of twenty twenty five.
Speaker 1 (05:53):
I think that that is right. On Thursday, we'll seek
the same quarter.
Speaker 2 (05:58):
So obviously this was not going to affect that. But
I mean, you've painted some scenarios on what could possibly
happen with GDT a GDP, should I say, and inflation
because we were just battling to get inflation under three
percent per anum.
Speaker 1 (06:15):
Yeah. Well, I was asked about forecasts that Westpac Bank
have made. They're saying that inflation could get up into
the mid threes and that economic growth, which they had
forecast for this year at three point three, might be
only two point eight. I just made two comments about
that number. One, if you told me that economic growth
(06:35):
this year was going to be two point eight after inflation,
I'd be pretty happy with that, And I wouldn't worry
so much that someone had previously forecasts three point three.
Two point eight would be a good number for us anyway,
so far as inflation goes, the question there is okay,
where is it now about three point one? Where will
(06:57):
it go? Probably higher because energy costs will rise. But
will that lead to the Reserve Bank raising interest rates? Well,
you know traditionally that's what happens when inflation rises. I'm
sure that they will be put keeping in mind that
there will also be a lot of pressure on household
spending because of higher energy prices, and that's disinflationary. So
(07:20):
they'll have to weigh up two things that may not
necessarily lead to any interest rate rises.
Speaker 2 (07:26):
I can hear Celine Dion in the background and David, well, no, no, no,
I know, and I just do I need to apologize
for the comparison with you and Winston at the front
of the Titanic. Not that I'm suggesting the Coalition government
has any comparisons or parallels to the Titanic, David, but
you know it was only in good humor.
Speaker 1 (07:46):
Of everyone in New Zealand Radio. You have the weirdness fuses.
Speaker 2 (07:51):
I'm not sure whether that's a compliment or an insult.
See see
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