November 26, 2025 • 34 mins
On the Early Edition with Ryan Bridge Full Show Podcast Thursday the 27th of October 2025, Finance Minister Nicola Willis joins Ryan to talk on the final OCR cut of the year.
The Northland pylon fiasco is heading to court, Northland MP Grant McCallum shares his thoughts.
Business groups have come up with an alternative plan for the surcharge ban, Auckland Business Chamber CEO Simon Bridges tells Ryan what they're asking of the Government.
Plus US Correspondent Mitch McCann has the latest on Steve Witkoff appearing to coach a Russian official on how to win Trump over and Black Friday sales for the American economy.
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Speaker 1 (00:01):
The issues, the interviews and the insight. Ryan Bridge on
early erdership with our the Supercenter, explore our the successories
and servicing falland One News Talk said, be.
Speaker 2 (00:12):
Good morning, Welcome to Thursday. Great to have your company.
Nichola Willis before six on growth in the ocr Mitch
mccannon stateside for US, Simon Bridges wants a cat, not
a ban on surcharges and how much compo do they
want for that Northerland pile on power balls up. We'll
tell you the agenda. Thursday, the twenty seventh and November.
Incredible scenes out of Hong Kong this morning. A massive
(00:33):
apartment blocks on fire. Thirteen people have died, fifteen injured
and seven hundred firefighters going at it.
Speaker 3 (00:40):
So if irespreading quickly to nearby buildings, and we receive
numerous assistance call from the public, and also Debri and
Star building of the better buildings are falling down, so
post additional danger to our frontline personnel.
Speaker 2 (01:00):
To the US. You know Trump's mate Steve Whitcoff, he's
dealing with the Russians on Ukraine. Apparently caught coaching Putin
on how to deal with Trump. Basically said Stroke his
ego and call on the President of Peace. That's what
the deal maker do. You got to said, Look, they
want this, You've got to convince him with this.
Speaker 3 (01:17):
You know, that's a very standard form of negotiation.
Speaker 4 (01:20):
I haven't heard it, but I heard it was the
standard negotiation and I would imagine he's saying the same
thing to Ukraine.
Speaker 2 (01:28):
I think we'll talked to Mitch mccaenn about that later
in the show. To the UK we Go, Rachel Reeves
had to deliver her budget baby early after someone hit
send on the email. Whoopsie.
Speaker 5 (01:36):
Today's budget bill's on the choices that we have made
since July last year to cut NHS waiting lists, to
cut the cost of living, and to cut tax and borrowing.
Speaker 2 (01:49):
I'll give you the details on a second. But here's
the pushback in the house.
Speaker 6 (01:53):
Far too much noise, and I expect it's so much
better from your dog to leave Evans energy.
Speaker 5 (02:03):
Chancellor. I'm happy for them to shout as not so
much as they like Madame Jacket Speaker, as long as
they do it from the opposition benches, but they can't
call him.
Speaker 1 (02:17):
Get ahead of the headlines on Early Edition with Ryan
Bridge and r V Supercenter, explore r v's accessories and
servicing all in.
Speaker 2 (02:26):
One news talk. Simon down two is the numbers text. Now,
I will start with what happened overnight, because we've been
talking about Reeves and her budget for a couple of
weeks now anticipating this, so excited by this. And then
we'll come to you know, the Reserve Bank a little
later on the program. So here's what happened overnight. Basically,
reads and her budget bit of a disaster gets leaked
(02:46):
or they're calling it a release error whatever. She's sitting
there in Parliament and Star's talking and then you can
see the moment she looks down at her phone and
she goes, oh, crumbs, it's out. You could see the
moment she realize that this, you know, this is a
prized baby and it's out there before she's read it. Anyway,
a couple of bits, because we've been, you know, going
on about this, and then we'll talk about what it
(03:08):
means for us. There is some stuff in there that
is kind of relevant to us. So this UK labor
government has now increased taxes more than any other British
government in recent history. And remember they said they weren't
going to do that. While they've done it, the frozen
the income tax thresholds for longer. That's your bracket creep,
you know, where more people creep into higher brackets and
(03:29):
then end up paying more tax. They've got a new
mansion tax coming for the rich. They are getting rid
of the two child cap on welfare that's gone. So
have as many babies as you like and you'll get
benefits for it. But the bit that should worry us
a little bit is growth. They're going to grow slower
than we thought they were from next year. Same problem
(03:50):
we have here. It's lower productivity, lower growth. And you
add to that the fact that the US consumer confidence
just took a massive punch to the guts. The globe
economy more generally won't grow as fast next year as
it did this year. Our farmers milk prices in free fall.
All this stuff matters because, well you know this, we're
(04:10):
a small trading nation and as the Reserve Bank said yesterday,
for us to grow, the world must grow. Also, don't worry,
it's not all bad news. I'm not here to ruin
your Thursday morning because China, Germany, Japan, there's a couple
of others they've all announced massive spending, you know, stimulus packages,
which should give things a bit of a tickle up,
(04:32):
which is what we need. And Goldman Sachs came out
just in the last couple of days. They reckon China,
which is of course our biggest trading partner buys our stuff.
They will grow faster next year than we thought they would.
So there basically is the good, the bad, and hopefully
not next year the ugly. You're on News Talks there
be it's just going eleven minutes after five. We'll get
to Northfolk next for the lady they're going to sue. Basically,
(04:54):
we want the businesses. There were twenty thousand of them.
Power was out for days and they we want some compensation.
Thank you very much. How much News Talk SETB News.
Speaker 1 (05:04):
And Views you trust to start your day. It's earlier
this ship with Bryan Bridge and r V Supercenter explore
r v's accessories and servicing fall in one News Talks
at B five thirteen.
Speaker 2 (05:16):
Niicola willis on the show after six and we'll ask
her about the Regulatary Standards Bill repelling things. She mentioned
on Nick Mills yesterday in Wellington that they might campaign
like New Zealand first have said they will do on
repelling the thing.
Speaker 6 (05:28):
Well, we haven't taken a position yet, but it's not
impossible that we would go to the campaign trail saying
yes we met our coalition commitment, we supported that into law,
but actually we agree with the concerns of some people.
It hasn't operated as we hoped and we want to
repel it.
Speaker 2 (05:44):
The thing about this is the Regular Stands Bill. I
don't I principle, I agree with what it says, but
it basically adds a layer of bureaucracy that you get
a board and none of it is legally binding. No,
you cannot force the government to do anything through the
Regulatory Standards Act. The board that will be set up
is just It would be a bunch of guys being
(06:05):
paid who knows how much money to tell you something
that you probably already knew, and you can ignore anyway.
The government can ignore it. So what is the point
in it. I don't think it's a silly idea to
campaign against fourteen After five, Bryan, the Northern Pilon fiasco
is heading to court. Remember last June you had the
workers removing the bolts. The pylon falls over and region
(06:27):
goes dark for days. Twenty thousand businesses hit and now
they're taking Transpowder court to get their money back. Thank
you very much. Grant McCallum is MP for Northam joining
me now, hey Grant.
Speaker 7 (06:37):
Yeah, good morning Ryan.
Speaker 2 (06:38):
What was the damage Well, they used to.
Speaker 7 (06:42):
Made it anywhere between sixteen eighty million dollars losses across
the region. So that'll be ultimately have to be proven
by people if it's going to be if the claim
is going to be successful.
Speaker 2 (06:53):
You're supporting this.
Speaker 7 (06:55):
I encouraged anyone who wants feels that be how done
by the explore Avenue and some local businesses have and
I think and all powers them because there were definitely
losses across the north and now the question is whether
they're legally stacks up and they get something out of it.
Speaker 2 (07:11):
It does it? Well, what's your have they had? They've
obviously got a legal opinion on that. They think it
does not.
Speaker 7 (07:17):
My place to get in front of the court process,
but let's just see where it lands. But we all
know what happened and the reports are showing what happened,
which to this day is still big as belief. But
so yes, there's a legal process and lets follow it through.
Speaker 2 (07:31):
Has there been any ongoing effects? Like obviously there was
the few days where they were down, But did it
cause it? Is it still causing problems?
Speaker 7 (07:39):
Not directly, but I know it put a lot of
stress on one or two businesses I know up north.
The loss of power for a big business like J
and L the mill and Ki Tire, which is out
of the they didn't compare on for four or five
days was significant. And that's a business that, like a
lot of mills, are struggling, so that was not helpful
to them. So yeah, the effect has been lingering, you
(08:02):
might say. But yeah, and I know there've been a
number of business ohs who have been quite annoyed with
the whole thing and the fact that transpower and the
of you haven't and their of you haven't compensated them.
Speaker 2 (08:13):
All right, Hey, Grandele's having a look at your electorate
numbers from last election. Are you worried about next year?
Speaker 7 (08:19):
I'm working hard to get around the electric mate and
do my best. The electors will make their mind up.
I'm always worried about what electors want, and I get
out there and listen to them. I guess I drove
up to Kaye Tyre from home. That's three hours each
way to attend the memorial service. An amazing man from
Kai ty and Monty Night. It was a really, really
amazing services. It was a real leader and all. So
(08:40):
it's the sort of thing you do your best.
Speaker 2 (08:43):
Grant, are you one of these backbenchers worried about your boss?
Speaker 8 (08:46):
No?
Speaker 7 (08:47):
No, no, he's doing a tough job. Really well, come
on you, I knew you'd go here in this conversation.
You guys can't help yourselves out.
Speaker 2 (08:55):
No we can't. So you said it's so excellent job
you would never roll them.
Speaker 7 (09:01):
No, of course not. He will need us into the
and the election. He will the election.
Speaker 2 (09:06):
Good to talk, Grant mcculloughy in People Northland signs seventeen
after five Ryan Bridge, good news about Huntley. They'll keep
the lights on. This is our backstop. Of course. They've
released Genesis has released its earnings growth and it's on track.
It'll be cash positive out to twenty thirty five, So
for the next decade they'll be making money, which is
good for you, it's good for me, it's good for everybody.
(09:26):
Remember there was a period where they were worried about
their future. The financial future. Well, gas kind of put
the kibosh on all of that talk because you know
that the bottom fell out of that, there was the
production collapse, and so coal is your answer. And then
the power companies come together, they do the coal deal
with Huntley and so Huntley is looking safe for at
(09:48):
least the next decade. Eighteen after five Simon Bridges next.
Speaker 1 (09:53):
Ryan Bridge on Early Edition with r V Supercenter explore
r v's accessories and servicing.
Speaker 2 (10:00):
News talks. It'd be five twenty on news talks'b this
business about Chris Bishop. He's not going to roll, then
nothing's going to happen before Christmas at the very least,
because you would wait and then do it in the
new year. You need to basically see you know, all
this talk about growth that we heard from the Reserve
Bank yesterday, If that starts to happen, things start looking up.
You don't need to roll them. But one thing I
was thinking about, you know, we've been talking about the
(10:22):
election date being November next year. If the only reason
that would change is if he got roll, if Luxon
got rolled by Bishop or whoever, if Luxon got rolled
by Judith, you know, just pick a pick an MP.
Then they would basically roll him. You'd have to get
through the budget, of course, but you would roll him
and then you would get to the poll's quick smart
you would call an early election is too well, not
(10:44):
an early election, but you would call an election as
soon as possible after he was rolled, because you want
to give yourself a shorter runway to make as few
mistakes as you can before you get to twenty one.
After five bread Bread business groups have come up with
a Plan B for the surcharge band. They are proposing
a cap, not a ban, the surcharge on debit cards.
(11:04):
They say should BeWo point five percent, a cap on
personal domestic credit cards one percent. But will the government budge?
That's the question. Simon Bridges, All Business Chamber of CEO. Hey, Simon,
Hey morning, Ryan, good morning. So why do you think
a cap and not a ban? Well, our looks in.
Speaker 8 (11:21):
The end, you'd be clear, don't like this bill. I
think it's going to create unintended mess and you know,
actually an important thing. There is basically every submitted to
Parliament and there are a lot didn't like it either.
They saw it as well intentioned but unfair, not transparent.
Speaker 2 (11:40):
So so for me, he's basically had a terrible choice.
Speaker 8 (11:42):
Either have to suck up the costs and you know
they're working on tin margins that's bad, or they smear
it on everyone and that's very unfair and opaque as well.
So you know why this because I think actually in
the end it's a workable compromise. It deals with the
concern and it's a legitimate concern of excessive surcharges because
you've got this cap that's not very high. On the
(12:03):
other side of it, though, it does mean there's you know,
the retailers, hospo, tourism, these various businesses operating onto the
margins can recoup some of their cost and that's fear
as well. So you know, I think potentially it's a
it's a it's a win win sweet spot for the government,
for business, for consumers.
Speaker 2 (12:23):
Simon, if they go with the smear option. Like, let's
assume that the band goes ahead and businesses go with
the smere option. How much extra do we pay in
general prices?
Speaker 7 (12:31):
Do you reckon?
Speaker 8 (12:33):
Well, because it's it's it's very hard to say, but
I mean I think it would be inflationary. I think
in the end, what happens is very messy. My sense
of it is, you know, you have a bunch of
businesses say you know, we're going to tryout, and the
big ones you say, we're going to try hard to
sort of sort of absorb this, and but then another
others that will think, we know, we are going to
smear it. And they's say you think that that if
(12:54):
you're paying cash, that's unfair. You're paying more when you
shouldn't have. If you're paying f poss, that's unfair because
you're paying more and you shouldn't have.
Speaker 2 (13:01):
All a deal with the.
Speaker 7 (13:02):
Issue of kind of you know, the tap on tip
tap off.
Speaker 2 (13:04):
Cards and the credit cards.
Speaker 8 (13:07):
We're actually you know, the focus I've always thought should
be on banks and that the payment providers, your visas
and your master cards. We're making a lot of money
from this.
Speaker 2 (13:15):
Hey, I want to get your view on that. The
RB and Z yesterday they're saying there is a worry
that once the economy starts to pick up, that businesses
will start hiking prices because you know, they've been holding
off because demand's been subdued, right, so you can't hike
your prices. And then as soon as we've got a
bit of money in our pockets, they start hiking, that's inflationary.
Do you think that's going to happen.
Speaker 8 (13:35):
I don't know.
Speaker 2 (13:36):
I wouldn't.
Speaker 8 (13:37):
I wouldn't say it's the biggest issue, and I wouldn't
say it's going to be like dramatically palpable and inflationary.
I think in the end, you know, I've had the
view appreciated. It's pop PEPs, a business and political view
rather than a strictly economic one. That you've got to
pick your poison. You know what would you rather have
lower interest rates a bit of inflation? I think in
(13:57):
this economy, nine out of ten c actually a little
bit of inflation, albeit you know they've got to try
and work hard to keep it with in the band.
I mean, I look at next year and I am
I think realistically optimist and thinks are going to slowly
but surely get better. But I think anyone looking for
the Devana in twenty twenty six is preps misplaced, because
(14:17):
reality of it is, you know, you just think about
some of the facts going on. We've got an election.
Close elections mean people stop spending and making investment decisions
for a while. I think the stock market looks like
it's very high. You know, people say to me, who
know it's basically recessionary in America other than the stock
market which.
Speaker 2 (14:35):
Is so big.
Speaker 8 (14:36):
So any correction there I think makes a big difference.
So you know, for heaven, maybe we've got to wait
till twenty twenty seven.
Speaker 2 (14:42):
Simon always good to get your view. Simon Bridges, All
con Chamber's CEO time is twenty four minutes after five
News Talks ZB. I'll tell you what I thought about
that press conference yesterday.
Speaker 1 (14:51):
The early edition full show podcast on I Radio Power
by NEWSTALKSB News.
Speaker 2 (14:57):
Talk ZB five twenty seven. So what do we know
today that we didn't know yesterday after the big show
from the Reserve Bank. Well, the answer is not much. Really.
The cut was expected priced in their outlook bit more
rosy on growth. It looks like this is the end
of the cycle for cuts. But beyond that it really
is all guesswork, isn't it. The outlook the central outlook
(15:18):
was what they call balanced, meaning if we keep our
wallets closed, that could hurt the outlook, could hurt the economy.
Higher house prices, export prices, well, they could help it.
Are we any wiser we put a lot of faith
in the OCI to get us out of the raft.
And even though this is despite the fact it hasn't
actually really worked for us thus far, has it, even
after six rounds of slashing. At one point in the
(15:40):
press yesterday the Chief Economist was almost repeating this like
it was a mantra, as if by saying it over
and over again he would will it to happen. There
are two problems here. First, we've heard it all before
and not seen the results in two, by their own admission,
the GDP numbers that we've been relying on aren't reliable.
There's a bunch of season as in the numbers, especially
(16:01):
for that shocker in June where we apparently went backwards
almost eight percent. We didn't. The computer's a bit bust
after COVID hasn't quite caught up. Basically, the good news
it probably wasn't as bad in that quarter as they
said it was. The bad news growth the following quarters
probably wasn't as good as forecast either. So giveth with
(16:22):
one hand and taketh with another. So we have a
system we're hoping like hell will still work in this
new post COVID tariff environment, with sticky inflation and pretty
lame o growth, and the numbers, well, we can't really
rely on them, which if you cast you in mind
back to quarter two, they get blown up by us
(16:43):
in the media. We're guilty as charge, scaring people into
closing their wallets again and again, perpetuating the cycle. To
be fair, there's always been a lag with the ocr
working its magic and at some point surely will hit
the g spot again for growth, if for no other
reason than what goes down must at some point bounce
(17:04):
back up.
Speaker 1 (17:05):
Ryan Bridge.
Speaker 2 (17:06):
By twenty nine News Talks, there'd be Niicola Willis on
the show. Before six, we'll get to Mitch McCann's Stateside,
our reporters around the country and Eden Park. You sick
of hearing about Eden Park, Well you're going to hear
more about it today because Nick Sultner has come out
yesterday spoken to counselors, says their profit is so thin
that they need concerts. They would basically they would be
(17:26):
extinct without concerts at Eden Park. The sports is stint
cutting it. So you'll hear a lot about that in
the news today, News Talks, they'd be.
Speaker 1 (17:44):
The news you need this morning, and the in depth
Analysis earlier edition with Ryan Bridge and are the Supercenter
explore r these accessories and servicing fall than one News
talks at.
Speaker 2 (17:55):
Me twenty four away from six years talks they'd be
coming up before six Nicola Willis on the OCI We'll
go Stateside with Mitch McCann as well. Jeez, not a
lot of love for Simon Bridges on the text machine
this morning, coming on saying we should have a cap
on surcharges, not a ban, which is what the government wants.
(18:18):
Ryan credit card surch charges. What a load of crack
from Simon says this text. The focus is in the
wrong place. The banks need to be tackled. You can't
tell me that a swipe versus a tap costs the
banks more than we're doing at one cost more than
the other to do same machine, same phone line, two
different costs. I think not honestly, I don't know lots
(18:39):
of things I don't know. You know, yesterday I was
walking along the street. This is I don't know why
I'm telling you the story. It's kind of embarrassing, but
I was walking down the street. I go for my
little afternoon walk, and I do have a phone call
with the producers from the Herald show in the afternoon,
and I was wandering along and I was on so
I had my headphones in, you know, my little earbuds,
(19:01):
and I was taking talking to them on the phone
but also trying to look at the rundown of what
was happening on the show tomorrow on my phone. Walk
straight into a tree. Got a massive lump on this
top of my head this morning, and the first thing
I did was stop and go. I was in pain,
but the first thing I did was stup and go.
Who's looking? Did anyone see me do that dumb thing? Anyway?
(19:23):
Now you all know, twenty three away from sex, I
seem but airheaded this morning. That'll be Whine. Calum is
with us first from Dunedin. Callum, good morning, yead morning right.
Maybe the world's most boring live stream is launched from
an Otago oat farm.
Speaker 9 (19:40):
Yes, it's a twenty four to seven camera that's been
set up in Whiteside Farm's oat fields and this is
in the Kluther district. Ryan viewers consuning to watch oats
grow essentially from germination to grain formation. It's all in
real time, no edits. The idea comes from Mother brand
Boring Oats Milk. The founders Morgan Moore, who's his oats,
(20:04):
have shown for thousands of years there's beauty in the
mundane and while the rest of the world wants to
go to space, they are looking to South Otago to
celebrate the simplicity of the humble oat. She says it's
a must watch for anyone wanting to find calm and
watching oats grow.
Speaker 2 (20:18):
Right, what was that? Where do we find it?
Speaker 9 (20:22):
So go to the website Boringmilk dot com or search
for it on YouTube. Tune in now for a spectacular sunrise.
Speaker 2 (20:31):
Great. How's your weather?
Speaker 9 (20:34):
Scattered rain this morning, clearing to find this afternoon strong
nor wester again the high twenty seven.
Speaker 2 (20:39):
Nazelon, Thank you, clear, good morning, Good morning. You got
some mornings ahead of a hot and windy day for Canterbury.
Speaker 10 (20:45):
Yeah, we've got Mitsivus has an Orange wind warning in
place for severe gale northwesterlies up to one hundred and
twenty kilometers an hour for the Canterbury high Country and plains.
That's paired with some very high temperatures here in christ
Church City. We are expecting a maximum of thirty degrees. This,
of course comes a month since those strong winds fanned
fires that ended up causing some serious damage about Kaikoda,
(21:08):
Hidunui and the Dungy Tata area. Fire and Emergency District
Commander Rob Hans says any blaze today will be extremely
difficult to control given these conditions. He says the advice
is to a not light any fires, but also not
to to go and cheek anything that may have been
lit even weeks ago. He's saying that the advice is
(21:28):
to not light fires in anything more than twenty kilometers
an hour. Today we're expecting one twenty. Meanwhile, a warning
for drivers as well. M ZTA says high sighted vehicles,
towing vehicles and motorcycles may be at risk today.
Speaker 2 (21:42):
All right, clear, thanks for that updates. Someone says, Ryan,
the swipe is from the banks and it's free. The
tap this is the surcharges. The tap software is run
by Visa and they charge quite a bit for it.
So that's the difference in the price. Let's got a
Maxim Willings and Max good morning, Good Maris, Yes I
can hear you. How are you out prospecting for gold
(22:02):
and hills above Wellington?
Speaker 11 (22:03):
Well, if there's a fortune to be made. I may
be yeah, maybe a bit of a gold rush in
the capital. There's a new discovery of gold in land
across what's known as Long Gully Station. That's a large
area of hills at the southern tip in near Island
Bay in Red Rocks. Little secrecy around what has actually
been cited, how much gold has been found, but there
(22:23):
is enough excitement that permits are being granted for new sites,
new companies are being created for so far to spend
hundreds of thousands of dollars on exploration, it could make
Steve Watson, who owns Long Gully, very wealthy. He says
what has been discovered does give him very good confidence.
Speaker 2 (22:40):
There have been.
Speaker 11 (22:40):
Traces of gold in Wellington's hills found for years, but
this seems a little more tangible. New technology allows for
mining that's a bit more friendly on the environment. Resources
Minister Shane Jones says he's very excited and of course
if it means more drilling, he'll be in regardless.
Speaker 2 (22:56):
To quote the treasure of the Sierra.
Speaker 11 (22:57):
Madre, I think I'll dream about piles of gold getting
bigger and bigger.
Speaker 2 (23:02):
Do you know what I was reading the strees today? Next?
I would love nothing more than a mining operation in
the heart of the socialist capital of New Zealand.
Speaker 11 (23:11):
We have Kiwis living out there as well. Let's knock
off a few of them as well. How's the weather,
Drestley all day with strong wind twenty the high.
Speaker 2 (23:23):
Morning.
Speaker 12 (23:23):
Good morning. Now, I just heard you before saying about
how you were on your phone dumpty doo walking along
in the afternoon and you smelled into a tree. I'm
just checking out your for your your injury.
Speaker 2 (23:34):
No it's not. It's not my forehead. If it hit
the money maker, I'd be very worried. No, I'd be
out of a job. No, No, it's the top. So
there was a branch, a low hanging branch, big trees.
I've walked the street one hundred times. I used to
live on the street, so I know there are trees there. Anyway,
I just did a dumb thing.
Speaker 11 (23:56):
Oh and so did anyone?
Speaker 2 (23:57):
Did any want?
Speaker 12 (23:58):
No one that I could see was looking okay, nick
minute and the curtains through the windows, they go, oh,
look there's that Ryan Bridge, there's that celebrity.
Speaker 2 (24:07):
Hey, oyster farmers being dealt another blow.
Speaker 12 (24:10):
I feel so sorry for these guys. So look last Wednesday,
there was a spell. Now this was from what's Elizabeth
Street overflow point. Now obviously this was the second one
because we can all remember that other big, big spill
just three weeks ago. Lynette Done, she's the Mahudangy Oyster
Farmers Association president. She says, look, all these spills, frequent
(24:30):
spills this year, they've damaged the reputation. She says that, look,
the Mahudangy oysters are now associated with sewage, so water
care is you know, they've said, look, they feel for
the oyster farmers. What else can they say? Really, they're
saying that the fifty three millimeters rain that fell that day,
that was at last Wednesday, and the network upgrades they
were never intended, you know, to prevent these overflows during
(24:51):
weather like that. So they've got to just get that
work going. They said that they're going to accelerate that
work on that pipeline.
Speaker 2 (24:58):
But how's our weather? Every time?
Speaker 12 (25:00):
Okay, cloudy, chance of a shower this morning, HI have twenty.
Speaker 2 (25:02):
Six brilliant Thank you, seventeen to six on News Talk
CB will go Stateside with Mitch McCann next. Trump's man
Witkoff has been training Putin on how to flatter Trump.
He has the story with US.
Speaker 1 (25:14):
Next International Correspondence with endsit Eye Insurance, Peace of Mind
for New Zealand Business.
Speaker 2 (25:21):
Fourteen to six new talks they've been Nikola Willis next, first,
Mitch mccannon State side for US Morning.
Speaker 4 (25:26):
Mitch, Good morning, Ryan.
Speaker 2 (25:27):
So it turns out you shouldn't really coach the opposition
on the boss's tactics, should you. Well, there's plenty of
people saying that, But Donald Trump doesn't seem phased.
Speaker 8 (25:35):
Ryan.
Speaker 4 (25:35):
This is based on a Bloomberg report which shows that
Donald Trump's chief negotiator or peace on voice, Steve Witkoff,
really essentially coaching a Russian official how Vladimir Putin should
talk to Donald Trump about a Ukrainian peace plan. He
says that he should call him the president of peace,
he should praise his Gaza peace plan. And lawmakers in
(25:56):
Washington have blasted this call. One has said that Wick
coof fully favors the Russians. Another said it's a major
problem and it's why these secret meetings need to stop
Donald Trump. As I mentioned, though, Ryan isn't fased. He
says it sounds like a standard negotiation, and he said,
I would imagine he's saying the same thing to the Ukrainians. Now,
this comes at a really important time, and it seems
(26:17):
the Kremlin is unhappy with this leak. They have said
it's intended to disrupt peace talks. But we're still waiting
to see if the Russians are going to sign on
to this modified peace deal.
Speaker 2 (26:28):
I suppose it's no great surprise that stroking Trump's the
ego is the way to his heart.
Speaker 4 (26:34):
No, I have to agree with that. I mean, we've
seen lawmakers and officials do that every time they've been
to the White House this year. So I don't think
he was given any state secrets away Black Friday.
Speaker 2 (26:45):
That obviously it's invented by the Americans, But there's a
bit of a warrior.
Speaker 3 (26:48):
You know.
Speaker 2 (26:49):
Consumer confidence not that great. How's it looking?
Speaker 8 (26:52):
Yeah?
Speaker 4 (26:52):
Not as good this year. This is, of course, when
everyone lines up at the front of you know, Target
and all these big stores to they budge their way
in when they open. A new Deloitte survey suggests that
shop has planned to spend four percent less than last year,
with an average of six hundred dollars. It comes as
consumer confidence plunges here to a new low ran among
(27:12):
general concerns about the US economy.
Speaker 2 (27:15):
Have you bought anything yet much? I have?
Speaker 4 (27:17):
I need a new blender. How boring is that? But
I'm going to get one.
Speaker 2 (27:21):
Yeah, very very boring and get a nutribullet. They do,
they serve me well as twelve minutes away from six.
That was much McCann State site for US twelve minutes.
It's so twelve minutes away from six on news talks
b Ray and Bridge. So the Reserve Bank cut the
OCR for the final time this year twenty five basis
points two point twenty five percent. We were expecting that.
It says there was a bit of regal room in
(27:41):
the economy. Obviously, inflation now projected to fall to around
two percent by mid twenty twenty six. Nikola Willis is
the Finance Minister with US Live this morning. Good morning minister,
Good morning Ryan. Did the economy grow this year? Well?
Speaker 13 (27:54):
In the first quarter of the year it grew very
strongly at about zero point nine percent. We had downturn
in the second quarter. The Reserve Bank are stated yesterday
that they think that was statistically understated and will be
a readjusted at a further update. They think that the
economy is currently growing and that that grows will strengthen
(28:15):
into next year.
Speaker 2 (28:16):
So how much do you think we grew this calendar year?
Speaker 13 (28:20):
Well, it's too early to say that. We will get
the data for the third quarter in a couple of
weeks and we'll get their data for the December quarter
early next year.
Speaker 2 (28:30):
Is it annoying that data is so wrong?
Speaker 13 (28:33):
A Look, it is difficult that the data lags, and
it is the case that stats indeed data has had
to be updated fairly frequently and adjusted. And look, that's
the reality of the sets process. We can't do much
about it. But we do get enough other information that
we get a sense of where the economy is and
(28:53):
that's allowed the Reserve Bank to be very confident in
their forecasts that we're currently growing, that that growth will
strengthen next year, and that inflation will be coming down next.
Speaker 2 (29:03):
Year, which is good and that sounds great, but we
have heard this story before. Our big problems productivity, isn't
it that is going to be constraining whatever growth we
might be getting, and also we don't have immigration to
prop it up.
Speaker 13 (29:16):
Well, productivity is an issue, but fundamentally, if you haven't
got your inflation down in an economy and you haven't
got your interest rates coming down, then those fundamentals mean
that you won't get our productivity growth. So what we've
now got in the New Zealand economy is a situation
where inflation is back in target is set to come
(29:37):
back down to the middle of the band. That's great
for growth. We've got interest rates at a low rate,
which means that you do have more cash pumping through
the economy. That's great for growth. And now we are
in a position to be building that future productivity growth.
And that's where things like replacing the Resource Management Act,
getting rid of red tape in the Regional Council structures,
(29:58):
ensuring that we're delivering in for structure for us, that
lisiting education standards. All of those are about future productivity
and that's why our government is driving those reforms.
Speaker 2 (30:08):
They said. The reserve bank margins for the banks are healthy,
room to bring the rates down further. I'm speaking to
Antonio Watson later this morning. What's the message to her.
Speaker 13 (30:17):
Well, my message to her would be pass it all on.
You are a member of the New Zealand economy and
the actions you take have a significant impact on how
New Zealanders are able to invest and grow.
Speaker 2 (30:28):
Your comments on the Regulatory Standards Bill, was that just
on the fly or are you seriously thinking you might
campaign on repealing?
Speaker 13 (30:36):
Well, it's just just to be clear that National has
its own positions on legislation. We don't just adopt act
positions as a coalition government. Yes, we do support the
commitments we've made which meant that we pass that legislation.
There's still a year at least until the next election,
and so as good citizens, we need to monitor how
(30:59):
that legislation operates in practice, whether we think on balance
that the pros outweigh the cons and then the National
Party Caucus will take a position on whether we support
it going into the next colection.
Speaker 2 (31:11):
What's your personal view, we'll look.
Speaker 13 (31:15):
My personal viewer is that we do need to monitor
it to see whether it adds process or whether in
fact it's advantageous. And I've got an open mind.
Speaker 2 (31:26):
It looks like just another layer of bureaucracy and it
doesn't actually do it nothing meaningful.
Speaker 13 (31:31):
Well, the government decided to progress it because fundamentally we
do want good regulation and that's what the intent of
the legislation is. We've now got an opportunity of these
next few months to see what it adds in practice.
We'll be watching it here Flee and then the National
Party Caucus will discuss that will take a position going
into next year's campaign.
Speaker 2 (31:50):
Michael Willis, Finance Minister. Great TV on the show. It
is eight to six News talksb.
Speaker 1 (31:55):
The first Word on the News of the Day Early
edition with Ryan bred n r V Super Center, explore
r v's accessories and servicing all in one news talks.
Speaker 2 (32:05):
There'd be five to six news talks. They'd be Mike
is here with us now, Good morning, Mike.
Speaker 11 (32:09):
Mate.
Speaker 2 (32:10):
Did you notice in the press conference, Well, you would
have because I know you're you know you're you're a
stylish man and you're obviously Bernard Hickey.
Speaker 14 (32:18):
Can I just say from the press conference shirts have
got to go, well, yeah, Bernard Hickey, if you're going
to go to a press conference, dress appropriately too and
keep your questions under nineteen minutes.
Speaker 2 (32:27):
There was that one one particular question that was goodness,
magnum opus. But they you know, Christian Hawksby and the
rest of them, do you think that they have like
a grooming and beauty allowance.
Speaker 14 (32:38):
I'll tell you this, well, if they do. The guy
on the left, it doesn't use it. The Union, the
chief economist, but Christian. If you look at his suits
and very well put together, very very very much, very conservative. Yes,
but as you would expect from a reserve Bank governor.
But I think he spends. If you look at the
cut of his collar.
Speaker 2 (32:54):
On a shirt, I couldn't help but notice.
Speaker 14 (32:57):
That's a that's a high cut collar with and that's
a specific decision you would make as a consumer of
the shirt.
Speaker 2 (33:03):
Clearly unlike me, as you've pointed out, he goes to
the dry cleaner.
Speaker 14 (33:06):
He goes to the dry cleaner. And if you look
at the cut of his suit and where is collar
sits on his jacket, that's always a very good indication
as to whether you're current because the height, the heights
of the heights of the collar on your jacket varies
from season to season. Oh god, and so so he's
(33:28):
he is right at the cutting edge, Yes he is.
Speaker 2 (33:31):
What are you telling us today by wearing a T
shirt under it?
Speaker 14 (33:34):
A this is this is classic luxury. This is what
Bernard should aspire.
Speaker 2 (33:42):
I know I do look at Bend and think, Bernard
bless you get it. Home on do you Reckon?
Speaker 14 (33:47):
He warms himself up for those questions.
Speaker 2 (33:49):
It's like Glenn, have you seen Glen today?
Speaker 14 (33:51):
I try not to just shirt Glen in Hawaii, isn't
it if they go to the same Hawaiian shirt.
Speaker 2 (33:58):
You're interesting enough, you don't need to do that, is true? Anyway?
I will have Christian on this morning. Great, excellent, all right,
looking forward to it. Mike is with you next. Have
a fantastic Thursday. On News Talks EDB.
Speaker 1 (34:14):
For more from Early Edition with Ryan Bridge. Listen live
to News Talk SEB from five am weekdays, or follow
the podcast on iHeartRadio.
The issues, the interviews and the insight. Ryan Bridge on
early erdership with our the Supercenter, explore our the successories
and servicing falland One News Talk said, be.
Speaker 2 (00:12):
Good morning, Welcome to Thursday. Great to have your company.
Nichola Willis before six on growth in the ocr Mitch
mccannon stateside for US, Simon Bridges wants a cat, not
a ban on surcharges and how much compo do they
want for that Northerland pile on power balls up. We'll
tell you the agenda. Thursday, the twenty seventh and November.
Incredible scenes out of Hong Kong this morning. A massive
(00:33):
apartment blocks on fire. Thirteen people have died, fifteen injured
and seven hundred firefighters going at it.
Speaker 3 (00:40):
So if irespreading quickly to nearby buildings, and we receive
numerous assistance call from the public, and also Debri and
Star building of the better buildings are falling down, so
post additional danger to our frontline personnel.
Speaker 2 (01:00):
To the US. You know Trump's mate Steve Whitcoff, he's
dealing with the Russians on Ukraine. Apparently caught coaching Putin
on how to deal with Trump. Basically said Stroke his
ego and call on the President of Peace. That's what
the deal maker do. You got to said, Look, they
want this, You've got to convince him with this.
Speaker 3 (01:17):
You know, that's a very standard form of negotiation.
Speaker 4 (01:20):
I haven't heard it, but I heard it was the
standard negotiation and I would imagine he's saying the same
thing to Ukraine.
Speaker 2 (01:28):
I think we'll talked to Mitch mccaenn about that later
in the show. To the UK we Go, Rachel Reeves
had to deliver her budget baby early after someone hit
send on the email. Whoopsie.
Speaker 5 (01:36):
Today's budget bill's on the choices that we have made
since July last year to cut NHS waiting lists, to
cut the cost of living, and to cut tax and borrowing.
Speaker 2 (01:49):
I'll give you the details on a second. But here's
the pushback in the house.
Speaker 6 (01:53):
Far too much noise, and I expect it's so much
better from your dog to leave Evans energy.
Speaker 5 (02:03):
Chancellor. I'm happy for them to shout as not so
much as they like Madame Jacket Speaker, as long as
they do it from the opposition benches, but they can't
call him.
Speaker 1 (02:17):
Get ahead of the headlines on Early Edition with Ryan
Bridge and r V Supercenter, explore r v's accessories and
servicing all in.
Speaker 2 (02:26):
One news talk. Simon down two is the numbers text. Now,
I will start with what happened overnight, because we've been
talking about Reeves and her budget for a couple of
weeks now anticipating this, so excited by this. And then
we'll come to you know, the Reserve Bank a little
later on the program. So here's what happened overnight. Basically,
reads and her budget bit of a disaster gets leaked
(02:46):
or they're calling it a release error whatever. She's sitting
there in Parliament and Star's talking and then you can
see the moment she looks down at her phone and
she goes, oh, crumbs, it's out. You could see the
moment she realize that this, you know, this is a
prized baby and it's out there before she's read it. Anyway,
a couple of bits, because we've been, you know, going
on about this, and then we'll talk about what it
(03:08):
means for us. There is some stuff in there that
is kind of relevant to us. So this UK labor
government has now increased taxes more than any other British
government in recent history. And remember they said they weren't
going to do that. While they've done it, the frozen
the income tax thresholds for longer. That's your bracket creep,
you know, where more people creep into higher brackets and
(03:29):
then end up paying more tax. They've got a new
mansion tax coming for the rich. They are getting rid
of the two child cap on welfare that's gone. So
have as many babies as you like and you'll get
benefits for it. But the bit that should worry us
a little bit is growth. They're going to grow slower
than we thought they were from next year. Same problem
(03:50):
we have here. It's lower productivity, lower growth. And you
add to that the fact that the US consumer confidence
just took a massive punch to the guts. The globe
economy more generally won't grow as fast next year as
it did this year. Our farmers milk prices in free fall.
All this stuff matters because, well you know this, we're
(04:10):
a small trading nation and as the Reserve Bank said yesterday,
for us to grow, the world must grow. Also, don't worry,
it's not all bad news. I'm not here to ruin
your Thursday morning because China, Germany, Japan, there's a couple
of others they've all announced massive spending, you know, stimulus packages,
which should give things a bit of a tickle up,
(04:32):
which is what we need. And Goldman Sachs came out
just in the last couple of days. They reckon China,
which is of course our biggest trading partner buys our stuff.
They will grow faster next year than we thought they would.
So there basically is the good, the bad, and hopefully
not next year the ugly. You're on News Talks there
be it's just going eleven minutes after five. We'll get
to Northfolk next for the lady they're going to sue. Basically,
(04:54):
we want the businesses. There were twenty thousand of them.
Power was out for days and they we want some compensation.
Thank you very much. How much News Talk SETB News.
Speaker 1 (05:04):
And Views you trust to start your day. It's earlier
this ship with Bryan Bridge and r V Supercenter explore
r v's accessories and servicing fall in one News Talks
at B five thirteen.
Speaker 2 (05:16):
Niicola willis on the show after six and we'll ask
her about the Regulatary Standards Bill repelling things. She mentioned
on Nick Mills yesterday in Wellington that they might campaign
like New Zealand first have said they will do on
repelling the thing.
Speaker 6 (05:28):
Well, we haven't taken a position yet, but it's not
impossible that we would go to the campaign trail saying
yes we met our coalition commitment, we supported that into law,
but actually we agree with the concerns of some people.
It hasn't operated as we hoped and we want to
repel it.
Speaker 2 (05:44):
The thing about this is the Regular Stands Bill. I
don't I principle, I agree with what it says, but
it basically adds a layer of bureaucracy that you get
a board and none of it is legally binding. No,
you cannot force the government to do anything through the
Regulatory Standards Act. The board that will be set up
is just It would be a bunch of guys being
(06:05):
paid who knows how much money to tell you something
that you probably already knew, and you can ignore anyway.
The government can ignore it. So what is the point
in it. I don't think it's a silly idea to
campaign against fourteen After five, Bryan, the Northern Pilon fiasco
is heading to court. Remember last June you had the
workers removing the bolts. The pylon falls over and region
(06:27):
goes dark for days. Twenty thousand businesses hit and now
they're taking Transpowder court to get their money back. Thank
you very much. Grant McCallum is MP for Northam joining
me now, hey Grant.
Speaker 7 (06:37):
Yeah, good morning Ryan.
Speaker 2 (06:38):
What was the damage Well, they used to.
Speaker 7 (06:42):
Made it anywhere between sixteen eighty million dollars losses across
the region. So that'll be ultimately have to be proven
by people if it's going to be if the claim
is going to be successful.
Speaker 2 (06:53):
You're supporting this.
Speaker 7 (06:55):
I encouraged anyone who wants feels that be how done
by the explore Avenue and some local businesses have and
I think and all powers them because there were definitely
losses across the north and now the question is whether
they're legally stacks up and they get something out of it.
Speaker 2 (07:11):
It does it? Well, what's your have they had? They've
obviously got a legal opinion on that. They think it
does not.
Speaker 7 (07:17):
My place to get in front of the court process,
but let's just see where it lands. But we all
know what happened and the reports are showing what happened,
which to this day is still big as belief. But
so yes, there's a legal process and lets follow it through.
Speaker 2 (07:31):
Has there been any ongoing effects? Like obviously there was
the few days where they were down, But did it
cause it? Is it still causing problems?
Speaker 7 (07:39):
Not directly, but I know it put a lot of
stress on one or two businesses I know up north.
The loss of power for a big business like J
and L the mill and Ki Tire, which is out
of the they didn't compare on for four or five
days was significant. And that's a business that, like a
lot of mills, are struggling, so that was not helpful
to them. So yeah, the effect has been lingering, you
(08:02):
might say. But yeah, and I know there've been a
number of business ohs who have been quite annoyed with
the whole thing and the fact that transpower and the
of you haven't and their of you haven't compensated them.
Speaker 2 (08:13):
All right, Hey, Grandele's having a look at your electorate
numbers from last election. Are you worried about next year?
Speaker 7 (08:19):
I'm working hard to get around the electric mate and
do my best. The electors will make their mind up.
I'm always worried about what electors want, and I get
out there and listen to them. I guess I drove
up to Kaye Tyre from home. That's three hours each
way to attend the memorial service. An amazing man from
Kai ty and Monty Night. It was a really, really
amazing services. It was a real leader and all. So
(08:40):
it's the sort of thing you do your best.
Speaker 2 (08:43):
Grant, are you one of these backbenchers worried about your boss?
Speaker 8 (08:46):
No?
Speaker 7 (08:47):
No, no, he's doing a tough job. Really well, come
on you, I knew you'd go here in this conversation.
You guys can't help yourselves out.
Speaker 2 (08:55):
No we can't. So you said it's so excellent job
you would never roll them.
Speaker 7 (09:01):
No, of course not. He will need us into the
and the election. He will the election.
Speaker 2 (09:06):
Good to talk, Grant mcculloughy in People Northland signs seventeen
after five Ryan Bridge, good news about Huntley. They'll keep
the lights on. This is our backstop. Of course. They've
released Genesis has released its earnings growth and it's on track.
It'll be cash positive out to twenty thirty five, So
for the next decade they'll be making money, which is
good for you, it's good for me, it's good for everybody.
(09:26):
Remember there was a period where they were worried about
their future. The financial future. Well, gas kind of put
the kibosh on all of that talk because you know
that the bottom fell out of that, there was the
production collapse, and so coal is your answer. And then
the power companies come together, they do the coal deal
with Huntley and so Huntley is looking safe for at
(09:48):
least the next decade. Eighteen after five Simon Bridges next.
Speaker 1 (09:53):
Ryan Bridge on Early Edition with r V Supercenter explore
r v's accessories and servicing.
Speaker 2 (10:00):
News talks. It'd be five twenty on news talks'b this
business about Chris Bishop. He's not going to roll, then
nothing's going to happen before Christmas at the very least,
because you would wait and then do it in the
new year. You need to basically see you know, all
this talk about growth that we heard from the Reserve
Bank yesterday, If that starts to happen, things start looking up.
You don't need to roll them. But one thing I
was thinking about, you know, we've been talking about the
(10:22):
election date being November next year. If the only reason
that would change is if he got roll, if Luxon
got rolled by Bishop or whoever, if Luxon got rolled
by Judith, you know, just pick a pick an MP.
Then they would basically roll him. You'd have to get
through the budget, of course, but you would roll him
and then you would get to the poll's quick smart
you would call an early election is too well, not
(10:44):
an early election, but you would call an election as
soon as possible after he was rolled, because you want
to give yourself a shorter runway to make as few
mistakes as you can before you get to twenty one.
After five bread Bread business groups have come up with
a Plan B for the surcharge band. They are proposing
a cap, not a ban, the surcharge on debit cards.
(11:04):
They say should BeWo point five percent, a cap on
personal domestic credit cards one percent. But will the government budge?
That's the question. Simon Bridges, All Business Chamber of CEO. Hey, Simon,
Hey morning, Ryan, good morning. So why do you think
a cap and not a ban? Well, our looks in.
Speaker 8 (11:21):
The end, you'd be clear, don't like this bill. I
think it's going to create unintended mess and you know,
actually an important thing. There is basically every submitted to
Parliament and there are a lot didn't like it either.
They saw it as well intentioned but unfair, not transparent.
Speaker 2 (11:40):
So so for me, he's basically had a terrible choice.
Speaker 8 (11:42):
Either have to suck up the costs and you know
they're working on tin margins that's bad, or they smear
it on everyone and that's very unfair and opaque as well.
So you know why this because I think actually in
the end it's a workable compromise. It deals with the
concern and it's a legitimate concern of excessive surcharges because
you've got this cap that's not very high. On the
(12:03):
other side of it, though, it does mean there's you know,
the retailers, hospo, tourism, these various businesses operating onto the
margins can recoup some of their cost and that's fear
as well. So you know, I think potentially it's a
it's a it's a win win sweet spot for the government,
for business, for consumers.
Speaker 2 (12:23):
Simon, if they go with the smear option. Like, let's
assume that the band goes ahead and businesses go with
the smere option. How much extra do we pay in
general prices?
Speaker 7 (12:31):
Do you reckon?
Speaker 8 (12:33):
Well, because it's it's it's very hard to say, but
I mean I think it would be inflationary. I think
in the end, what happens is very messy. My sense
of it is, you know, you have a bunch of
businesses say you know, we're going to tryout, and the
big ones you say, we're going to try hard to
sort of sort of absorb this, and but then another
others that will think, we know, we are going to
smear it. And they's say you think that that if
(12:54):
you're paying cash, that's unfair. You're paying more when you
shouldn't have. If you're paying f poss, that's unfair because
you're paying more and you shouldn't have.
Speaker 2 (13:01):
All a deal with the.
Speaker 7 (13:02):
Issue of kind of you know, the tap on tip
tap off.
Speaker 2 (13:04):
Cards and the credit cards.
Speaker 8 (13:07):
We're actually you know, the focus I've always thought should
be on banks and that the payment providers, your visas
and your master cards. We're making a lot of money
from this.
Speaker 2 (13:15):
Hey, I want to get your view on that. The
RB and Z yesterday they're saying there is a worry
that once the economy starts to pick up, that businesses
will start hiking prices because you know, they've been holding
off because demand's been subdued, right, so you can't hike
your prices. And then as soon as we've got a
bit of money in our pockets, they start hiking, that's inflationary.
Do you think that's going to happen.
Speaker 8 (13:35):
I don't know.
Speaker 2 (13:36):
I wouldn't.
Speaker 8 (13:37):
I wouldn't say it's the biggest issue, and I wouldn't
say it's going to be like dramatically palpable and inflationary.
I think in the end, you know, I've had the
view appreciated. It's pop PEPs, a business and political view
rather than a strictly economic one. That you've got to
pick your poison. You know what would you rather have
lower interest rates a bit of inflation? I think in
(13:57):
this economy, nine out of ten c actually a little
bit of inflation, albeit you know they've got to try
and work hard to keep it with in the band.
I mean, I look at next year and I am
I think realistically optimist and thinks are going to slowly
but surely get better. But I think anyone looking for
the Devana in twenty twenty six is preps misplaced, because
(14:17):
reality of it is, you know, you just think about
some of the facts going on. We've got an election.
Close elections mean people stop spending and making investment decisions
for a while. I think the stock market looks like
it's very high. You know, people say to me, who
know it's basically recessionary in America other than the stock
market which.
Speaker 2 (14:35):
Is so big.
Speaker 8 (14:36):
So any correction there I think makes a big difference.
So you know, for heaven, maybe we've got to wait
till twenty twenty seven.
Speaker 2 (14:42):
Simon always good to get your view. Simon Bridges, All
con Chamber's CEO time is twenty four minutes after five
News Talks ZB. I'll tell you what I thought about
that press conference yesterday.
Speaker 1 (14:51):
The early edition full show podcast on I Radio Power
by NEWSTALKSB News.
Speaker 2 (14:57):
Talk ZB five twenty seven. So what do we know
today that we didn't know yesterday after the big show
from the Reserve Bank. Well, the answer is not much. Really.
The cut was expected priced in their outlook bit more
rosy on growth. It looks like this is the end
of the cycle for cuts. But beyond that it really
is all guesswork, isn't it. The outlook the central outlook
(15:18):
was what they call balanced, meaning if we keep our
wallets closed, that could hurt the outlook, could hurt the economy.
Higher house prices, export prices, well, they could help it.
Are we any wiser we put a lot of faith
in the OCI to get us out of the raft.
And even though this is despite the fact it hasn't
actually really worked for us thus far, has it, even
after six rounds of slashing. At one point in the
(15:40):
press yesterday the Chief Economist was almost repeating this like
it was a mantra, as if by saying it over
and over again he would will it to happen. There
are two problems here. First, we've heard it all before
and not seen the results in two, by their own admission,
the GDP numbers that we've been relying on aren't reliable.
There's a bunch of season as in the numbers, especially
(16:01):
for that shocker in June where we apparently went backwards
almost eight percent. We didn't. The computer's a bit bust
after COVID hasn't quite caught up. Basically, the good news
it probably wasn't as bad in that quarter as they
said it was. The bad news growth the following quarters
probably wasn't as good as forecast either. So giveth with
(16:22):
one hand and taketh with another. So we have a
system we're hoping like hell will still work in this
new post COVID tariff environment, with sticky inflation and pretty
lame o growth, and the numbers, well, we can't really
rely on them, which if you cast you in mind
back to quarter two, they get blown up by us
(16:43):
in the media. We're guilty as charge, scaring people into
closing their wallets again and again, perpetuating the cycle. To
be fair, there's always been a lag with the ocr
working its magic and at some point surely will hit
the g spot again for growth, if for no other
reason than what goes down must at some point bounce
(17:04):
back up.
Speaker 1 (17:05):
Ryan Bridge.
Speaker 2 (17:06):
By twenty nine News Talks, there'd be Niicola Willis on
the show. Before six, we'll get to Mitch McCann's Stateside,
our reporters around the country and Eden Park. You sick
of hearing about Eden Park, Well you're going to hear
more about it today because Nick Sultner has come out
yesterday spoken to counselors, says their profit is so thin
that they need concerts. They would basically they would be
(17:26):
extinct without concerts at Eden Park. The sports is stint
cutting it. So you'll hear a lot about that in
the news today, News Talks, they'd be.
Speaker 1 (17:44):
The news you need this morning, and the in depth
Analysis earlier edition with Ryan Bridge and are the Supercenter
explore r these accessories and servicing fall than one News
talks at.
Speaker 2 (17:55):
Me twenty four away from six years talks they'd be
coming up before six Nicola Willis on the OCI We'll
go Stateside with Mitch McCann as well. Jeez, not a
lot of love for Simon Bridges on the text machine
this morning, coming on saying we should have a cap
on surcharges, not a ban, which is what the government wants.
(18:18):
Ryan credit card surch charges. What a load of crack
from Simon says this text. The focus is in the
wrong place. The banks need to be tackled. You can't
tell me that a swipe versus a tap costs the
banks more than we're doing at one cost more than
the other to do same machine, same phone line, two
different costs. I think not honestly, I don't know lots
(18:39):
of things I don't know. You know, yesterday I was
walking along the street. This is I don't know why
I'm telling you the story. It's kind of embarrassing, but
I was walking down the street. I go for my
little afternoon walk, and I do have a phone call
with the producers from the Herald show in the afternoon,
and I was wandering along and I was on so
I had my headphones in, you know, my little earbuds,
(19:01):
and I was taking talking to them on the phone
but also trying to look at the rundown of what
was happening on the show tomorrow on my phone. Walk
straight into a tree. Got a massive lump on this
top of my head this morning, and the first thing
I did was stop and go. I was in pain,
but the first thing I did was stup and go.
Who's looking? Did anyone see me do that dumb thing? Anyway?
(19:23):
Now you all know, twenty three away from sex, I
seem but airheaded this morning. That'll be Whine. Calum is
with us first from Dunedin. Callum, good morning, yead morning right.
Maybe the world's most boring live stream is launched from
an Otago oat farm.
Speaker 9 (19:40):
Yes, it's a twenty four to seven camera that's been
set up in Whiteside Farm's oat fields and this is
in the Kluther district. Ryan viewers consuning to watch oats
grow essentially from germination to grain formation. It's all in
real time, no edits. The idea comes from Mother brand
Boring Oats Milk. The founders Morgan Moore, who's his oats,
(20:04):
have shown for thousands of years there's beauty in the
mundane and while the rest of the world wants to
go to space, they are looking to South Otago to
celebrate the simplicity of the humble oat. She says it's
a must watch for anyone wanting to find calm and
watching oats grow.
Speaker 2 (20:18):
Right, what was that? Where do we find it?
Speaker 9 (20:22):
So go to the website Boringmilk dot com or search
for it on YouTube. Tune in now for a spectacular sunrise.
Speaker 2 (20:31):
Great. How's your weather?
Speaker 9 (20:34):
Scattered rain this morning, clearing to find this afternoon strong
nor wester again the high twenty seven.
Speaker 2 (20:39):
Nazelon, Thank you, clear, good morning, Good morning. You got
some mornings ahead of a hot and windy day for Canterbury.
Speaker 10 (20:45):
Yeah, we've got Mitsivus has an Orange wind warning in
place for severe gale northwesterlies up to one hundred and
twenty kilometers an hour for the Canterbury high Country and plains.
That's paired with some very high temperatures here in christ
Church City. We are expecting a maximum of thirty degrees. This,
of course comes a month since those strong winds fanned
fires that ended up causing some serious damage about Kaikoda,
(21:08):
Hidunui and the Dungy Tata area. Fire and Emergency District
Commander Rob Hans says any blaze today will be extremely
difficult to control given these conditions. He says the advice
is to a not light any fires, but also not
to to go and cheek anything that may have been
lit even weeks ago. He's saying that the advice is
(21:28):
to not light fires in anything more than twenty kilometers
an hour. Today we're expecting one twenty. Meanwhile, a warning
for drivers as well. M ZTA says high sighted vehicles,
towing vehicles and motorcycles may be at risk today.
Speaker 2 (21:42):
All right, clear, thanks for that updates. Someone says, Ryan,
the swipe is from the banks and it's free. The
tap this is the surcharges. The tap software is run
by Visa and they charge quite a bit for it.
So that's the difference in the price. Let's got a
Maxim Willings and Max good morning, Good Maris, Yes I
can hear you. How are you out prospecting for gold
(22:02):
and hills above Wellington?
Speaker 11 (22:03):
Well, if there's a fortune to be made. I may
be yeah, maybe a bit of a gold rush in
the capital. There's a new discovery of gold in land
across what's known as Long Gully Station. That's a large
area of hills at the southern tip in near Island
Bay in Red Rocks. Little secrecy around what has actually
been cited, how much gold has been found, but there
(22:23):
is enough excitement that permits are being granted for new sites,
new companies are being created for so far to spend
hundreds of thousands of dollars on exploration, it could make
Steve Watson, who owns Long Gully, very wealthy. He says
what has been discovered does give him very good confidence.
Speaker 2 (22:40):
There have been.
Speaker 11 (22:40):
Traces of gold in Wellington's hills found for years, but
this seems a little more tangible. New technology allows for
mining that's a bit more friendly on the environment. Resources
Minister Shane Jones says he's very excited and of course
if it means more drilling, he'll be in regardless.
Speaker 2 (22:56):
To quote the treasure of the Sierra.
Speaker 11 (22:57):
Madre, I think I'll dream about piles of gold getting
bigger and bigger.
Speaker 2 (23:02):
Do you know what I was reading the strees today? Next?
I would love nothing more than a mining operation in
the heart of the socialist capital of New Zealand.
Speaker 11 (23:11):
We have Kiwis living out there as well. Let's knock
off a few of them as well. How's the weather,
Drestley all day with strong wind twenty the high.
Speaker 2 (23:23):
Morning.
Speaker 12 (23:23):
Good morning. Now, I just heard you before saying about
how you were on your phone dumpty doo walking along
in the afternoon and you smelled into a tree. I'm
just checking out your for your your injury.
Speaker 2 (23:34):
No it's not. It's not my forehead. If it hit
the money maker, I'd be very worried. No, I'd be
out of a job. No, No, it's the top. So
there was a branch, a low hanging branch, big trees.
I've walked the street one hundred times. I used to
live on the street, so I know there are trees there. Anyway,
I just did a dumb thing.
Speaker 11 (23:56):
Oh and so did anyone?
Speaker 2 (23:57):
Did any want?
Speaker 12 (23:58):
No one that I could see was looking okay, nick
minute and the curtains through the windows, they go, oh,
look there's that Ryan Bridge, there's that celebrity.
Speaker 2 (24:07):
Hey, oyster farmers being dealt another blow.
Speaker 12 (24:10):
I feel so sorry for these guys. So look last Wednesday,
there was a spell. Now this was from what's Elizabeth
Street overflow point. Now obviously this was the second one
because we can all remember that other big, big spill
just three weeks ago. Lynette Done, she's the Mahudangy Oyster
Farmers Association president. She says, look, all these spills, frequent
(24:30):
spills this year, they've damaged the reputation. She says that, look,
the Mahudangy oysters are now associated with sewage, so water
care is you know, they've said, look, they feel for
the oyster farmers. What else can they say? Really, they're
saying that the fifty three millimeters rain that fell that day,
that was at last Wednesday, and the network upgrades they
were never intended, you know, to prevent these overflows during
(24:51):
weather like that. So they've got to just get that
work going. They said that they're going to accelerate that
work on that pipeline.
Speaker 2 (24:58):
But how's our weather? Every time?
Speaker 12 (25:00):
Okay, cloudy, chance of a shower this morning, HI have twenty.
Speaker 2 (25:02):
Six brilliant Thank you, seventeen to six on News Talk
CB will go Stateside with Mitch McCann next. Trump's man
Witkoff has been training Putin on how to flatter Trump.
He has the story with US.
Speaker 1 (25:14):
Next International Correspondence with endsit Eye Insurance, Peace of Mind
for New Zealand Business.
Speaker 2 (25:21):
Fourteen to six new talks they've been Nikola Willis next, first,
Mitch mccannon State side for US Morning.
Speaker 4 (25:26):
Mitch, Good morning, Ryan.
Speaker 2 (25:27):
So it turns out you shouldn't really coach the opposition
on the boss's tactics, should you. Well, there's plenty of
people saying that, But Donald Trump doesn't seem phased.
Speaker 8 (25:35):
Ryan.
Speaker 4 (25:35):
This is based on a Bloomberg report which shows that
Donald Trump's chief negotiator or peace on voice, Steve Witkoff,
really essentially coaching a Russian official how Vladimir Putin should
talk to Donald Trump about a Ukrainian peace plan. He
says that he should call him the president of peace,
he should praise his Gaza peace plan. And lawmakers in
(25:56):
Washington have blasted this call. One has said that Wick
coof fully favors the Russians. Another said it's a major
problem and it's why these secret meetings need to stop
Donald Trump. As I mentioned, though, Ryan isn't fased. He
says it sounds like a standard negotiation, and he said,
I would imagine he's saying the same thing to the Ukrainians. Now,
this comes at a really important time, and it seems
(26:17):
the Kremlin is unhappy with this leak. They have said
it's intended to disrupt peace talks. But we're still waiting
to see if the Russians are going to sign on
to this modified peace deal.
Speaker 2 (26:28):
I suppose it's no great surprise that stroking Trump's the
ego is the way to his heart.
Speaker 4 (26:34):
No, I have to agree with that. I mean, we've
seen lawmakers and officials do that every time they've been
to the White House this year. So I don't think
he was given any state secrets away Black Friday.
Speaker 2 (26:45):
That obviously it's invented by the Americans, But there's a
bit of a warrior.
Speaker 3 (26:48):
You know.
Speaker 2 (26:49):
Consumer confidence not that great. How's it looking?
Speaker 8 (26:52):
Yeah?
Speaker 4 (26:52):
Not as good this year. This is, of course, when
everyone lines up at the front of you know, Target
and all these big stores to they budge their way
in when they open. A new Deloitte survey suggests that
shop has planned to spend four percent less than last year,
with an average of six hundred dollars. It comes as
consumer confidence plunges here to a new low ran among
(27:12):
general concerns about the US economy.
Speaker 2 (27:15):
Have you bought anything yet much? I have?
Speaker 4 (27:17):
I need a new blender. How boring is that? But
I'm going to get one.
Speaker 2 (27:21):
Yeah, very very boring and get a nutribullet. They do,
they serve me well as twelve minutes away from six.
That was much McCann State site for US twelve minutes.
It's so twelve minutes away from six on news talks
b Ray and Bridge. So the Reserve Bank cut the
OCR for the final time this year twenty five basis
points two point twenty five percent. We were expecting that.
It says there was a bit of regal room in
(27:41):
the economy. Obviously, inflation now projected to fall to around
two percent by mid twenty twenty six. Nikola Willis is
the Finance Minister with US Live this morning. Good morning minister,
Good morning Ryan. Did the economy grow this year? Well?
Speaker 13 (27:54):
In the first quarter of the year it grew very
strongly at about zero point nine percent. We had downturn
in the second quarter. The Reserve Bank are stated yesterday
that they think that was statistically understated and will be
a readjusted at a further update. They think that the
economy is currently growing and that that grows will strengthen
(28:15):
into next year.
Speaker 2 (28:16):
So how much do you think we grew this calendar year?
Speaker 13 (28:20):
Well, it's too early to say that. We will get
the data for the third quarter in a couple of
weeks and we'll get their data for the December quarter
early next year.
Speaker 2 (28:30):
Is it annoying that data is so wrong?
Speaker 13 (28:33):
A Look, it is difficult that the data lags, and
it is the case that stats indeed data has had
to be updated fairly frequently and adjusted. And look, that's
the reality of the sets process. We can't do much
about it. But we do get enough other information that
we get a sense of where the economy is and
(28:53):
that's allowed the Reserve Bank to be very confident in
their forecasts that we're currently growing, that that growth will
strengthen next year, and that inflation will be coming down next.
Speaker 2 (29:03):
Year, which is good and that sounds great, but we
have heard this story before. Our big problems productivity, isn't
it that is going to be constraining whatever growth we
might be getting, and also we don't have immigration to
prop it up.
Speaker 13 (29:16):
Well, productivity is an issue, but fundamentally, if you haven't
got your inflation down in an economy and you haven't
got your interest rates coming down, then those fundamentals mean
that you won't get our productivity growth. So what we've
now got in the New Zealand economy is a situation
where inflation is back in target is set to come
(29:37):
back down to the middle of the band. That's great
for growth. We've got interest rates at a low rate,
which means that you do have more cash pumping through
the economy. That's great for growth. And now we are
in a position to be building that future productivity growth.
And that's where things like replacing the Resource Management Act,
getting rid of red tape in the Regional Council structures,
(29:58):
ensuring that we're delivering in for structure for us, that
lisiting education standards. All of those are about future productivity
and that's why our government is driving those reforms.
Speaker 2 (30:08):
They said. The reserve bank margins for the banks are healthy,
room to bring the rates down further. I'm speaking to
Antonio Watson later this morning. What's the message to her.
Speaker 13 (30:17):
Well, my message to her would be pass it all on.
You are a member of the New Zealand economy and
the actions you take have a significant impact on how
New Zealanders are able to invest and grow.
Speaker 2 (30:28):
Your comments on the Regulatory Standards Bill, was that just
on the fly or are you seriously thinking you might
campaign on repealing?
Speaker 13 (30:36):
Well, it's just just to be clear that National has
its own positions on legislation. We don't just adopt act
positions as a coalition government. Yes, we do support the
commitments we've made which meant that we pass that legislation.
There's still a year at least until the next election,
and so as good citizens, we need to monitor how
(30:59):
that legislation operates in practice, whether we think on balance
that the pros outweigh the cons and then the National
Party Caucus will take a position on whether we support
it going into the next colection.
Speaker 2 (31:11):
What's your personal view, we'll look.
Speaker 13 (31:15):
My personal viewer is that we do need to monitor
it to see whether it adds process or whether in
fact it's advantageous. And I've got an open mind.
Speaker 2 (31:26):
It looks like just another layer of bureaucracy and it
doesn't actually do it nothing meaningful.
Speaker 13 (31:31):
Well, the government decided to progress it because fundamentally we
do want good regulation and that's what the intent of
the legislation is. We've now got an opportunity of these
next few months to see what it adds in practice.
We'll be watching it here Flee and then the National
Party Caucus will discuss that will take a position going
into next year's campaign.
Speaker 2 (31:50):
Michael Willis, Finance Minister. Great TV on the show. It
is eight to six News talksb.
Speaker 1 (31:55):
The first Word on the News of the Day Early
edition with Ryan bred n r V Super Center, explore
r v's accessories and servicing all in one news talks.
Speaker 2 (32:05):
There'd be five to six news talks. They'd be Mike
is here with us now, Good morning, Mike.
Speaker 11 (32:09):
Mate.
Speaker 2 (32:10):
Did you notice in the press conference, Well, you would
have because I know you're you know you're you're a
stylish man and you're obviously Bernard Hickey.
Speaker 14 (32:18):
Can I just say from the press conference shirts have
got to go, well, yeah, Bernard Hickey, if you're going
to go to a press conference, dress appropriately too and
keep your questions under nineteen minutes.
Speaker 2 (32:27):
There was that one one particular question that was goodness,
magnum opus. But they you know, Christian Hawksby and the
rest of them, do you think that they have like
a grooming and beauty allowance.
Speaker 14 (32:38):
I'll tell you this, well, if they do. The guy
on the left, it doesn't use it. The Union, the
chief economist, but Christian. If you look at his suits
and very well put together, very very very much, very conservative. Yes,
but as you would expect from a reserve Bank governor.
But I think he spends. If you look at the
cut of his collar.
Speaker 2 (32:54):
On a shirt, I couldn't help but notice.
Speaker 14 (32:57):
That's a that's a high cut collar with and that's
a specific decision you would make as a consumer of
the shirt.
Speaker 2 (33:03):
Clearly unlike me, as you've pointed out, he goes to
the dry cleaner.
Speaker 14 (33:06):
He goes to the dry cleaner. And if you look
at the cut of his suit and where is collar
sits on his jacket, that's always a very good indication
as to whether you're current because the height, the heights
of the heights of the collar on your jacket varies
from season to season. Oh god, and so so he's
(33:28):
he is right at the cutting edge, Yes he is.
Speaker 2 (33:31):
What are you telling us today by wearing a T
shirt under it?
Speaker 14 (33:34):
A this is this is classic luxury. This is what
Bernard should aspire.
Speaker 2 (33:42):
I know I do look at Bend and think, Bernard
bless you get it. Home on do you Reckon?
Speaker 14 (33:47):
He warms himself up for those questions.
Speaker 2 (33:49):
It's like Glenn, have you seen Glen today?
Speaker 14 (33:51):
I try not to just shirt Glen in Hawaii, isn't
it if they go to the same Hawaiian shirt.
Speaker 2 (33:58):
You're interesting enough, you don't need to do that, is true? Anyway?
I will have Christian on this morning. Great, excellent, all right,
looking forward to it. Mike is with you next. Have
a fantastic Thursday. On News Talks EDB.
Speaker 1 (34:14):
For more from Early Edition with Ryan Bridge. Listen live
to News Talk SEB from five am weekdays, or follow
the podcast on iHeartRadio.
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