Ruth Richardson: former Finance Minister on Jim Bolger's legacy

Jim Bolger's first Finance Minister says the former Prime Minister - who died yesterday aged 90 - sometimes sold himself short. 

Bolger served as an MP from 1972 and led the country for seven years. 

Ruth Richardson says in recent years, Bolger criticised some neo-liberal policies he oversaw.

She says Bolger made tough decisions at a tough time. 

"His hand was forced by dreadful economic circumstances that we faced - a real baptism of fire. We did what was right."

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Episode Transcript

Speaker 1 (00:00):
MPs across the House of paid tribute to former Prime
Minister Jim Bolger, who passed away at ninety. Winston Peters
is one of only two MP's in Parliament today who
served m Bulger's government.

Speaker 2 (00:09):
It's true to say that twenty nine years ago, in
nine ninety six, we formed the first MMP government. We
he put differences aside, shook hands on that agreement, and
more importantly, he kept his word.

Speaker 1 (00:24):
And Chris Luxon said that even recently he'd been getting
the odd call from Jim.

Speaker 3 (00:27):
But since becoming Prime Minister, I received a few quiet
phone calls from him. They were short, sincere and thoughtful.
He offered encouragement, perspective and advice, advice that I took seriously.

Speaker 2 (00:39):
Now.

Speaker 1 (00:39):
Ruth Richardson was Jim Bolger's first Finance Minister.

Speaker 4 (00:42):
Hi, Ruth, greetings, Heather.

Speaker 1 (00:45):
You have much of a relationship with Jim Bolger in
recent days.

Speaker 4 (00:50):
I last saw him at the Press Gallery anniversary and he,
as always, was magnanimous but dismissive because he had come
to take a very different view of public policy to mine.
Our most crossing of swords in his post politics years
were over Brexit, where I predicted that Brexit would be

(01:12):
voted in by the British public, and he completely poo
poohed me, and I must say a bit of glee
and doing I told you so, How.

Speaker 1 (01:22):
Do you feel about what happened in the last well,
I want to say the last few years, but it
really is a very long time. But recently he had
come to criticize his own government and then what he
calls the neoliberal policies. How did you feel about that?

Speaker 4 (01:35):
Well? I felt a bit affronted, and I think he
sold himself short. I mean, he showed policy bravery when
he had to. He gave the reformers licenses to you know,
completely and fundamentally change fiscal policy, labor market policy. He
was not an accessory after the fact, he was part

(01:56):
of that government. And to me, he really did put
a slur on his own reputation by recanting, because he
recanted on no good evidence at all. If you look
at the labor market, it's been highly successful. If you
have a look at the fiscore responsibility rules, they've generally
been highly successful. So why he would want from a

(02:18):
great height to effectively do the proverbial on success I
do not know.

Speaker 1 (02:24):
Yeah, what do you think happened there? Did he did?
He just reflect on what had happened in the nineties
and regrets it, or actually, was he always in the
wrong party?

Speaker 4 (02:35):
I don't think he was in the wrong party. But
remember the National Party as a party of management. It's
a party that is transactional. The government of which I
was a member and which he was a willing participant
in those first three years, was a government of transformation.
So to an extent, that's a deviation from the norm

(02:57):
of the National Party, and he just reverted to type.
He learned his political craft at the knees of Mouldoon
He and Birch and Crewe snop filled rooms. They were
used to doing the deals. This was a new era
and it wasn't that he was dragged into it kicking
and screaming. His hand was forced by dreadful economic circumstances

(03:19):
that we faced a real baptism of fire. We did
what was right. The results were seven percent growth, The
books are balanced. Any minister of finance would give their
iteth for that sort of result. Today from those policies.

Speaker 1 (03:38):
What do you think his legacy will be? Because he's
kind of divorced himself from that right by essentially kind
of divorcing himself from you on that. Do you think
his legacy is going to be what happened with the settlements?

Speaker 4 (03:51):
His legacy should be fiscal responsibility. You know, he stood
up when he had to, which is much more than
subsequent government it's had dealings, say with the age of superannuation,
where they've just basically piked. He didn't pike. He didn't flinch.
On treaty settlements. He will be remembered as the initiator

(04:13):
of that, and in fact it started in nineteen ninety
two with the Sea Lord's settlement. Was the first showing
of hand that we were prepared to seek some deal
with grievances and give some financial redress. I think the
other apart from MMP, which I think is a blot
on the electoral landscape and a stopping us from making

(04:36):
high quality, good decisions. Now, his other legacy is a
physical one, and that is to Papa. You know, we
had no business funding to paper. When we did, we
were in dire straits. Jim had agreed in the Cabinet
Committee that we wouldn't go ahead right project wrong time,
and I think it was Joan that changed his mind
over the weekend. It came to cabinet on Monday morning

(04:58):
and said we're going to do it, and you know,
I was left, you're a bit gobs back, but we
did it.

Speaker 1 (05:04):
Ruth, thank you very much, appreciate it. On Ruth Richardson
former Finance Ministrander Jim Boulger.

Speaker 3 (05:09):
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