November 3, 2025 • 7 mins
It's been a busy time in Australia, with Kiwis flying over to see Oasis - prompting speculation about the future of events in New Zealand.
The bed tax debate lingers, but the Finance Minister has promised discussions are taking place to bring more events to New Zealand.
Nicola Willis says Minister Louise Upston has been working hard behind the scenes to draw in events and get the economy going.
"There'll be announcements over the coming months, Louise Upston is in negotiations and there'll be some exciting events coming to a city near you."
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
And with us now as Nikola will as the Finance Minister. Nicola, Hello,
hello Heather.
Speaker 2 (00:04):
How was Oasis? Well?
Speaker 1 (00:07):
Thank you? It was great. However, do you remember the
mid nineties wasn't that a good time? Well?
Speaker 2 (00:14):
I was very young, so yeah, that was a great time.
Speaker 1 (00:16):
It was a good time though, and yeah, anyway, so
it was here's the thing, right, it was busy in Melbourne,
very very busy. And I know you spent the weekend
in Sydney. Was it as busy with you?
Speaker 2 (00:27):
It was? It was very busy. Yeah.
Speaker 1 (00:28):
So does this mean that you've come back and thought
maybe that bad tax for Auckland is a good idea.
Speaker 2 (00:34):
It's made me come back and think what a wise
government we were to make that decision to put a
significant investment into promotional events for the country to keep
the economy going.
Speaker 1 (00:44):
Yeah, well I don't hate that. What have we got
from it? What have we announced?
Speaker 2 (00:49):
Well, it will be announcements over the coming months. Louise
Upston is negotiations and there'll be some exciting events coming
to a city near you.
Speaker 1 (00:57):
Isn't Louise trying to get us events? Yes, yes, she's
so negotiating with musicians.
Speaker 2 (01:03):
Well, she has a team of course, who do that
on her behalf, but Kebnet voted her specific funds to
go out and find some that will bring I know.
Speaker 1 (01:12):
What you're to the country. You're talking about the big
sporting thing wink wink, nude nudge that has to be announced.
Speaker 2 (01:18):
Yes, well we're expecting more than one event will come out, but.
Speaker 1 (01:21):
You know the one I'm talking about. When's that one
being announced?
Speaker 2 (01:24):
Well, I know the one that you're referring to, and
I understand discussions are ongoing.
Speaker 1 (01:29):
Well, no, discussions aren't ongoing. It's been sewn up. So
when is it being announced?
Speaker 2 (01:34):
Well, I will leave it to Louise Upston to do
the honors on the announcement of big exciting events that
are going to bring to the country and give New
Zealand as something very fun to look forward to in
the weekends.
Speaker 1 (01:44):
Here's the problem, though, and I like the thing is
these guys over in Australia, their economy is pumping, their
events are pumping. Now how long do we have to
wait in order for us to be even catching up
to that?
Speaker 2 (01:57):
Well, look, their inflation rates actually a dot harv and
ours at the moment. Their unemployment is not where they
want it to be either. They are in deficit and
are forecasting a decaded deficit. So you know, the grass
isn't always greener in every respect. It is true that
the Australians have a larger economy, a more wealthy economy,
and I've always been very upfront I want New Zealand
(02:18):
to be a wealthier economy too. That's why we've got
to say yes, like.
Speaker 1 (02:22):
The events here, how long before we can actually start
putting going? Yes, tech, this is an event that the
government got for us.
Speaker 2 (02:29):
You will expect announcements before Christmas, and you will expect
a series of events next year.
Speaker 1 (02:34):
Okay, and are you are you possibly open to the
bed tax after the election.
Speaker 2 (02:41):
What we're very open to is the need for both
central government and local councils to be doing their bit
to promote events that stimulate economic activity. Now, a number
of councils around the country make room to do that
because they realize it's good for their local people and
their local businesses. Auckland have made a point of not
(03:03):
wanting to do that, but Auckland still have choices. There's
nothing to stop Auckland Council choosing to invest in promoting
events that would promote growth in the Auckland economy.
Speaker 1 (03:13):
Yes, but then I have to pay for it as
a rate payer, whereas a bad tax means the tourist
has to pay for it. It's a smart idea. Anyway, Listen,
you've spoken to Andrew Bailey since Thursday?
Speaker 2 (03:21):
I haven't, although I've just seen him at an event
and said hello.
Speaker 1 (03:24):
Was it awkward?
Speaker 2 (03:26):
No, it was fine. He's my colleague.
Speaker 1 (03:28):
Yeah, the love in your voice has evaporated, Nikoler, Oh.
Speaker 2 (03:33):
No, I has a Look, I've always had a lot
of time for Andrew, Who's someone I've worked closely with
through my career. And look, I feel for anyone who
goes from being a minister to being a backbencher, and
I recognize that for him, he's had a hard year.
Speaker 1 (03:48):
Okay, do you support him clearing his name?
Speaker 2 (03:52):
Well, Ultimately, every minister, and believe you me, it's top
of mind for us, all serves at the pleasure of
the Prime Minister, and so it is always for the
Prime Minister to choose whether or not you've met the
requirements of your warrant and whether or not you'd continue
to deserve the role that you're in, and in the
case of Andrew Bailey. He offered his resignation, the Prime
(04:13):
Minister accepted it. Has subsequently made clear that without that resignation,
he would have asked for it, and since then Andrew
has wanted to communicate his side of that story. That's
for him to do. But ultimately whether or not he's
a minister is a call for the Prime Minister, and
the Prime Minister is sticking to his guns.
Speaker 1 (04:32):
Well that's not a yes. So is there any chance
that he might come back as a minister?
Speaker 2 (04:37):
Well, that would be a question for the Prime Minister
and not for me.
Speaker 1 (04:40):
Okay, how do you feel about that thirteen percent increase
in Westpax profit?
Speaker 2 (04:46):
Well, look, as you know, I'd like to see more
competition in the New Zealand banking sector because there is
evidence that suggests that banks here get a great return
on equity than banks and other parts of the world,
and partly that's because they don't face as much comput
of pressure. Now, I'm not going to go after the
profitability of any individual business. That's against my philosophy. What
(05:06):
I am going to do and have been doing, setting
the conditions in which greater competition can occur. So whether
that's raising capital for Kiwibank, opening up access to the
exchange settlement system that used to be primarily for the banks,
ensuring that other individuals can use the word bank, making
sure that we have open banking underway, the capital adequacy review,
(05:28):
that the Reserve Bank's doing their host of regulation and
these are all the things them Commission said.
Speaker 1 (05:33):
But that stuff isn't at all extent of it. There's no
big crackdown coming.
Speaker 2 (05:38):
Well, this is an area where you could pretend there's
a silver bullet, but you'd be hoodwinking people. Actually, it's
multiple regulatory measures done well, and we have taken every
recommendation the Commerce Commission made when they looked into this
in huge detail, and we're progressing.
Speaker 1 (05:55):
What about all because you've talked about the ComCom but
what about the Select Committee Parliament Select Committee? Have you
responded to their findings yet?
Speaker 2 (06:02):
So they have reported to us and Cabinet will be
giving consideration to our response and you'll expect that response
from us very shortly.
Speaker 1 (06:10):
And should I expect anything big or is this just
kind of you.
Speaker 2 (06:13):
Know, I think when you look at the when when
you look at the Select Committee's recommendations, a lot of
it is stuff that actually the government has picked up already,
and others of their suggestions were about progressing that work
with more pace or more specificity, So there was nothing
in there that shocked me. It was all good stuff,
pretty much.
Speaker 1 (06:32):
Okay, best thing you did in Sydney over the weekend.
Speaker 2 (06:36):
Just hanging out with girlfriends that I've known since I
was seventeen. Nice and realizing that we're all a bit
older and so we don't look near necessarily as great.
But it's so much better to be in your forties
than your twenties with so much riser. Yeah, we're just
so much wiser.
Speaker 1 (06:52):
Nobody without Nobody in your group got drunken through.
Speaker 2 (06:56):
A no in fact, one of us doesn't drink at all. Now,
all so much sort of more relaxed and have you
about that. We all wanted to get up early to
go on a long walk. It was lovely, very awesome.
Speaker 1 (07:06):
Nichola, Thank you, Nichola willis Finance minister. Nobody in my
group of girls got drunken, throw up. Either one of
us doesn't drink, the other two drink, and I'm one
of the other two. We drink a bit, but really
not a lot. That's just growing up and isn't that great?
Its great, isn't it. I Mean it sounds really dull,
(07:26):
but it's not dull when you're there. And let me
tell you, six hours by the pool on Saturday. Jeez,
that blew the cobwebs out. Eh, you were back, your
cup was full. You could handle the children after that.
For more from Heather Duplessy Allen Drive, listen live to
news Talks. It'd be from four pm weekdays, or follow
the podcast on iHeartRadio
And with us now as Nikola will as the Finance Minister. Nicola, Hello,
hello Heather.
Speaker 2 (00:04):
How was Oasis? Well?
Speaker 1 (00:07):
Thank you? It was great. However, do you remember the
mid nineties wasn't that a good time? Well?
Speaker 2 (00:14):
I was very young, so yeah, that was a great time.
Speaker 1 (00:16):
It was a good time though, and yeah, anyway, so
it was here's the thing, right, it was busy in Melbourne,
very very busy. And I know you spent the weekend
in Sydney. Was it as busy with you?
Speaker 2 (00:27):
It was? It was very busy. Yeah.
Speaker 1 (00:28):
So does this mean that you've come back and thought
maybe that bad tax for Auckland is a good idea.
Speaker 2 (00:34):
It's made me come back and think what a wise
government we were to make that decision to put a
significant investment into promotional events for the country to keep
the economy going.
Speaker 1 (00:44):
Yeah, well I don't hate that. What have we got
from it? What have we announced?
Speaker 2 (00:49):
Well, it will be announcements over the coming months. Louise
Upston is negotiations and there'll be some exciting events coming
to a city near you.
Speaker 1 (00:57):
Isn't Louise trying to get us events? Yes, yes, she's
so negotiating with musicians.
Speaker 2 (01:03):
Well, she has a team of course, who do that
on her behalf, but Kebnet voted her specific funds to
go out and find some that will bring I know.
Speaker 1 (01:12):
What you're to the country. You're talking about the big
sporting thing wink wink, nude nudge that has to be announced.
Speaker 2 (01:18):
Yes, well we're expecting more than one event will come out, but.
Speaker 1 (01:21):
You know the one I'm talking about. When's that one
being announced?
Speaker 2 (01:24):
Well, I know the one that you're referring to, and
I understand discussions are ongoing.
Speaker 1 (01:29):
Well, no, discussions aren't ongoing. It's been sewn up. So
when is it being announced?
Speaker 2 (01:34):
Well, I will leave it to Louise Upston to do
the honors on the announcement of big exciting events that
are going to bring to the country and give New
Zealand as something very fun to look forward to in
the weekends.
Speaker 1 (01:44):
Here's the problem, though, and I like the thing is
these guys over in Australia, their economy is pumping, their
events are pumping. Now how long do we have to
wait in order for us to be even catching up
to that?
Speaker 2 (01:57):
Well, look, their inflation rates actually a dot harv and
ours at the moment. Their unemployment is not where they
want it to be either. They are in deficit and
are forecasting a decaded deficit. So you know, the grass
isn't always greener in every respect. It is true that
the Australians have a larger economy, a more wealthy economy,
and I've always been very upfront I want New Zealand
(02:18):
to be a wealthier economy too. That's why we've got
to say yes, like.
Speaker 1 (02:22):
The events here, how long before we can actually start
putting going? Yes, tech, this is an event that the
government got for us.
Speaker 2 (02:29):
You will expect announcements before Christmas, and you will expect
a series of events next year.
Speaker 1 (02:34):
Okay, and are you are you possibly open to the
bed tax after the election.
Speaker 2 (02:41):
What we're very open to is the need for both
central government and local councils to be doing their bit
to promote events that stimulate economic activity. Now, a number
of councils around the country make room to do that
because they realize it's good for their local people and
their local businesses. Auckland have made a point of not
(03:03):
wanting to do that, but Auckland still have choices. There's
nothing to stop Auckland Council choosing to invest in promoting
events that would promote growth in the Auckland economy.
Speaker 1 (03:13):
Yes, but then I have to pay for it as
a rate payer, whereas a bad tax means the tourist
has to pay for it. It's a smart idea. Anyway, Listen,
you've spoken to Andrew Bailey since Thursday?
Speaker 2 (03:21):
I haven't, although I've just seen him at an event
and said hello.
Speaker 1 (03:24):
Was it awkward?
Speaker 2 (03:26):
No, it was fine. He's my colleague.
Speaker 1 (03:28):
Yeah, the love in your voice has evaporated, Nikoler, Oh.
Speaker 2 (03:33):
No, I has a Look, I've always had a lot
of time for Andrew, Who's someone I've worked closely with
through my career. And look, I feel for anyone who
goes from being a minister to being a backbencher, and
I recognize that for him, he's had a hard year.
Speaker 1 (03:48):
Okay, do you support him clearing his name?
Speaker 2 (03:52):
Well, Ultimately, every minister, and believe you me, it's top
of mind for us, all serves at the pleasure of
the Prime Minister, and so it is always for the
Prime Minister to choose whether or not you've met the
requirements of your warrant and whether or not you'd continue
to deserve the role that you're in, and in the
case of Andrew Bailey. He offered his resignation, the Prime
(04:13):
Minister accepted it. Has subsequently made clear that without that resignation,
he would have asked for it, and since then Andrew
has wanted to communicate his side of that story. That's
for him to do. But ultimately whether or not he's
a minister is a call for the Prime Minister, and
the Prime Minister is sticking to his guns.
Speaker 1 (04:32):
Well that's not a yes. So is there any chance
that he might come back as a minister?
Speaker 2 (04:37):
Well, that would be a question for the Prime Minister
and not for me.
Speaker 1 (04:40):
Okay, how do you feel about that thirteen percent increase
in Westpax profit?
Speaker 2 (04:46):
Well, look, as you know, I'd like to see more
competition in the New Zealand banking sector because there is
evidence that suggests that banks here get a great return
on equity than banks and other parts of the world,
and partly that's because they don't face as much comput
of pressure. Now, I'm not going to go after the
profitability of any individual business. That's against my philosophy. What
(05:06):
I am going to do and have been doing, setting
the conditions in which greater competition can occur. So whether
that's raising capital for Kiwibank, opening up access to the
exchange settlement system that used to be primarily for the banks,
ensuring that other individuals can use the word bank, making
sure that we have open banking underway, the capital adequacy review,
(05:28):
that the Reserve Bank's doing their host of regulation and
these are all the things them Commission said.
Speaker 1 (05:33):
But that stuff isn't at all extent of it. There's no
big crackdown coming.
Speaker 2 (05:38):
Well, this is an area where you could pretend there's
a silver bullet, but you'd be hoodwinking people. Actually, it's
multiple regulatory measures done well, and we have taken every
recommendation the Commerce Commission made when they looked into this
in huge detail, and we're progressing.
Speaker 1 (05:55):
What about all because you've talked about the ComCom but
what about the Select Committee Parliament Select Committee? Have you
responded to their findings yet?
Speaker 2 (06:02):
So they have reported to us and Cabinet will be
giving consideration to our response and you'll expect that response
from us very shortly.
Speaker 1 (06:10):
And should I expect anything big or is this just
kind of you.
Speaker 2 (06:13):
Know, I think when you look at the when when
you look at the Select Committee's recommendations, a lot of
it is stuff that actually the government has picked up already,
and others of their suggestions were about progressing that work
with more pace or more specificity, So there was nothing
in there that shocked me. It was all good stuff,
pretty much.
Speaker 1 (06:32):
Okay, best thing you did in Sydney over the weekend.
Speaker 2 (06:36):
Just hanging out with girlfriends that I've known since I
was seventeen. Nice and realizing that we're all a bit
older and so we don't look near necessarily as great.
But it's so much better to be in your forties
than your twenties with so much riser. Yeah, we're just
so much wiser.
Speaker 1 (06:52):
Nobody without Nobody in your group got drunken through.
Speaker 2 (06:56):
A no in fact, one of us doesn't drink at all. Now,
all so much sort of more relaxed and have you
about that. We all wanted to get up early to
go on a long walk. It was lovely, very awesome.
Speaker 1 (07:06):
Nichola, Thank you, Nichola willis Finance minister. Nobody in my
group of girls got drunken, throw up. Either one of
us doesn't drink, the other two drink, and I'm one
of the other two. We drink a bit, but really
not a lot. That's just growing up and isn't that great?
Its great, isn't it. I Mean it sounds really dull,
(07:26):
but it's not dull when you're there. And let me
tell you, six hours by the pool on Saturday. Jeez,
that blew the cobwebs out. Eh, you were back, your
cup was full. You could handle the children after that.
For more from Heather Duplessy Allen Drive, listen live to
news Talks. It'd be from four pm weekdays, or follow
the podcast on iHeartRadio
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies!
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!