March 18, 2025 • 9 mins
Tonight on the Huddle, journalist Clare de Lore and former Labour Minister Stuart Nash joined in on a discussion about the following issues of the day - and more!
Baby boomers are starting to die off, leaving inheritances behind. Experts believe $27 billion dollars were passed on in inheritance in New Zealand last year. There's a call to donate more to charity - or should we tax it a bit more?
ACT says it wants to stand candidates at this year's local body election. Do we think this is a good idea?
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The huddle with New Zealand Southeby's International Realty Find you're
one of the kind.
Speaker 2 (00:05):
Talk'd be clear to lord journalists with us on the
huddle tonight. Hey clear, Hi, they're right good to see
you and Stuart Nash formal labor Minister's here too.
Speaker 3 (00:12):
Hi, Stuart Ryan, how are you good?
Speaker 2 (00:14):
Good? Thank you?
Speaker 4 (00:15):
Hey.
Speaker 2 (00:16):
Let's start with the baby boomers starting to die and
having a huge amount of inheritance. In fact, somebody said
it's the biggest intergenerational change in wealth that the world's
ever seen. Clear, what should they do with all of
their money and assets?
Speaker 4 (00:32):
You're speaking to one now, what should all of that loot?
Speaker 3 (00:38):
Hey?
Speaker 4 (00:41):
Well, there's always skiing, as they say, spending the kids inheritance.
But I do have agree with sympathy for people who
think it's better to support charities while you're alive. That
way you get to see if you're very interested in
the outcome of what they're doing, you're to see it yourself,
and hopefully you pass on to your family a bit
of a love of whatever that is, an affection for it.
(01:03):
If once you're gone, they decide that they'd like to
support out of their inheritance, that charity and have an
ongoing family connection or whatever. I think that's fantastic. But
I do think that as the boomers sort of move on,
as we all shuffle off with kids, expectantly sort of
you know, queuing up outside the lawyers waiting to see
what's in line, we will probably also by that stage
(01:25):
have a capital gains tax. We will probably be clipping
the ticket. In other ways, a national super may well
or be means tested or whatever. So I think that's
probably the extent which I would like to see people
being in any way coerced, just paying their taxes as
they go.
Speaker 2 (01:42):
Stuart, do you have your parents still with us? And
do you I mean, are you expecting to get some
kind of inheritance? Is that something you've always thought about?
Speaker 3 (01:50):
No, it's not. But I'm of a generation when I
started working with my wife we could afford a house.
I think this has probably changed a little bit because
for a lot of young people, when their parents shuffle
off this mortal coil, the inheritance they get will allow
them to pay down debt. So you know, we talk
we're not talking about the super wealthy here. We're talking
(02:11):
about mum and dad who maybe have a house in Auckland,
maybe a house in Woodville. I do think, mate, that
the greatest iniquity in society in the next twenty years
will come from where your parents ended up dying. If
you're one of four kids in Woodville, you may end
up with one hundred thousand. If you wanted two kids
whose parents owned a house and Herne Bay, you may
(02:32):
end up with two million dollars each. But you know,
We've always been bad at this. Keywis have never been
great givers. Americans get it. Keywis never really have and
I don't expect to see that changing at all.
Speaker 2 (02:43):
To be honest, does it clear? Does it feel like?
Can you explain what it feels like to want to
give money to somebody somebody else? You know what I mean?
Do you think people actually get some pleasure in the
final years of their life? Not that you're there the fund, God,
do I look that bad today, But of knowing that
(03:04):
the money that they have built up, all the assets
that they have built up, will be there for their
children and for their grandchildren. That that's part of the
appeal of it.
Speaker 4 (03:13):
Yeah, that is part of the appeal of it. But
if they have you know, like the two million dollar
excess that Stew's referring to. For example, for example, they
may want to be enjoying that with their kids and
giving something they support at the same time. If we
didn't have some of that, we wouldn't have the ASB
Tennis Center. There has been a lot of philanthropy given
(03:35):
towards that. There's a huge number of sports organizations that
have relied on the philanthropy of somebody quite big in
their small local community who's really looked after them during
their lifetime and in death. And I think without that
we would have far fewer facilities around the place. There
is research that shows that people who earn less tend
(03:57):
to respond more to a call for immediate action flood relief,
for example, cyclone relief, to give small amounts of money
regularly to try and help somebody just a little bit.
So we're not entirely lacking as a charitable country.
Speaker 2 (04:13):
M Yeah, good point. We'll be back in just a moment,
Clear the Law and Stuart Nash on the huddle, Clear
the Law journalist Stuart Nash, former Labor minister, on the
program tonight. Just before we move on to the Act
Party and local elections. There's a gist of lovely text
that's come in. It says Ryan, I want to leave
on inheritance. I want to leave whatever I have to
my sons because I don't want them to struggle all
their lives like I have. Doesn't that break your heart, Stuart?
Speaker 3 (04:38):
That's the attitude of the vast majority of Kiwis, I think.
And it's not a bad one.
Speaker 2 (04:41):
Right, No, it's not. It's not right. Let's talk about
the ACT Party and the push to stand candidates at
local body elections. Is this going to work well?
Speaker 3 (04:52):
I think with all do you respect to David Seymour,
He's got a lot of problems he's got to sort
out in his beehive office, let alone worrying about what's
happening around the country. And like walll Go elections, Labor
has occasionally stood candidates, not not often, but occasionally in
certain electorates where we're very, very strong. But you know,
David has delivered mediocrity as a minister. If I was
(05:13):
thinking about running for local council, and I'm not, I
would steer well clear of the ACT brand because I
don't think it's particularly strong at the moment. If I'm
honest with your mate, clear, what.
Speaker 2 (05:21):
Do you think?
Speaker 4 (05:22):
Well, you know, I don't know if he's sort of
trying to do some public good by generating more interest
in local body elections than we currently have because it's
so low. Yeah, and it is so unattractive to so
many people to stand. But I much prefer the sort
of almost like the blind tasting. You kind of know
where people are coming from politically, but they're not branded
(05:43):
big time. And I just think actually there is a
risk for ACT in this too because selection of a
local body candidate, you know that you would need a
lot of them to field a full sheet, and the
cross contamination if one of them has flott In mouth
syndrome blow up spectacularly. So I don't know whether it's
(06:03):
a good idea from that point of view either.
Speaker 2 (06:05):
No, is it just a brand because I was trying
to think what actually is in it for the ACT party.
Is it just a branding thing where you have your
logo up more someone else is paying for it.
Speaker 4 (06:15):
I don't know, because also it can be expensive, and
there is that, you know, I think the risk factor
of not being able to manage or control these people.
Speaker 3 (06:22):
Yes, I look at it's a pure branding thing and
you know, like I said, Labour used to stand candidates
in South Auckland and the reason for that is Labor
was just so popular in South Auckland it could get
away with it. But it doesn't stand them in places
like Napier or elsewhere. We have held the national seat,
so we've held the electric seat. I'm with uclear. I
(06:44):
think there's more risk in this than there is good.
But I'm not too sure if David's put this out
and flying a kite to divert attention away from school
lunches or charter schools or everything else he's touched. But
I think it's just David, just as mentioned, trying to
divert attention away from the disaster that's going on and
well in what's happening my cynicism.
Speaker 2 (07:04):
Hey, you've been there, you've done it's what's up with
Wellington is they were going to get a candidate for
the Wellington mayoralty. What's happening there? What's I don't know?
Speaker 3 (07:17):
Actually, I mean anyone but the current mayor please, I mean,
why aren't people putting up the hand. I would have
thought if there was a good candidate out there that
they would romp them. But for some reason too.
Speaker 4 (07:27):
But they're going to enter in such a mess, jew
aren't they. It's just like, that's true, it's such a mess.
Where do you unpick it all?
Speaker 3 (07:34):
But I think you could. Anyone could look really really good.
Speaker 2 (07:36):
A road cone could look pretty good.
Speaker 4 (07:40):
I don't want to compare them a road cone. But
our friend Mark Sainsbury has been mentioned in dispatches and
he's decided not to. But even yesterday somebody said to me,
you know.
Speaker 1 (07:51):
He really should.
Speaker 2 (07:52):
We really really need what. I really loved about sane
Zo's comment to the paper. His comment was, do you
know what? Not just because I could doesn't mean I should.
He said. People know me, I've got name recognition, I
live in Wellington. I love this city. But that doesn't
make me keep That doesn't make me competent.
Speaker 4 (08:11):
He's only recently adopted that man track.
Speaker 3 (08:16):
Well, it's it's true. It doesn't make him competent. But
you can't tell me there isn't someone out there who
loves the city, is highly competent, knows what needs to
be done, has a bit of charisma, can deliver a
decent speech and work past midday. You know that would
be a start, right, working past midday turning up to
meetings restaurants. Yeah, but there's got to be someone out there.
(08:39):
I'm sure both labor and National, or the right and
the left are scouting high and load to find someone else,
and I hope, like how they do find someone decent.
Speaker 2 (08:49):
Yeah, and Wellington deserves it after all that been through.
Thank you very much team for coming on. Great to
have you on as always for the huddle that is
clear to the law and Stuart Nash here on News
Talks there Beat
Speaker 1 (09:00):
For more from Hither Duplessy Allen Drive, listen live to
News Talk SETB from four pm weekdays, or follow the
podcast on iHeartRadio
The huddle with New Zealand Southeby's International Realty Find you're
one of the kind.
Speaker 2 (00:05):
Talk'd be clear to lord journalists with us on the
huddle tonight. Hey clear, Hi, they're right good to see
you and Stuart Nash formal labor Minister's here too.
Speaker 3 (00:12):
Hi, Stuart Ryan, how are you good?
Speaker 2 (00:14):
Good? Thank you?
Speaker 4 (00:15):
Hey.
Speaker 2 (00:16):
Let's start with the baby boomers starting to die and
having a huge amount of inheritance. In fact, somebody said
it's the biggest intergenerational change in wealth that the world's
ever seen. Clear, what should they do with all of
their money and assets?
Speaker 4 (00:32):
You're speaking to one now, what should all of that loot?
Speaker 3 (00:38):
Hey?
Speaker 4 (00:41):
Well, there's always skiing, as they say, spending the kids inheritance.
But I do have agree with sympathy for people who
think it's better to support charities while you're alive. That
way you get to see if you're very interested in
the outcome of what they're doing, you're to see it yourself,
and hopefully you pass on to your family a bit
of a love of whatever that is, an affection for it.
(01:03):
If once you're gone, they decide that they'd like to
support out of their inheritance, that charity and have an
ongoing family connection or whatever. I think that's fantastic. But
I do think that as the boomers sort of move on,
as we all shuffle off with kids, expectantly sort of
you know, queuing up outside the lawyers waiting to see
what's in line, we will probably also by that stage
(01:25):
have a capital gains tax. We will probably be clipping
the ticket. In other ways, a national super may well
or be means tested or whatever. So I think that's
probably the extent which I would like to see people
being in any way coerced, just paying their taxes as
they go.
Speaker 2 (01:42):
Stuart, do you have your parents still with us? And
do you I mean, are you expecting to get some
kind of inheritance? Is that something you've always thought about?
Speaker 3 (01:50):
No, it's not. But I'm of a generation when I
started working with my wife we could afford a house.
I think this has probably changed a little bit because
for a lot of young people, when their parents shuffle
off this mortal coil, the inheritance they get will allow
them to pay down debt. So you know, we talk
we're not talking about the super wealthy here. We're talking
(02:11):
about mum and dad who maybe have a house in Auckland,
maybe a house in Woodville. I do think, mate, that
the greatest iniquity in society in the next twenty years
will come from where your parents ended up dying. If
you're one of four kids in Woodville, you may end
up with one hundred thousand. If you wanted two kids
whose parents owned a house and Herne Bay, you may
(02:32):
end up with two million dollars each. But you know,
We've always been bad at this. Keywis have never been
great givers. Americans get it. Keywis never really have and
I don't expect to see that changing at all.
Speaker 2 (02:43):
To be honest, does it clear? Does it feel like?
Can you explain what it feels like to want to
give money to somebody somebody else? You know what I mean?
Do you think people actually get some pleasure in the
final years of their life? Not that you're there the fund, God,
do I look that bad today, But of knowing that
(03:04):
the money that they have built up, all the assets
that they have built up, will be there for their
children and for their grandchildren. That that's part of the
appeal of it.
Speaker 4 (03:13):
Yeah, that is part of the appeal of it. But
if they have you know, like the two million dollar
excess that Stew's referring to. For example, for example, they
may want to be enjoying that with their kids and
giving something they support at the same time. If we
didn't have some of that, we wouldn't have the ASB
Tennis Center. There has been a lot of philanthropy given
(03:35):
towards that. There's a huge number of sports organizations that
have relied on the philanthropy of somebody quite big in
their small local community who's really looked after them during
their lifetime and in death. And I think without that
we would have far fewer facilities around the place. There
is research that shows that people who earn less tend
(03:57):
to respond more to a call for immediate action flood relief,
for example, cyclone relief, to give small amounts of money
regularly to try and help somebody just a little bit.
So we're not entirely lacking as a charitable country.
Speaker 2 (04:13):
M Yeah, good point. We'll be back in just a moment,
Clear the Law and Stuart Nash on the huddle, Clear
the Law journalist Stuart Nash, former Labor minister, on the
program tonight. Just before we move on to the Act
Party and local elections. There's a gist of lovely text
that's come in. It says Ryan, I want to leave
on inheritance. I want to leave whatever I have to
my sons because I don't want them to struggle all
their lives like I have. Doesn't that break your heart, Stuart?
Speaker 3 (04:38):
That's the attitude of the vast majority of Kiwis, I think.
And it's not a bad one.
Speaker 2 (04:41):
Right, No, it's not. It's not right. Let's talk about
the ACT Party and the push to stand candidates at
local body elections. Is this going to work well?
Speaker 3 (04:52):
I think with all do you respect to David Seymour,
He's got a lot of problems he's got to sort
out in his beehive office, let alone worrying about what's
happening around the country. And like walll Go elections, Labor
has occasionally stood candidates, not not often, but occasionally in
certain electorates where we're very, very strong. But you know,
David has delivered mediocrity as a minister. If I was
(05:13):
thinking about running for local council, and I'm not, I
would steer well clear of the ACT brand because I
don't think it's particularly strong at the moment. If I'm
honest with your mate, clear, what.
Speaker 2 (05:21):
Do you think?
Speaker 4 (05:22):
Well, you know, I don't know if he's sort of
trying to do some public good by generating more interest
in local body elections than we currently have because it's
so low. Yeah, and it is so unattractive to so
many people to stand. But I much prefer the sort
of almost like the blind tasting. You kind of know
where people are coming from politically, but they're not branded
(05:43):
big time. And I just think actually there is a
risk for ACT in this too because selection of a
local body candidate, you know that you would need a
lot of them to field a full sheet, and the
cross contamination if one of them has flott In mouth
syndrome blow up spectacularly. So I don't know whether it's
(06:03):
a good idea from that point of view either.
Speaker 2 (06:05):
No, is it just a brand because I was trying
to think what actually is in it for the ACT party.
Is it just a branding thing where you have your
logo up more someone else is paying for it.
Speaker 4 (06:15):
I don't know, because also it can be expensive, and
there is that, you know, I think the risk factor
of not being able to manage or control these people.
Speaker 3 (06:22):
Yes, I look at it's a pure branding thing and
you know, like I said, Labour used to stand candidates
in South Auckland and the reason for that is Labor
was just so popular in South Auckland it could get
away with it. But it doesn't stand them in places
like Napier or elsewhere. We have held the national seat,
so we've held the electric seat. I'm with uclear. I
(06:44):
think there's more risk in this than there is good.
But I'm not too sure if David's put this out
and flying a kite to divert attention away from school
lunches or charter schools or everything else he's touched. But
I think it's just David, just as mentioned, trying to
divert attention away from the disaster that's going on and
well in what's happening my cynicism.
Speaker 2 (07:04):
Hey, you've been there, you've done it's what's up with
Wellington is they were going to get a candidate for
the Wellington mayoralty. What's happening there? What's I don't know?
Speaker 3 (07:17):
Actually, I mean anyone but the current mayor please, I mean,
why aren't people putting up the hand. I would have
thought if there was a good candidate out there that
they would romp them. But for some reason too.
Speaker 4 (07:27):
But they're going to enter in such a mess, jew
aren't they. It's just like, that's true, it's such a mess.
Where do you unpick it all?
Speaker 3 (07:34):
But I think you could. Anyone could look really really good.
Speaker 2 (07:36):
A road cone could look pretty good.
Speaker 4 (07:40):
I don't want to compare them a road cone. But
our friend Mark Sainsbury has been mentioned in dispatches and
he's decided not to. But even yesterday somebody said to me,
you know.
Speaker 1 (07:51):
He really should.
Speaker 2 (07:52):
We really really need what. I really loved about sane
Zo's comment to the paper. His comment was, do you
know what? Not just because I could doesn't mean I should.
He said. People know me, I've got name recognition, I
live in Wellington. I love this city. But that doesn't
make me keep That doesn't make me competent.
Speaker 4 (08:11):
He's only recently adopted that man track.
Speaker 3 (08:16):
Well, it's it's true. It doesn't make him competent. But
you can't tell me there isn't someone out there who
loves the city, is highly competent, knows what needs to
be done, has a bit of charisma, can deliver a
decent speech and work past midday. You know that would
be a start, right, working past midday turning up to
meetings restaurants. Yeah, but there's got to be someone out there.
(08:39):
I'm sure both labor and National, or the right and
the left are scouting high and load to find someone else,
and I hope, like how they do find someone decent.
Speaker 2 (08:49):
Yeah, and Wellington deserves it after all that been through.
Thank you very much team for coming on. Great to
have you on as always for the huddle that is
clear to the law and Stuart Nash here on News
Talks there Beat
Speaker 1 (09:00):
For more from Hither Duplessy Allen Drive, listen live to
News Talk SETB from four pm weekdays, or follow the
podcast on iHeartRadio
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