August 3, 2024 • 9 mins
This week on the Sunday Panel, Chelsea Daniels from the Front Page podcast and ZB Wellington Mornings host Nick Mills joined in on a discussion about the following issues of the day - and more!
Finance Minister Nicola Willis has hinted towards potentially privatizing Kiwibank - what do we think? Is this the right move?
Kamala Harris has officially been confirmed as the Democratic nominee - do we think she could beat Trump?
The Olympics are under away - if we had to pick a sport to play, what would we pick?
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Episode Transcript
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Speaker 1 (00:06):
You're listening to the Sunday Session podcast with Francesca Rudgin
from News Talk ZEDB.
Speaker 2 (00:13):
Time for the panel and today I'm joined by host
of the front Page podcast Chelsea Daniels Morning Chelsea Ronnie
and also news Talk ZB Wellington Morning's host Nick Mills.
How are you doing, Nick?
Speaker 3 (00:26):
Good morning to both you great, thank you, beautiful day
and paradise today. Ah.
Speaker 2 (00:30):
Good to hear National Party and your general meeting is
this weekend. Nichola Willis spoke yesterday and once again she
brought up privatizing keep We Bank. Keen to hear your
thoughts on this, Nick, would you be keen?
Speaker 3 (00:43):
Not at all. I'm really disappointed with Kiwibank per se.
I thought it was a golden opportunity to do something really,
really right. I think all government departments should be using it,
which are not. I think all social welfare should be
using it and they're not. I think there's a whole
lot of things that should be done a hell of
a lot better with Kiwibank. I am a huge advocate
(01:04):
for having a major New Zealand bank, but unfortunately Kiwi
Bank have come up short. They just haven't been as
big as they should be. And all the problems that
we know about with inflation and all those sorts of
things like insurance really been killing us. I think there
should be in a department and Kiwi Bank that does insurance.
I think there's an opportunity there to do something really
(01:24):
amazing and it's come up very very short, and that's
the government's fault, not Kiwi Bank's fault, and we just
haven't funded it well enough. And I really believe that
it's a golden opportunity that should be for you know,
we should be doing something about Chelsea.
Speaker 2 (01:38):
The Cost Commission they did a draft report on banking
services and they identified keew We Bank as a market
disruptor and they said, look, if it is properly capitalized,
it should make New Zealand banking more competitive. But there
do seem to be a few downsides to this as well.
Speaker 4 (01:54):
Yeah, and there's not only a few fish in the
pond at the moment. Hey, So I don't have any
issue with privatizing Kiwi Bank actually because look, we know
that there's a lack of competition in New zeal And market, right,
but that's not a typical. It's atypical to see that.
So somewhere like France, for example, the Netherlands, they've also
(02:15):
got quite a concentrated banking landscape with a few dominant players.
But what are they doing that? We're not innovation in
the UK. You can send money to someone and you
can see from the number that you've put in who
you're sending it to. That seems quite quite of course,
you know, quite a thing that really should be be
(02:35):
done here. But it's not. Why because there's no disruptor.
Like next said, there's no there's a real lack of
competition and there's no innovation in our industry. And perhaps
privatizing it will introduce something like that.
Speaker 2 (02:50):
It might happen.
Speaker 3 (02:51):
What happens if you privatize it? Just told I want
to sorry to interrupt. What happens if you privatize it
and wisk tech buys it, or A and Z buys it.
I mean, that's what privatization is, isn't it. It's taking
it to the market. We need for it to be
the disruptor. We need to government does to put a
whole lot more money and make it a hell of
a lot bigger. And by the way, let's have an
(03:11):
insurance department as well well.
Speaker 2 (03:13):
The problem is, of course, if you do privatize it,
well part of it, nick as you could get one,
you've got to be able to attract investment. I don't
know whether kiwibank WUT at the moment. Two, if you
end up with some as you say, you could end
up potentially with another bank or a private equity firm,
and generally they come in and go, right, let's tear
this apart and work out how to make this work better.
So you know, But I think what it comes down to,
(03:34):
Chelsea is our habits. And you know it's been sitting
there for a long time, but we just still seem
to you know, those the market is dominated by those
four large Australian owned banks. We seem to still be
drawn to them.
Speaker 4 (03:50):
Yeah, absolutely, And I mean in terms of what banks
are doing for their customers at the moment, very little, right.
We see in the news every other week someone's been scammed,
someone's retirement savings have been taken away, and the banks
are reluctant to payback or to reimburse customers. Now that's
what we're paying for these banks essentially. And I don't
(04:14):
think the lack of competition is really doing much for
us at the moment and key We Bank. We actually
did an episode on the front page about the banks
in New Zealand and then being Australian owned and the
guy that I spoke to, he said, it's kind of
like asking a mouse to beat an elephant. In terms
of innovation. We want can We Bank to do all
(04:36):
these fantastic things, but it's really the smallest fish in
the pond.
Speaker 2 (04:40):
And after the previous government a couple of years ago
throwing about two point one billion, I think and to
secure complete ownership of Kubibank, I can understand why the
government's not prepared throwing.
Speaker 3 (04:50):
More of them. Well I don't understand. Sorry, and I
really do think it's a missed opportunity. And you know,
I think there's a whole lot of missed opportunities. There's
talk with big Chinese banks coming in. I don't care
where it's from or how it's from, but we really
need a giant disruptor. We need a big bank to
come into New Zealand and say, hey, mister businessman, do
you want to borrow some money? Hey, our doors are open.
(05:12):
Hey if you want a cheaper mortgage, we'll do it.
We'll take a few more risks, We'll do some stuff.
That's what this country needs. And unfortunately, I was hoping
that Key we Bank was going to be that and
it sadly, isn't it.
Speaker 2 (05:24):
Loving the opinion this morning. Let's move on to Carmala Harris.
Then she's officially been voted in by the Democrats. Do
you think she can beat Trump? Chelsea?
Speaker 4 (05:34):
Look at the moment, No, even though we're seeing so
obviously on this side of the world, we are seeing
a lot more of Kamala Harris. But that's because we're
seeing it from the fringe states, right, So we're seeing
it from New York, California, Democratic state. She is doing
better than Biden, especially in those sun belt battleground states,
so you're thinking Arizona, Georgia, Nevada, North Carolina. She's doing
(05:57):
a lot better with younger voters, Hispanic voters, and black
voters as well. Biden was letting those numbers slip. So
there are a few She's opened up a few more
lines to presidency for the Democrats, But unfortunately, the ones
that we don't see, and the reason why Trump got
into as president he is now he's a former president,
(06:20):
is because those middle ground those you know, white middle
class Americans who don't use social media as much as
the rest of us, and those are the ones that
are going to be really turning out and supporting Trump.
And I think his national Convention, the Republican National Convention,
really showed a real switch in who they're trying to
(06:42):
attack as well. Who are there who what votes they're
trying to sweep up. They're obviously going to be, you know,
changing lines now that cam Carla Harris is back in
the game, but it's interesting. I don't think she's got
it just yet.
Speaker 1 (06:55):
Neck.
Speaker 3 (06:56):
I've gone out strong and I've gone out early. I
think she's going to win. And the reason I think
she's going to win this America has done pretty well
during this really really tough time, right so the government
hasn't made a whole lot of mistakes. Yes, the leader
is old and dodgery, and yes there's some problems with that.
Bring in somebody female, young, smart, wants to have a crack.
(07:17):
I know she's not liked, and I know all the
things that we're just doing are right, but it just
seems to me, I think Trump's one mistake away from
losing it. You know what, I'm saying he could get
up and say something that's wrong with color with females,
he could make a bait mistake. I think she's there.
I think she's there thereabout. She's in from the fighting chance,
and I've gone early. I think she's going to get
(07:38):
it because I think that everywhere in the world we've
seen lately when we're seeing an election, we've seen her
vote for change. Right, They've just voted for the change
sake because we're all doing it tough. So what they're
going to see here is, well, we're not doing it
quite so tough, but we want to change. And by
the way, we've got it. So let's vote for her.
That's what you know. I strongly believe she's going to
(07:59):
get through, all right.
Speaker 2 (08:01):
I tend to agree with you make. I think she's
got a chance, and I think that Trump is a
lot more serned about her being in the race as
opposed to Biden. So it's going to be once again,
just keeps it remains as fascinating as ever. This is
an an electoral race. Very quickly, before you go, what
would be your Olympic sport to compete in? You know, Chelsea,
(08:22):
if you had to pick something today. What would you
go and do?
Speaker 4 (08:25):
I am so uncompetitive to the point where it bothers
people when I play card games with them because I
keep saying well done when they beat me. But I
was looking through the list. I think I'm a bit
of rhythmic gymnastics. I like the look of that, very
slow paced, not outdoors, and that's what I would pick.
(08:46):
I think about you, Nick, Well, if.
Speaker 3 (08:49):
I could be anything I wanted to be and be
a superstar at it, I'd want to be one hundred
meters because it's all over in nine point nine seconds.
If you're a male or eleven dead point five second
of femail, it's a glamour or event. You'd be a
staff for ever. And I feel simply sorry for so
it helps. I am a huge nobody Hobbs, and I'm
from paranacy. She's from paranacy. I kind of really was
(09:10):
hoping that she would do really well, and I'm really
sad for her. I think she's a superstar in MW
Zealand Sport and I'm having a bad party on Sunday
because Zoey Hops hasn't made the fun.
Speaker 2 (09:21):
Oh sorry about then, Nick, I do I'd take up
speed climbing, it would take me six minutes as opposed
to six seconds to get to the top. But there's
just they're just so extraordinary and it just looks fun.
Thank you both so much, Chelsea Daniels and Nick Mills
for joining me on the panel today.
Speaker 1 (09:37):
For more from the Sunday session with Francesca Rudkin, listen
live to news talks that'd be from nine am Sunday,
or follow the podcast on iHeartRadio.
You're listening to the Sunday Session podcast with Francesca Rudgin
from News Talk ZEDB.
Speaker 2 (00:13):
Time for the panel and today I'm joined by host
of the front Page podcast Chelsea Daniels Morning Chelsea Ronnie
and also news Talk ZB Wellington Morning's host Nick Mills.
How are you doing, Nick?
Speaker 3 (00:26):
Good morning to both you great, thank you, beautiful day
and paradise today. Ah.
Speaker 2 (00:30):
Good to hear National Party and your general meeting is
this weekend. Nichola Willis spoke yesterday and once again she
brought up privatizing keep We Bank. Keen to hear your
thoughts on this, Nick, would you be keen?
Speaker 3 (00:43):
Not at all. I'm really disappointed with Kiwibank per se.
I thought it was a golden opportunity to do something really,
really right. I think all government departments should be using it,
which are not. I think all social welfare should be
using it and they're not. I think there's a whole
lot of things that should be done a hell of
a lot better with Kiwibank. I am a huge advocate
(01:04):
for having a major New Zealand bank, but unfortunately Kiwi
Bank have come up short. They just haven't been as
big as they should be. And all the problems that
we know about with inflation and all those sorts of
things like insurance really been killing us. I think there
should be in a department and Kiwi Bank that does insurance.
I think there's an opportunity there to do something really
(01:24):
amazing and it's come up very very short, and that's
the government's fault, not Kiwi Bank's fault, and we just
haven't funded it well enough. And I really believe that
it's a golden opportunity that should be for you know,
we should be doing something about Chelsea.
Speaker 2 (01:38):
The Cost Commission they did a draft report on banking
services and they identified keew We Bank as a market
disruptor and they said, look, if it is properly capitalized,
it should make New Zealand banking more competitive. But there
do seem to be a few downsides to this as well.
Speaker 4 (01:54):
Yeah, and there's not only a few fish in the
pond at the moment. Hey, So I don't have any
issue with privatizing Kiwi Bank actually because look, we know
that there's a lack of competition in New zeal And market, right,
but that's not a typical. It's atypical to see that.
So somewhere like France, for example, the Netherlands, they've also
(02:15):
got quite a concentrated banking landscape with a few dominant players.
But what are they doing that? We're not innovation in
the UK. You can send money to someone and you
can see from the number that you've put in who
you're sending it to. That seems quite quite of course,
you know, quite a thing that really should be be
(02:35):
done here. But it's not. Why because there's no disruptor.
Like next said, there's no there's a real lack of
competition and there's no innovation in our industry. And perhaps
privatizing it will introduce something like that.
Speaker 2 (02:50):
It might happen.
Speaker 3 (02:51):
What happens if you privatize it? Just told I want
to sorry to interrupt. What happens if you privatize it
and wisk tech buys it, or A and Z buys it.
I mean, that's what privatization is, isn't it. It's taking
it to the market. We need for it to be
the disruptor. We need to government does to put a
whole lot more money and make it a hell of
a lot bigger. And by the way, let's have an
(03:11):
insurance department as well well.
Speaker 2 (03:13):
The problem is, of course, if you do privatize it,
well part of it, nick as you could get one,
you've got to be able to attract investment. I don't
know whether kiwibank WUT at the moment. Two, if you
end up with some as you say, you could end
up potentially with another bank or a private equity firm,
and generally they come in and go, right, let's tear
this apart and work out how to make this work better.
So you know, But I think what it comes down to,
(03:34):
Chelsea is our habits. And you know it's been sitting
there for a long time, but we just still seem
to you know, those the market is dominated by those
four large Australian owned banks. We seem to still be
drawn to them.
Speaker 4 (03:50):
Yeah, absolutely, And I mean in terms of what banks
are doing for their customers at the moment, very little, right.
We see in the news every other week someone's been scammed,
someone's retirement savings have been taken away, and the banks
are reluctant to payback or to reimburse customers. Now that's
what we're paying for these banks essentially. And I don't
(04:14):
think the lack of competition is really doing much for
us at the moment and key We Bank. We actually
did an episode on the front page about the banks
in New Zealand and then being Australian owned and the
guy that I spoke to, he said, it's kind of
like asking a mouse to beat an elephant. In terms
of innovation. We want can We Bank to do all
(04:36):
these fantastic things, but it's really the smallest fish in
the pond.
Speaker 2 (04:40):
And after the previous government a couple of years ago
throwing about two point one billion, I think and to
secure complete ownership of Kubibank, I can understand why the
government's not prepared throwing.
Speaker 3 (04:50):
More of them. Well I don't understand. Sorry, and I
really do think it's a missed opportunity. And you know,
I think there's a whole lot of missed opportunities. There's
talk with big Chinese banks coming in. I don't care
where it's from or how it's from, but we really
need a giant disruptor. We need a big bank to
come into New Zealand and say, hey, mister businessman, do
you want to borrow some money? Hey, our doors are open.
(05:12):
Hey if you want a cheaper mortgage, we'll do it.
We'll take a few more risks, We'll do some stuff.
That's what this country needs. And unfortunately, I was hoping
that Key we Bank was going to be that and
it sadly, isn't it.
Speaker 2 (05:24):
Loving the opinion this morning. Let's move on to Carmala Harris.
Then she's officially been voted in by the Democrats. Do
you think she can beat Trump? Chelsea?
Speaker 4 (05:34):
Look at the moment, No, even though we're seeing so
obviously on this side of the world, we are seeing
a lot more of Kamala Harris. But that's because we're
seeing it from the fringe states, right, So we're seeing
it from New York, California, Democratic state. She is doing
better than Biden, especially in those sun belt battleground states,
so you're thinking Arizona, Georgia, Nevada, North Carolina. She's doing
(05:57):
a lot better with younger voters, Hispanic voters, and black
voters as well. Biden was letting those numbers slip. So
there are a few She's opened up a few more
lines to presidency for the Democrats, But unfortunately, the ones
that we don't see, and the reason why Trump got
into as president he is now he's a former president,
(06:20):
is because those middle ground those you know, white middle
class Americans who don't use social media as much as
the rest of us, and those are the ones that
are going to be really turning out and supporting Trump.
And I think his national Convention, the Republican National Convention,
really showed a real switch in who they're trying to
(06:42):
attack as well. Who are there who what votes they're
trying to sweep up. They're obviously going to be, you know,
changing lines now that cam Carla Harris is back in
the game, but it's interesting. I don't think she's got
it just yet.
Speaker 1 (06:55):
Neck.
Speaker 3 (06:56):
I've gone out strong and I've gone out early. I
think she's going to win. And the reason I think
she's going to win this America has done pretty well
during this really really tough time, right so the government
hasn't made a whole lot of mistakes. Yes, the leader
is old and dodgery, and yes there's some problems with that.
Bring in somebody female, young, smart, wants to have a crack.
(07:17):
I know she's not liked, and I know all the
things that we're just doing are right, but it just
seems to me, I think Trump's one mistake away from
losing it. You know what, I'm saying he could get
up and say something that's wrong with color with females,
he could make a bait mistake. I think she's there.
I think she's there thereabout. She's in from the fighting chance,
and I've gone early. I think she's going to get
(07:38):
it because I think that everywhere in the world we've
seen lately when we're seeing an election, we've seen her
vote for change. Right, They've just voted for the change
sake because we're all doing it tough. So what they're
going to see here is, well, we're not doing it
quite so tough, but we want to change. And by
the way, we've got it. So let's vote for her.
That's what you know. I strongly believe she's going to
(07:59):
get through, all right.
Speaker 2 (08:01):
I tend to agree with you make. I think she's
got a chance, and I think that Trump is a
lot more serned about her being in the race as
opposed to Biden. So it's going to be once again,
just keeps it remains as fascinating as ever. This is
an an electoral race. Very quickly, before you go, what
would be your Olympic sport to compete in? You know, Chelsea,
(08:22):
if you had to pick something today. What would you
go and do?
Speaker 4 (08:25):
I am so uncompetitive to the point where it bothers
people when I play card games with them because I
keep saying well done when they beat me. But I
was looking through the list. I think I'm a bit
of rhythmic gymnastics. I like the look of that, very
slow paced, not outdoors, and that's what I would pick.
(08:46):
I think about you, Nick, Well, if.
Speaker 3 (08:49):
I could be anything I wanted to be and be
a superstar at it, I'd want to be one hundred
meters because it's all over in nine point nine seconds.
If you're a male or eleven dead point five second
of femail, it's a glamour or event. You'd be a
staff for ever. And I feel simply sorry for so
it helps. I am a huge nobody Hobbs, and I'm
from paranacy. She's from paranacy. I kind of really was
(09:10):
hoping that she would do really well, and I'm really
sad for her. I think she's a superstar in MW
Zealand Sport and I'm having a bad party on Sunday
because Zoey Hops hasn't made the fun.
Speaker 2 (09:21):
Oh sorry about then, Nick, I do I'd take up
speed climbing, it would take me six minutes as opposed
to six seconds to get to the top. But there's
just they're just so extraordinary and it just looks fun.
Thank you both so much, Chelsea Daniels and Nick Mills
for joining me on the panel today.
Speaker 1 (09:37):
For more from the Sunday session with Francesca Rudkin, listen
live to news talks that'd be from nine am Sunday,
or follow the podcast on iHeartRadio.
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