March 24, 2025 • 11 mins
THE BEST BITS IN A SILLIER PACKAGE (from Tuesday's Mike Hosking Breakfast) Doomed Forever/At Least the Banks Are Doing Alright/It's Whacky Cabinet Time Again/Can't Care About Football/Whose Mevo Meat Is This?
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Episode Transcript
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Speaker 1 (00:09):
You're listening to a podcast from News Talk SAIDB. Follow
this and our wide range of podcasts now on iHeartRadio Rewrap.
Speaker 2 (00:25):
Okay there, welcome to the Rewrap for Tuesday, all the
best bits from the Mike Costing breakfast on News Talk,
Said Beat in a sillier package, I am Glen Harn Today.
Have we got competition between the banks or not? They
seem to be making an awful amount of money. The
Trump Cabinet sat down around the table again today, so
(00:48):
we'll have a little sample of that for you at.
Speaker 3 (00:53):
Meeting of some of our greatest minds. And we're through
to the World Cup again for the third time. Oh
and have you caught a mevo? What's it like? But
before any of that, the national debt it's pretty dirty.
Speaker 4 (01:09):
So June twenty twenty six, right, June twenty twenty six,
not far off. In fact, it's next year, and next
year's election year. Of course, by that time, it has
been reported this week the interest the interest bill on
our national debt will be eleven billion dollars. You see
how this works. Not long ago I was sitting here
on this program, the warnings were being issued that it
might reach ten billion, ten and at the time it
was pointed out that that ten is about two lots
(01:30):
of the police budget, two times the police just an interest.
Once we pay the ten billion, our debt doesn't diminish.
It's exactly the same. We've gone nowhere. We've just kept
the wolf from the debt door for another twelve months.
Well the ten has now gone. We're heading towards eleven,
two lots of police and another billion dollars on top.
Why because, as the Finance Minister is pointing out and
keeps warning, she is doing this, by the way, because
(01:52):
it's budget's getting closer. But as she keeps warning, the
cost of borrowing is going up. Why because we're a
greater risk. Risky people who want money have to pay
a higher price. It's why credit card debt is more
expensive than mortgage money. The government sells bonds, they ask
for money in return, and they will give you interest
for you to give them that money. You want a
decent return, don't you, Yes, you do. Last time they
put out ten year bonds. The other week they were
(02:13):
paying four point six two percent big interest bill on
billions and billions of debt. Remembering also that they're adding
to that debt each and every year until they reach
an annual surplus, and even if they reach an annual surplus,
which they aren't, they're not going to for years. All
you've achieved is not adding to the pile of debt.
Even if you add not one more dollar to that debt,
(02:33):
the debt doesn't shrink. It demands another eleven billion dollars
from you to pay the interest bill. The mistake that
is so often made as we look at other countries
and go, oh, look at their debt. It's more than ours,
either in dollar terms or a percentage of GDP. What
isn't pointed out is how small, and how vulnerable and
how unable we are to grow our way out of
this particular problem. We owe a lot, and ratings agencies,
(02:53):
although not alarmed, are these days alert to the problem.
This government will left with a shedload of debt from
an economically criminal previous government, and that bill is now
sitting about to hit by June of next year eleven
billion dollars a year, or if you want to put
an other way, over thirty million dollars a day every
day forever.
Speaker 2 (03:15):
The thing that I've never quite got to the bottom
of I have asked people exactly who it is that
we owe them money to, because everybody all the country
seem to be in debt.
Speaker 3 (03:28):
They all seem to run a national debt, and I
just don't quite understand who it is that they're paying
it back to it the rewrap because it's not.
Speaker 2 (03:36):
You know, they didn't take out alone with A and
Z or B and Z or any of those, did they?
Speaker 3 (03:42):
And that would certainly explain their huge profits.
Speaker 4 (03:44):
I suppose tell you what, I find myself conflicted again
over the banks. Now the governments after the banks, as
I'm sure you're well aware, the banks keep turning up
at select committees and going what us what. There's a
lack of competition apparently, except is there twenty thousand dollars
twenty thousand dollars they're handing out at the moment. If
you go borrow money from them twenty thousand dollars, why
so you leave your current bank and shift teams. That's
(04:07):
called competent. The twenty k, by the way, is up
to and has generally worked as a percentage of what
you borrow. You would need to borrow a lot to
get the twenty thousand dollars. Then last week we were
told that the churn is now high. People are moving,
they are hustling, they're going to where the deals are.
The days of complacency apparently are over. Then we come
to the interest rates. The smaller players, the Kiwi banks,
(04:27):
the sbss are leading the market on specific rates. One
of the smaller banks was the one that offered you
the mortgage money below five percent led the market with it,
threw down the gauntlet. So is that competition, which is
not to say we wouldn't like more competition, But this
is a country of five million people, for goodness sake,
not twenty seven million like Australia. The margins I often
go on about that are higher here than they are
(04:48):
in Australia, but they argue that's because of the Reserve
Bank and their compliance costs. Well, easy fix ole to thought,
appoint the right governor of the Central Bank and let
Nichola Willis loose on the rules, set them the way
you want, and that should be that. Shouldn't it get
rid of the ore anchor around compliance costs and margins,
so that should all balance up, shouldn't it or will
they see as my suspicion right that the truth is
(05:09):
in fact banks are fantastically profitable here because despite what
I've just argued, there isn't enough tune, there aren't enough
small players, and twenty grand doesn't really move the market.
My trouble is I can't actually work that out. So
I'm a bit perplexed. At the moment. It looks to
me like a half decent market, not perfect, but half decent.
The Commerce Commission doesn't agree, and neither do the government.
So the big question, I suppose is what are they
(05:31):
actually going to do about it? Not talk, not threatened,
not announcements. If they are right and I am wrong,
what are they actually going to do about it?
Speaker 2 (05:39):
And when they're right and Mike's wrong, I'm going to
need to reset my reality. I can't have Mike being
wrong about things. I mean, I wouldn't know what to
think if I couldn't use Mike's ideas the said of
my own.
Speaker 3 (05:57):
I don't want to have to come up with any
of my own. I can't be bothered rep right.
Speaker 2 (06:02):
Every morning I come into work and I vow and
declear that I'm not going to play any Trump audio today, But.
Speaker 3 (06:10):
He just keeps saying stuff.
Speaker 4 (06:11):
So another cabinet meeting will get to the potential tariffs
for this country in just a couple of moments. But
another potential cabinet meeting underway. Yesk mussas there and I'll
get to him in a moment. But Trump's will bullish
on the tariffs. This morning, you.
Speaker 5 (06:23):
Gave billions of dollars to companies that already have many
billions of dollars that just they said, thank you very much.
It was no incentive for them to use it. But
what is good is the tariffs will make it so
that they want to come back. That's why they're coming back.
I think they're coming back because of the election that
took place on November fifth, and because of the fact
(06:43):
that they have to come back because the tariffs are
forcing them to come back.
Speaker 4 (06:47):
He also announced this morning that anyone who does business
with Venezuela is going to face the twenty five percent
tariff because Venezuela has been exporting people, criminals, people from
mental asylums into America. There's no proof of any of that,
of course, but nevertheless those a teriffs will apply. I
think of as of April second, which is Liberation Day,
but Liberation Day is not liberation Day because most of
(07:08):
the those tariffs. It is being reported this morning, you're
going to be walked back and changed in any way,
So the whole things are clustered anyway, what's Musk doing there?
Speaker 2 (07:13):
The third case Approard was with the Small Business Administration
where they were handing out loans at three hundred and
thirty million dollars worth of loans to people under the
edge of eleven. I think the youngest, Kelly was a.
Speaker 3 (07:24):
Nine month year old who got one hundred dozen allder.
That's a very precocious be that you were talking about.
Speaker 4 (07:29):
Here, As Richard Arnold suggested yesterday, that's probably not true,
but they won't stop them.
Speaker 2 (07:39):
Yes, Richard Arnold, our American correspondents told us yesterday about
the Social Security.
Speaker 3 (07:46):
Payments that we're going in asked to children.
Speaker 2 (07:52):
That were stopped because obviously children shudn't be paid Social
Security unless they have been orphaned and the appearance can
now not support them because they are absolutely deep. Anyway,
it turns out there are things can sometimes it'll be
(08:13):
a little.
Speaker 3 (08:13):
Bit more complicated than when first reading the rewrap.
Speaker 2 (08:20):
Nothing complicated about the way New Zealand has qualified for
the World Cup.
Speaker 3 (08:26):
Bang bang goal goal goal, goal, goal, and away we go.
But does anybody really care?
Speaker 4 (08:32):
Mike, you're a hypocrite. Not that I support football, but
how can you criticize the all rights when you wax
lyrical about the Warriors. Well I can wax lyrical about
the Warriors because we've been to the final twice. And
yes we have poor years, but we've been to the
final twice. If you can cite me the particular tournament
at the World Cup we went to the final, then
go for it. But you know that's what I'm talking about.
Go get excited about if you want to get it
(08:53):
excited about football, and we'll talk about it in a moment.
Britaan't go for it, but we seem to get excited.
We seem to give ourselves in a completely different criteria
when it comes to the World Cup, because the World
Cup's the biggest thing in the sport world and the
fact that we just get to turn up seems to
put us into this fizz.
Speaker 2 (09:11):
Yeah, Mike, strangely dismissive of the twenty five thousand people
who turned up at Eden Park last night to watch
the All Whites qualify. I pointed out that that's the
same number of people that turn up for the Warriors,
and that's not on a Monday night because they don't
have Monday night games and n URL anymore.
Speaker 3 (09:32):
They used to. But why did they stop them? Oh yes,
that's right, because nobody went anyway. Facts.
Speaker 2 (09:40):
Eh So Inconfedia the re wrap. The Husk might have
been in a bit of a random mood today because.
Speaker 3 (09:48):
Out of the blue we got this right.
Speaker 4 (09:49):
I'm in town yesterday. It's Monday really a thing in Glendon?
Is Monday a thing anymore? I mean everyone's working from home,
if we're working at all. And when Luke Holmbs and
Coldplay and Taylor Swizz come to the country and they're
a concert on a Wednesday, going, oh would it go
on if it wasn't for a Wednesday, it's no longer
a thing days Anyway. I'm in town yesterday for a
(10:10):
meeting and I want to pass these Mevo cars and
if you don't know, Miva around the rest of the country,
they're sort of subscription cars and they sit on the
street and you through an app, you grab it for
an hour and drive it around town and park it
somewhere else. Anyway, suddenly occurs to me they're all filthy now,
not just miba. I'm not picking on Mevo. Any car
that sits in a city outside for days on it
(10:31):
is filthy. And what about inside? When you pay money
for a car, what if the pig before you spilt
coffee on it left chewing gum under the seat? In
the place is a mess. It's all dusty and dirty
and yuck, and you paid good money. I don't know
that they are. I'm just wondering. As I wanted to
pass the Meva, I thought, why am I paying money
for a dirty, filthy car? Do I care? Maybe I
don't care? But do they ever clean them? When do
(10:51):
they get washed? Who comes by and washes them? Who
picks them up? Who cleans them? What's the understanding you
have as a hier that it will be in good
fit state?
Speaker 2 (11:00):
So, like I say, pretty random. And then it turns
out because producer Sam was talking to our Prime Minister
for putting him to were this morning and they got
to talking about Mevo, turns out the PM takes them
all the time. And what's more, he once left a
parcel of meat that he had won or had been
(11:21):
gifted or something on the back seat of the Mevo,
and then it wasn't until he had locked it up
and was walking away having finished his me though ride
did he realized that there was still some meat sitting there,
so the next person to hire it would have been
confronted with the PM's meat. And who knows how long
it was that the next day, later that night, a
(11:44):
month later.
Speaker 3 (11:47):
I don't want to think about it. Let's end the podcast.
Speaker 1 (11:57):
For more from News talks'd be listen live on air
or online and keep our shows with you wherever you
go with our podcasts on iHeartRadio
You're listening to a podcast from News Talk SAIDB. Follow
this and our wide range of podcasts now on iHeartRadio Rewrap.
Speaker 2 (00:25):
Okay there, welcome to the Rewrap for Tuesday, all the
best bits from the Mike Costing breakfast on News Talk,
Said Beat in a sillier package, I am Glen Harn Today.
Have we got competition between the banks or not? They
seem to be making an awful amount of money. The
Trump Cabinet sat down around the table again today, so
(00:48):
we'll have a little sample of that for you at.
Speaker 3 (00:53):
Meeting of some of our greatest minds. And we're through
to the World Cup again for the third time. Oh
and have you caught a mevo? What's it like? But
before any of that, the national debt it's pretty dirty.
Speaker 4 (01:09):
So June twenty twenty six, right, June twenty twenty six,
not far off. In fact, it's next year, and next
year's election year. Of course, by that time, it has
been reported this week the interest the interest bill on
our national debt will be eleven billion dollars. You see
how this works. Not long ago I was sitting here
on this program, the warnings were being issued that it
might reach ten billion, ten and at the time it
was pointed out that that ten is about two lots
(01:30):
of the police budget, two times the police just an interest.
Once we pay the ten billion, our debt doesn't diminish.
It's exactly the same. We've gone nowhere. We've just kept
the wolf from the debt door for another twelve months.
Well the ten has now gone. We're heading towards eleven,
two lots of police and another billion dollars on top.
Why because, as the Finance Minister is pointing out and
keeps warning, she is doing this, by the way, because
(01:52):
it's budget's getting closer. But as she keeps warning, the
cost of borrowing is going up. Why because we're a
greater risk. Risky people who want money have to pay
a higher price. It's why credit card debt is more
expensive than mortgage money. The government sells bonds, they ask
for money in return, and they will give you interest
for you to give them that money. You want a
decent return, don't you, Yes, you do. Last time they
put out ten year bonds. The other week they were
(02:13):
paying four point six two percent big interest bill on
billions and billions of debt. Remembering also that they're adding
to that debt each and every year until they reach
an annual surplus, and even if they reach an annual surplus,
which they aren't, they're not going to for years. All
you've achieved is not adding to the pile of debt.
Even if you add not one more dollar to that debt,
(02:33):
the debt doesn't shrink. It demands another eleven billion dollars
from you to pay the interest bill. The mistake that
is so often made as we look at other countries
and go, oh, look at their debt. It's more than ours,
either in dollar terms or a percentage of GDP. What
isn't pointed out is how small, and how vulnerable and
how unable we are to grow our way out of
this particular problem. We owe a lot, and ratings agencies,
(02:53):
although not alarmed, are these days alert to the problem.
This government will left with a shedload of debt from
an economically criminal previous government, and that bill is now
sitting about to hit by June of next year eleven
billion dollars a year, or if you want to put
an other way, over thirty million dollars a day every
day forever.
Speaker 2 (03:15):
The thing that I've never quite got to the bottom
of I have asked people exactly who it is that
we owe them money to, because everybody all the country
seem to be in debt.
Speaker 3 (03:28):
They all seem to run a national debt, and I
just don't quite understand who it is that they're paying
it back to it the rewrap because it's not.
Speaker 2 (03:36):
You know, they didn't take out alone with A and
Z or B and Z or any of those, did they?
Speaker 3 (03:42):
And that would certainly explain their huge profits.
Speaker 4 (03:44):
I suppose tell you what, I find myself conflicted again
over the banks. Now the governments after the banks, as
I'm sure you're well aware, the banks keep turning up
at select committees and going what us what. There's a
lack of competition apparently, except is there twenty thousand dollars
twenty thousand dollars they're handing out at the moment. If
you go borrow money from them twenty thousand dollars, why
so you leave your current bank and shift teams. That's
(04:07):
called competent. The twenty k, by the way, is up
to and has generally worked as a percentage of what
you borrow. You would need to borrow a lot to
get the twenty thousand dollars. Then last week we were
told that the churn is now high. People are moving,
they are hustling, they're going to where the deals are.
The days of complacency apparently are over. Then we come
to the interest rates. The smaller players, the Kiwi banks,
(04:27):
the sbss are leading the market on specific rates. One
of the smaller banks was the one that offered you
the mortgage money below five percent led the market with it,
threw down the gauntlet. So is that competition, which is
not to say we wouldn't like more competition, But this
is a country of five million people, for goodness sake,
not twenty seven million like Australia. The margins I often
go on about that are higher here than they are
(04:48):
in Australia, but they argue that's because of the Reserve
Bank and their compliance costs. Well, easy fix ole to thought,
appoint the right governor of the Central Bank and let
Nichola Willis loose on the rules, set them the way
you want, and that should be that. Shouldn't it get
rid of the ore anchor around compliance costs and margins,
so that should all balance up, shouldn't it or will
they see as my suspicion right that the truth is
(05:09):
in fact banks are fantastically profitable here because despite what
I've just argued, there isn't enough tune, there aren't enough
small players, and twenty grand doesn't really move the market.
My trouble is I can't actually work that out. So
I'm a bit perplexed. At the moment. It looks to
me like a half decent market, not perfect, but half decent.
The Commerce Commission doesn't agree, and neither do the government.
So the big question, I suppose is what are they
(05:31):
actually going to do about it? Not talk, not threatened,
not announcements. If they are right and I am wrong,
what are they actually going to do about it?
Speaker 2 (05:39):
And when they're right and Mike's wrong, I'm going to
need to reset my reality. I can't have Mike being
wrong about things. I mean, I wouldn't know what to
think if I couldn't use Mike's ideas the said of
my own.
Speaker 3 (05:57):
I don't want to have to come up with any
of my own. I can't be bothered rep right.
Speaker 2 (06:02):
Every morning I come into work and I vow and
declear that I'm not going to play any Trump audio today, But.
Speaker 3 (06:10):
He just keeps saying stuff.
Speaker 4 (06:11):
So another cabinet meeting will get to the potential tariffs
for this country in just a couple of moments. But
another potential cabinet meeting underway. Yesk mussas there and I'll
get to him in a moment. But Trump's will bullish
on the tariffs. This morning, you.
Speaker 5 (06:23):
Gave billions of dollars to companies that already have many
billions of dollars that just they said, thank you very much.
It was no incentive for them to use it. But
what is good is the tariffs will make it so
that they want to come back. That's why they're coming back.
I think they're coming back because of the election that
took place on November fifth, and because of the fact
(06:43):
that they have to come back because the tariffs are
forcing them to come back.
Speaker 4 (06:47):
He also announced this morning that anyone who does business
with Venezuela is going to face the twenty five percent
tariff because Venezuela has been exporting people, criminals, people from
mental asylums into America. There's no proof of any of that,
of course, but nevertheless those a teriffs will apply. I
think of as of April second, which is Liberation Day,
but Liberation Day is not liberation Day because most of
(07:08):
the those tariffs. It is being reported this morning, you're
going to be walked back and changed in any way,
So the whole things are clustered anyway, what's Musk doing there?
Speaker 2 (07:13):
The third case Approard was with the Small Business Administration
where they were handing out loans at three hundred and
thirty million dollars worth of loans to people under the
edge of eleven. I think the youngest, Kelly was a.
Speaker 3 (07:24):
Nine month year old who got one hundred dozen allder.
That's a very precocious be that you were talking about.
Speaker 4 (07:29):
Here, As Richard Arnold suggested yesterday, that's probably not true,
but they won't stop them.
Speaker 2 (07:39):
Yes, Richard Arnold, our American correspondents told us yesterday about
the Social Security.
Speaker 3 (07:46):
Payments that we're going in asked to children.
Speaker 2 (07:52):
That were stopped because obviously children shudn't be paid Social
Security unless they have been orphaned and the appearance can
now not support them because they are absolutely deep. Anyway,
it turns out there are things can sometimes it'll be
(08:13):
a little.
Speaker 3 (08:13):
Bit more complicated than when first reading the rewrap.
Speaker 2 (08:20):
Nothing complicated about the way New Zealand has qualified for
the World Cup.
Speaker 3 (08:26):
Bang bang goal goal goal, goal, goal, and away we go.
But does anybody really care?
Speaker 4 (08:32):
Mike, you're a hypocrite. Not that I support football, but
how can you criticize the all rights when you wax
lyrical about the Warriors. Well I can wax lyrical about
the Warriors because we've been to the final twice. And
yes we have poor years, but we've been to the
final twice. If you can cite me the particular tournament
at the World Cup we went to the final, then
go for it. But you know that's what I'm talking about.
Go get excited about if you want to get it
(08:53):
excited about football, and we'll talk about it in a moment.
Britaan't go for it, but we seem to get excited.
We seem to give ourselves in a completely different criteria
when it comes to the World Cup, because the World
Cup's the biggest thing in the sport world and the
fact that we just get to turn up seems to
put us into this fizz.
Speaker 2 (09:11):
Yeah, Mike, strangely dismissive of the twenty five thousand people
who turned up at Eden Park last night to watch
the All Whites qualify. I pointed out that that's the
same number of people that turn up for the Warriors,
and that's not on a Monday night because they don't
have Monday night games and n URL anymore.
Speaker 3 (09:32):
They used to. But why did they stop them? Oh yes,
that's right, because nobody went anyway. Facts.
Speaker 2 (09:40):
Eh So Inconfedia the re wrap. The Husk might have
been in a bit of a random mood today because.
Speaker 3 (09:48):
Out of the blue we got this right.
Speaker 4 (09:49):
I'm in town yesterday. It's Monday really a thing in Glendon?
Is Monday a thing anymore? I mean everyone's working from home,
if we're working at all. And when Luke Holmbs and
Coldplay and Taylor Swizz come to the country and they're
a concert on a Wednesday, going, oh would it go
on if it wasn't for a Wednesday, it's no longer
a thing days Anyway. I'm in town yesterday for a
(10:10):
meeting and I want to pass these Mevo cars and
if you don't know, Miva around the rest of the country,
they're sort of subscription cars and they sit on the
street and you through an app, you grab it for
an hour and drive it around town and park it
somewhere else. Anyway, suddenly occurs to me they're all filthy now,
not just miba. I'm not picking on Mevo. Any car
that sits in a city outside for days on it
(10:31):
is filthy. And what about inside? When you pay money
for a car, what if the pig before you spilt
coffee on it left chewing gum under the seat? In
the place is a mess. It's all dusty and dirty
and yuck, and you paid good money. I don't know
that they are. I'm just wondering. As I wanted to
pass the Meva, I thought, why am I paying money
for a dirty, filthy car? Do I care? Maybe I
don't care? But do they ever clean them? When do
(10:51):
they get washed? Who comes by and washes them? Who
picks them up? Who cleans them? What's the understanding you
have as a hier that it will be in good
fit state?
Speaker 2 (11:00):
So, like I say, pretty random. And then it turns
out because producer Sam was talking to our Prime Minister
for putting him to were this morning and they got
to talking about Mevo, turns out the PM takes them
all the time. And what's more, he once left a
parcel of meat that he had won or had been
(11:21):
gifted or something on the back seat of the Mevo,
and then it wasn't until he had locked it up
and was walking away having finished his me though ride
did he realized that there was still some meat sitting there,
so the next person to hire it would have been
confronted with the PM's meat. And who knows how long
it was that the next day, later that night, a
(11:44):
month later.
Speaker 3 (11:47):
I don't want to think about it. Let's end the podcast.
Speaker 1 (11:57):
For more from News talks'd be listen live on air
or online and keep our shows with you wherever you
go with our podcasts on iHeartRadio
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