November 19, 2024 • 5 mins
Talking the big business issues of the week.
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Episode Transcript
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Speaker 1 (00:00):
From the sports field to the shearing shed. It's the
country Sport Breakfast with Brian Kelly on gold Sport.
Speaker 2 (00:07):
You're trying to say, Oh yeah, is business? Is business?
What you're trying to say, You're trying to say, tis.
Speaker 3 (00:24):
Time to catch up with Phil O'Reilly now took a
little bit of business from Iron Duke Partners. He jets
off all around the world for business meetings. And I
think you're in Sydney at the moment.
Speaker 1 (00:40):
Phil, Sydney where I think the weather is quite nice,
you know, I STUDI odd degrees later on today and
not a bad place to be just just catching up
with clients. And Sydney's one of my favorite cities, so
it's not a chore. It's ought to be here, all right.
Speaker 3 (00:52):
Well, we've got a bit of a regulatory theme to
talk about today. Fontira will start with them. They're getting
a bit worried that its share the total pool of
milk process to New Zealand is falling. Should we all
be worried about that?
Speaker 1 (01:06):
Yeah, this is an interesting story because Fonterra, of course,
is a beast of regulation. To your point about regulatory
themes this morning, you know, they set themselves up as saying,
you know, if you regulate to enable us to have
a big share of the milk market, will make it
better for New Zealanders. And I was thinking, I think
a lot a lot of that played out actually, But
you know, now they're worried that competitors might be taking
(01:28):
share off them, and of course their their whole regulatory
being starts to fall over it if that gets to
be too much of an issue, because all of their
capacity to create scale starts to be undermined. But of
course the answer is to offer a better price to
farmers and to and to do better work for them,
because otherwise farmers will leave them to go somewhere else.
So it's a real classic of one of the big
(01:49):
companies starting to get into a little bit of challenge
about milk the share of the milk pool, and it's
starting to play out and all sorts of unnecessary and
rather worry in ways. So I think the answer is
of Fonterra just just to be a better partner of farmers.
I'm not suggesting they're not right now, but farmers are
obviously leaving for a reason, and so they need to
get back and stick to the netting and already show
(02:10):
the value I think to farmers and community so that
they can justify their special place in our regulatory framework.
Speaker 3 (02:17):
All right, we'll go from talking milk to talking fruit
and horticulture employers there are worried that they can't process
approvals for innovative new products into the New Zealand market
fast enough. Now that sounds like a real problem for
New Zealand as well.
Speaker 1 (02:30):
This is a classic of a regulatory agency, in this case,
the Environmental Protection Agency and a few other actors in
that space not getting themselves funded properly to get through
the pace of regulatory approvals that they need. Everybody's concerned
byan aren't they about us importing stuff to New Zealand
that might hurt us, like gorse or possums or stuff
(02:51):
that those are the famous ones. And so it's absolutely right,
I think for the Environmental Protection Agency to say, look,
we want to make sure that when new things are
reduced here that they're not going to hurt our environment.
But of course you can go just too far. You
can make it. You can build up a big wall
that makes it really hard for businesses to do business.
And what the horticulture players are saying is Look, we
(03:13):
understand all that. We understand you need to have the
right regulations in place, but we're just not getting these
approvals through fast enough and as a result, we might
find that we're actually excluded from markets because some of
the chemicals that they're currently using may be excluded from
places like the EU, and they're not too distant futures.
So this is a real issue, and it shows what
happens when you've got a regulator trying to do a
good job, no doubt, but they're not funded properly and
(03:35):
they don't take the right risk approach. To my mind anyway,
that'd be my argument, and as a result, they're making
it they're making it much harder for industry. That needs
to be the case. Yes, we want a safe entry
of these kinds of products and things into a New Zealand,
but we also want to make sure that they're done
in such a way that business can get on and
do business and retain access to market. So it's a
(03:55):
real issue for us.
Speaker 3 (03:56):
I think, yeah, well, it's hope they consult that went
out and I'll bring up the word David Seymour, But
he's proposing some big changes to a regulatory regulatory regime
in New Zealand. I mean, are they necessary where they work?
Speaker 1 (04:08):
Yeah, it's interesting. He's a bit famous at the moment,
of course because of the Beau of the three d
Waitangi stuff. But the stuff he's doing around regulation, I
think is much more likely to get a very solid
support from the business community. When I talk to businesses
about what holds them back, it's usually not all about
tax and a few other bits and pieces, but largest regulation,
it's actually ineffective regulation, poor regulation, outdated regulation, or regulation
(04:32):
that's not well thought through that actually imposes costs on
businesses and communities, by the way, because the official drafting
up that regulation just hasn't thought about proper regulatory principles.
And so what Seam was doing is he's putting a
bill into the Parliament to enable an independent group to
have a look at all that not the courts, but
an independent group, an independent regulatory authority to look at
(04:53):
those kinds of things and run the cutter of good
regulatory practice over existing regulation, so that if you or
I have a problem was regulation, potentially we could complain
to that or raise that issue with that body and
they'd give us an answer on that non binding politically,
but of some interest because it'll expose the usual poor
regulation to public debate and I think that's a very
(05:13):
good thing in New Zealand. So whatever you might think
of the Treaty Principles Bill, I think the business community
would be solidly supportive of David Seymore's later stuff around
regulation because it's the number one issue that holds business
back from competing when it comes to this stuff around
government business interface.
Speaker 3 (05:28):
Totally right there, Phil, Hey, great to catch up. We'll
let you go and deal to the Australian's mate and
we'll talk again next week.
Speaker 1 (05:34):
That's it. Thanks Brian cheers Man, that's fellow
Speaker 3 (05:37):
Riley Business Time, managing director of Iron You
From the sports field to the shearing shed. It's the
country Sport Breakfast with Brian Kelly on gold Sport.
Speaker 2 (00:07):
You're trying to say, Oh yeah, is business? Is business?
What you're trying to say, You're trying to say, tis.
Speaker 3 (00:24):
Time to catch up with Phil O'Reilly now took a
little bit of business from Iron Duke Partners. He jets
off all around the world for business meetings. And I
think you're in Sydney at the moment.
Speaker 1 (00:40):
Phil, Sydney where I think the weather is quite nice,
you know, I STUDI odd degrees later on today and
not a bad place to be just just catching up
with clients. And Sydney's one of my favorite cities, so
it's not a chore. It's ought to be here, all right.
Speaker 3 (00:52):
Well, we've got a bit of a regulatory theme to
talk about today. Fontira will start with them. They're getting
a bit worried that its share the total pool of
milk process to New Zealand is falling. Should we all
be worried about that?
Speaker 1 (01:06):
Yeah, this is an interesting story because Fonterra, of course,
is a beast of regulation. To your point about regulatory
themes this morning, you know, they set themselves up as saying,
you know, if you regulate to enable us to have
a big share of the milk market, will make it
better for New Zealanders. And I was thinking, I think
a lot a lot of that played out actually, But
you know, now they're worried that competitors might be taking
(01:28):
share off them, and of course their their whole regulatory
being starts to fall over it if that gets to
be too much of an issue, because all of their
capacity to create scale starts to be undermined. But of
course the answer is to offer a better price to
farmers and to and to do better work for them,
because otherwise farmers will leave them to go somewhere else.
So it's a real classic of one of the big
(01:49):
companies starting to get into a little bit of challenge
about milk the share of the milk pool, and it's
starting to play out and all sorts of unnecessary and
rather worry in ways. So I think the answer is
of Fonterra just just to be a better partner of farmers.
I'm not suggesting they're not right now, but farmers are
obviously leaving for a reason, and so they need to
get back and stick to the netting and already show
(02:10):
the value I think to farmers and community so that
they can justify their special place in our regulatory framework.
Speaker 3 (02:17):
All right, we'll go from talking milk to talking fruit
and horticulture employers there are worried that they can't process
approvals for innovative new products into the New Zealand market
fast enough. Now that sounds like a real problem for
New Zealand as well.
Speaker 1 (02:30):
This is a classic of a regulatory agency, in this case,
the Environmental Protection Agency and a few other actors in
that space not getting themselves funded properly to get through
the pace of regulatory approvals that they need. Everybody's concerned
byan aren't they about us importing stuff to New Zealand
that might hurt us, like gorse or possums or stuff
(02:51):
that those are the famous ones. And so it's absolutely right,
I think for the Environmental Protection Agency to say, look,
we want to make sure that when new things are
reduced here that they're not going to hurt our environment.
But of course you can go just too far. You
can make it. You can build up a big wall
that makes it really hard for businesses to do business.
And what the horticulture players are saying is Look, we
(03:13):
understand all that. We understand you need to have the
right regulations in place, but we're just not getting these
approvals through fast enough and as a result, we might
find that we're actually excluded from markets because some of
the chemicals that they're currently using may be excluded from
places like the EU, and they're not too distant futures.
So this is a real issue, and it shows what
happens when you've got a regulator trying to do a
good job, no doubt, but they're not funded properly and
(03:35):
they don't take the right risk approach. To my mind anyway,
that'd be my argument, and as a result, they're making
it they're making it much harder for industry. That needs
to be the case. Yes, we want a safe entry
of these kinds of products and things into a New Zealand,
but we also want to make sure that they're done
in such a way that business can get on and
do business and retain access to market. So it's a
(03:55):
real issue for us.
Speaker 3 (03:56):
I think, yeah, well, it's hope they consult that went
out and I'll bring up the word David Seymour, But
he's proposing some big changes to a regulatory regulatory regime
in New Zealand. I mean, are they necessary where they work?
Speaker 1 (04:08):
Yeah, it's interesting. He's a bit famous at the moment,
of course because of the Beau of the three d
Waitangi stuff. But the stuff he's doing around regulation, I
think is much more likely to get a very solid
support from the business community. When I talk to businesses
about what holds them back, it's usually not all about
tax and a few other bits and pieces, but largest regulation,
it's actually ineffective regulation, poor regulation, outdated regulation, or regulation
(04:32):
that's not well thought through that actually imposes costs on
businesses and communities, by the way, because the official drafting
up that regulation just hasn't thought about proper regulatory principles.
And so what Seam was doing is he's putting a
bill into the Parliament to enable an independent group to
have a look at all that not the courts, but
an independent group, an independent regulatory authority to look at
(04:53):
those kinds of things and run the cutter of good
regulatory practice over existing regulation, so that if you or
I have a problem was regulation, potentially we could complain
to that or raise that issue with that body and
they'd give us an answer on that non binding politically,
but of some interest because it'll expose the usual poor
regulation to public debate and I think that's a very
(05:13):
good thing in New Zealand. So whatever you might think
of the Treaty Principles Bill, I think the business community
would be solidly supportive of David Seymore's later stuff around
regulation because it's the number one issue that holds business
back from competing when it comes to this stuff around
government business interface.
Speaker 3 (05:28):
Totally right there, Phil, Hey, great to catch up. We'll
let you go and deal to the Australian's mate and
we'll talk again next week.
Speaker 1 (05:34):
That's it. Thanks Brian cheers Man, that's fellow
Speaker 3 (05:37):
Riley Business Time, managing director of Iron You
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