Chris Luxon says banks need to be passing on their OCR cuts to customers - and customers should be switching banks if they don't.
Mortgage rates have been falling significantly, following recent OCR cuts.
But the Reserve Bank says the banks still have room to move, to be cutting the rates further.
The Prime Minister says [told Mike Hosking] banks should be competing for customers, and customers should be trying to get the best deal they can.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Prime Minister in the studio where it's being a
Monday morning, good morning to you.
Speaker 2 (00:02):
What it good to be with you?
Speaker 1 (00:04):
Before the news I float, well, I didn't float the idea.
Lamming in the UK has floated the idea that we
get rid of jury trials except for the odd one
like manslaughter and murder and stuff and public interest? Is
that something? I mean, this is out of the blue,
because you won't have given this in the field or
have you?
Speaker 2 (00:20):
No, nothing, we've had a discussion about whatsoever. I mean,
our focus has been, as you know, just making sure
we get our sentencing laws tougher. Yes, we've got a
lot more prisoners in there and present at the moment,
but actually no, we wanted toughen up the sensing laws
and that stop the judges from doing the discounts. Add
in the three strikes, harassment, stalking, you know, all those
kinds of things.
Speaker 1 (00:39):
Okay, Now, TV three tried the very best last week
to explain to us that the British in particular, but
our trading partners more generally are allegedly upset at our
climate stance at the moment and they're making this known.
Is that true or not?
Speaker 2 (00:53):
Never heard about it, totally disagree. Has never come up
in any of my conversations whatsoever. Is pretty simple, you know,
as I said to some of folk during the cop period,
until any other country, you know, we're in the top
ten countries in the world in terms of renewable energy.
Most people are still cold power advice power stations. Until
everyone gets that position, then I won't really listen too
(01:14):
much to others.
Speaker 1 (01:15):
And the other thing that came out, I don't know
I got much coverage, but our twenty six to thirty
target we've met because trees suck up more co two
than we previously thought, so so it's all worked out well.
The reason I asked about the trade thing and how
inextricably linked they are to trade deals. If you followed
that UK budget last week, they've increased the amount of
drilling slash exploration they have for oil and gas.
Speaker 2 (01:37):
Yeah, it's quite an incredible budget, wasn't it. There was
massive rise and taxes. But yes, I mean, I think
you know the reality is, you know, we the world
has changed. You need to make sure that your country
is resilient and if that means in our case, we
want to open up oil and gas, we want to
open up mining. We think that's important. The places we
can get high paying jobs in regional New Zealand, that's great.
(01:59):
Why on earth where we let you know, New Zealanders
go off overseas to Australia and particularly do mine work
or to work on oil and gas, and yet we
deny them the opportunity to be able to do so here.
So we should be looking at all our natural resources
and making sure we're doing the very best with them
as we can.
Speaker 1 (02:11):
The CRL. Will you be aloive when it opens? Damn well,
hope so, because it's well, I mean, how long can
it be? Well, you say next year, But do you
say that hand on hard or do you just expect
it to be open. Well, that's not the same thing.
We've been expecting it to be open for a long time.
Speaker 2 (02:26):
I understand they about I understood that they are going
it has definitely up me next year. That's that's got
to be non negotiable.
Speaker 1 (02:32):
Because what are you going to do if it's not,
Because I wouldn't be surprised.
Speaker 2 (02:35):
Hopefully someone's listening right now.
Speaker 1 (02:37):
I already said, they've already said it'll be in twenty
six and then they said it's now late twenty six.
Late twenty six to me means December.
Speaker 2 (02:43):
Well, we've got a new Zealand International Convention seat that's
kicking off at the beginning of the year. That's going
to be bloom and brilliant, and we need the CRL
to be the accompaniment peace to that. And the sooner
they get it done and open, the better.
Speaker 1 (02:54):
Okay, the banks last week, the Reserve Bank their final cuts,
seemingly their final cut.
Speaker 2 (03:00):
Where are you at?
Speaker 1 (03:01):
Because I still can't work out whether the banks are
screwing it's the Monetary Policy Committee made some interesting comments
about margins and they said margins for the retails are
back up.
Speaker 2 (03:10):
Yeah, So what I want us to watch that really closely.
I made that point a couple of weeks ago on
the banks to say, we expect them to be passing
through those ocr cuts so we get the transmission out
into retail rates as quickly as possible. That should be
instantaneous and not. Yeah. The second thing is I just say, though,
is that there are some amazing deals out there at
the moment, and if you're not happy with your bank, actually,
(03:32):
the public, the consumer actually should be shopping around and
actually looking at what they.
Speaker 1 (03:35):
Can, but are those deals about cash backs as opposed
to better interest rates?
Speaker 2 (03:39):
But now there's actually variation and interest rates. If you
look at some of the you know, as the other
day is looking at, you know, if you look at
the second you know TSB and those kind of players,
you're into some more investment property. I read something about
that somewhere. Sorry, yeah, it's too soon, Mike, But no,
I think the point I'm trying to make it a
(04:00):
we're watching it. Nicola and I have talked about it,
and we are very we're very keen to make sure
those rates get passed on through.
Speaker 1 (04:06):
Short of jaw burning. Can you actually do anything now?
Because you've made the moves you've made, and the margins
are back up, and the argument around the Reserve Bank
and the money they make you put aside at retail
bank level for a rainy day, and all of that's
been sorted, and yet the margins are still up.
Speaker 2 (04:19):
So the actual bank, the reserve bank, capital rules are
still being worked through. So you know, again you as
you might remember, Robertson put in some pretty stretchy sort
of capital rules and requirements, possibly over engineered it, and
as a consequence, you know, banks are haven't told more
capital and that means high rates than what they should have.
So you know, we actually want to make sure we've
got that setting right on those limits. That'll come through,
(04:42):
you know, hopefully in the next few months. But the rest
of it is actually banks should be passing it through instantaneously.
That's what happens in other countries around the world. My
experience in Australia in the US was it was immediate.
And some of them will say, oh that we do
it in advance of the announcement, but we've got to
watch that closely.
Speaker 1 (04:57):
Okay, the MATHS amount. When was the Math's announcement that
you you and Erica were at this? Was it Tuesday
last week or it was? Yeah, So just to relitigate
this because I was ropable because this is not about politics.
This was about a result. You've got a result. Maths
is tangible. Yeah, we got a good result.
Speaker 2 (05:14):
We've been working you know, you know my story. I
really am passion about education. I studied it a lot
before I even came to politics, and Erica and I
made a determination in opposition, if we get the chance,
we're going to go for a big time on education
because it's the single biggest thing that gets kids from
a set of circumstances to a better set. And the
frustration here was that, you know, we take over power.
We've got fifty five percent of our kids not at school,
(05:35):
half not where they need to be at on reading,
going to high school, eighty percent not where they need
to be on mathematics. So we take the intermediate school
kids because we've put some other programs in place for
primary school, and we basically did these hot house sessions
for twelve weeks and we got these kids moving one
to two and a half years in their maths knowledge
with a twelve week intensive intervention. So we did that trial,
(05:56):
and we now want to roll that out to fifteen
thousand kids across the country. And that was really great news,
and I think parents care about that. But instead some
of the media went off about a leadership change that
isn't happening. And secondly, I went and spent the whole
time talking about Section one to twenty seven Entreaty Principles.
Now we've passed that law, we're done, we've finished the boards,
we've taken it their obligation off them. I get people
(06:17):
maybe unhappy about it. I don't care. We are there
to get our kids to school and to teach them
the basics. Well, but there's a really good example where
we've actually got great results on new entrants during the
phonics tests. Now fantastic improvement. You had eighteen percent improvement
and kids at or above standards on reading in their
first year at primary school and a sixteen percent reduction.
Kids need extra help. That's good because our teachers are
(06:38):
freed up to get on with the program. It's working.
Speaker 1 (06:41):
But having watched the thing live and then watched the
coverage of it, they are two different things. Happened, correct,
and so we.
Speaker 2 (06:49):
Didn't get to talk about the math story, did we.
Speaker 1 (06:51):
We know we did not. So what is it you
face an election year? Is this deliberate? Do you think
on behalf of some in the media who will become
hell of high waters covered ways?
Speaker 2 (07:01):
I think some of the media are just so disconnected
from the reality of where Kiwis are at. And you know,
when I'm up and down this country, I'm telling your
parents want to talk about how their kids are going,
what's going on education. I want to talk about their
mortgage rates. They want to talk about what we're doing
to make the country better and you actually get you know,
some media just fixated on, you know, a story that
actually isn't happening, not happening, and actually more importantly than
(07:23):
something that's already've aready made a decision on. We've moved on.
So we're not relitigating section one twenty seven. We're not
asking boards to be upholding the treaty of by Toney obligations.
That's not their responsibility. We're done, we're finished that, but
we're focusing on doing these practical things to get the
kids better educated.
Speaker 1 (07:37):
The other string to that story was a couple of
days later, the Principal's Federation, I said, seem to suggest
it was a waste of money, It was a bit
of a jack up. And if you ask the kids
the same question every time, of course they're going to
remember it, etc. Is there a mentality within the education
union slash circles that they don't want that they just
can't get their head?
Speaker 2 (07:55):
Oh well, here's an idea. Rather than sitting on a
labor party stage, why don't you get around the table
and do a twenty four seven negotiation for your members,
who are the teachers who are doing a good job.
You know, I just think they're focused on the wrong things,
and the reality is we need to put some standards
in place. You know, you cannot call yourself a first
world country where an under Chris Sipkins, forty five percent
(08:15):
of our kids go to school regularly and fifty five
percent don't. You can't call yourself a first world country
and set yourself up for a fantastic future if you
can't get your kids to do maths and reading. And
so that's what we're doing. We're doing the practical things
to make sure we lift the quality big time so
those kids have great opportunities.
Speaker 1 (08:30):
You mentioned the Conventions Center a moment ago, and I
should have asked this, then where are we at with
move on orders? Because one of the things you said
with move on orders is there's a cruise season. The
cruise seasons here yep, yep.
Speaker 2 (08:39):
So Goldsmith's got advice coming very very quickly on that.
I mean, the move on orders. We're very interested in
the problem is what do you do with the people.
You can't just move them around and bounce them around
the city. You've actually got to get a solution in place.
That's really that thinking there. Having said that, Simon Brown
and Wayne Brown actually came together last week and actually
put together quite a good action plan on what they
can do.
Speaker 1 (08:59):
So how close is this? I mean, when's something going
to be announced? And something before before Chris.
Speaker 2 (09:04):
West is what we expect?
Speaker 1 (09:05):
Yep, you're back in parliament this week?
Speaker 2 (09:08):
Yeah, yeah, yeah, yeah, I'm looking forward to seeing you
on Friday, my friend.
Speaker 1 (09:12):
Yeah no, Now look.
Speaker 2 (09:14):
Oh sorry is this your last week this week? Sorry?
You gave me to the listeners. I'm sorry, but it
is payback time people, because he gives me grief about
the relative and frequency he thinks. We're in parliament. This
is I want you to know. This is the hardest
working government, probably since the eighties, passing the most amount
of legislation. Yes, yes, yes, yes. While you're on holiday,
where would you be on a beach somewhere? Or I'm
(09:37):
still working.
Speaker 1 (09:37):
We just up the road because I can't afford to travel.
Now here's here's the thing that the gift I've got you?
Are you backing yourself on the gift you've got me?
Speaker 2 (09:44):
Oh? Big time. It's the Powell doctrine. I'm going to
hit you with overwhelming force, my friend, is what it is.
Speaker 1 (09:51):
Because you better be ready it's a gift arrived, and
it was Semi's idea to his. Now you're shifting it
to say, a brilliant idea, so you will be I
think blow it away. Yeah, I think you could almost
be emotional. Really, I think you could almost I think
there could be some tears anyway on your last day.
Speaker 2 (10:11):
So you're coming. You would be good to see, appreciate.
Speaker 1 (10:16):
For more from the Mic Asking Breakfast, listen live to
news talks. It'd be from six am weekdays, or follow
the podcast on iHeartRadio
The Prime Minister in the studio where it's being a
Monday morning, good morning to you.
Speaker 2 (00:02):
What it good to be with you?
Speaker 1 (00:04):
Before the news I float, well, I didn't float the idea.
Lamming in the UK has floated the idea that we
get rid of jury trials except for the odd one
like manslaughter and murder and stuff and public interest? Is
that something? I mean, this is out of the blue,
because you won't have given this in the field or
have you?
Speaker 2 (00:20):
No, nothing, we've had a discussion about whatsoever. I mean,
our focus has been, as you know, just making sure
we get our sentencing laws tougher. Yes, we've got a
lot more prisoners in there and present at the moment,
but actually no, we wanted toughen up the sensing laws
and that stop the judges from doing the discounts. Add
in the three strikes, harassment, stalking, you know, all those
kinds of things.
Speaker 1 (00:39):
Okay, Now, TV three tried the very best last week
to explain to us that the British in particular, but
our trading partners more generally are allegedly upset at our
climate stance at the moment and they're making this known.
Is that true or not?
Speaker 2 (00:53):
Never heard about it, totally disagree. Has never come up
in any of my conversations whatsoever. Is pretty simple, you know,
as I said to some of folk during the cop period,
until any other country, you know, we're in the top
ten countries in the world in terms of renewable energy.
Most people are still cold power advice power stations. Until
everyone gets that position, then I won't really listen too
(01:14):
much to others.
Speaker 1 (01:15):
And the other thing that came out, I don't know
I got much coverage, but our twenty six to thirty
target we've met because trees suck up more co two
than we previously thought, so so it's all worked out well.
The reason I asked about the trade thing and how
inextricably linked they are to trade deals. If you followed
that UK budget last week, they've increased the amount of
drilling slash exploration they have for oil and gas.
Speaker 2 (01:37):
Yeah, it's quite an incredible budget, wasn't it. There was
massive rise and taxes. But yes, I mean, I think
you know the reality is, you know, we the world
has changed. You need to make sure that your country
is resilient and if that means in our case, we
want to open up oil and gas, we want to
open up mining. We think that's important. The places we
can get high paying jobs in regional New Zealand, that's great.
(01:59):
Why on earth where we let you know, New Zealanders
go off overseas to Australia and particularly do mine work
or to work on oil and gas, and yet we
deny them the opportunity to be able to do so here.
So we should be looking at all our natural resources
and making sure we're doing the very best with them
as we can.
Speaker 1 (02:11):
The CRL. Will you be aloive when it opens? Damn well,
hope so, because it's well, I mean, how long can
it be? Well, you say next year, But do you
say that hand on hard or do you just expect
it to be open. Well, that's not the same thing.
We've been expecting it to be open for a long time.
Speaker 2 (02:26):
I understand they about I understood that they are going
it has definitely up me next year. That's that's got
to be non negotiable.
Speaker 1 (02:32):
Because what are you going to do if it's not,
Because I wouldn't be surprised.
Speaker 2 (02:35):
Hopefully someone's listening right now.
Speaker 1 (02:37):
I already said, they've already said it'll be in twenty
six and then they said it's now late twenty six.
Late twenty six to me means December.
Speaker 2 (02:43):
Well, we've got a new Zealand International Convention seat that's
kicking off at the beginning of the year. That's going
to be bloom and brilliant, and we need the CRL
to be the accompaniment peace to that. And the sooner
they get it done and open, the better.
Speaker 1 (02:54):
Okay, the banks last week, the Reserve Bank their final cuts,
seemingly their final cut.
Speaker 2 (03:00):
Where are you at?
Speaker 1 (03:01):
Because I still can't work out whether the banks are
screwing it's the Monetary Policy Committee made some interesting comments
about margins and they said margins for the retails are
back up.
Speaker 2 (03:10):
Yeah, So what I want us to watch that really closely.
I made that point a couple of weeks ago on
the banks to say, we expect them to be passing
through those ocr cuts so we get the transmission out
into retail rates as quickly as possible. That should be
instantaneous and not. Yeah. The second thing is I just say, though,
is that there are some amazing deals out there at
the moment, and if you're not happy with your bank, actually,
(03:32):
the public, the consumer actually should be shopping around and
actually looking at what they.
Speaker 1 (03:35):
Can, but are those deals about cash backs as opposed
to better interest rates?
Speaker 2 (03:39):
But now there's actually variation and interest rates. If you
look at some of the you know, as the other
day is looking at, you know, if you look at
the second you know TSB and those kind of players,
you're into some more investment property. I read something about
that somewhere. Sorry, yeah, it's too soon, Mike, But no,
I think the point I'm trying to make it a
(04:00):
we're watching it. Nicola and I have talked about it,
and we are very we're very keen to make sure
those rates get passed on through.
Speaker 1 (04:06):
Short of jaw burning. Can you actually do anything now?
Because you've made the moves you've made, and the margins
are back up, and the argument around the Reserve Bank
and the money they make you put aside at retail
bank level for a rainy day, and all of that's
been sorted, and yet the margins are still up.
Speaker 2 (04:19):
So the actual bank, the reserve bank, capital rules are
still being worked through. So you know, again you as
you might remember, Robertson put in some pretty stretchy sort
of capital rules and requirements, possibly over engineered it, and
as a consequence, you know, banks are haven't told more
capital and that means high rates than what they should have.
So you know, we actually want to make sure we've
got that setting right on those limits. That'll come through,
(04:42):
you know, hopefully in the next few months. But the rest
of it is actually banks should be passing it through instantaneously.
That's what happens in other countries around the world. My
experience in Australia in the US was it was immediate.
And some of them will say, oh that we do
it in advance of the announcement, but we've got to
watch that closely.
Speaker 1 (04:57):
Okay, the MATHS amount. When was the Math's announcement that
you you and Erica were at this? Was it Tuesday
last week or it was? Yeah, So just to relitigate
this because I was ropable because this is not about politics.
This was about a result. You've got a result. Maths
is tangible. Yeah, we got a good result.
Speaker 2 (05:14):
We've been working you know, you know my story. I
really am passion about education. I studied it a lot
before I even came to politics, and Erica and I
made a determination in opposition, if we get the chance,
we're going to go for a big time on education
because it's the single biggest thing that gets kids from
a set of circumstances to a better set. And the
frustration here was that, you know, we take over power.
We've got fifty five percent of our kids not at school,
(05:35):
half not where they need to be at on reading,
going to high school, eighty percent not where they need
to be on mathematics. So we take the intermediate school
kids because we've put some other programs in place for
primary school, and we basically did these hot house sessions
for twelve weeks and we got these kids moving one
to two and a half years in their maths knowledge
with a twelve week intensive intervention. So we did that trial,
(05:56):
and we now want to roll that out to fifteen
thousand kids across the country. And that was really great news,
and I think parents care about that. But instead some
of the media went off about a leadership change that
isn't happening. And secondly, I went and spent the whole
time talking about Section one to twenty seven Entreaty Principles.
Now we've passed that law, we're done, we've finished the boards,
we've taken it their obligation off them. I get people
(06:17):
maybe unhappy about it. I don't care. We are there
to get our kids to school and to teach them
the basics. Well, but there's a really good example where
we've actually got great results on new entrants during the
phonics tests. Now fantastic improvement. You had eighteen percent improvement
and kids at or above standards on reading in their
first year at primary school and a sixteen percent reduction.
Kids need extra help. That's good because our teachers are
(06:38):
freed up to get on with the program. It's working.
Speaker 1 (06:41):
But having watched the thing live and then watched the
coverage of it, they are two different things. Happened, correct,
and so we.
Speaker 2 (06:49):
Didn't get to talk about the math story, did we.
Speaker 1 (06:51):
We know we did not. So what is it you
face an election year? Is this deliberate? Do you think
on behalf of some in the media who will become
hell of high waters covered ways?
Speaker 2 (07:01):
I think some of the media are just so disconnected
from the reality of where Kiwis are at. And you know,
when I'm up and down this country, I'm telling your
parents want to talk about how their kids are going,
what's going on education. I want to talk about their
mortgage rates. They want to talk about what we're doing
to make the country better and you actually get you know,
some media just fixated on, you know, a story that
actually isn't happening, not happening, and actually more importantly than
(07:23):
something that's already've aready made a decision on. We've moved on.
So we're not relitigating section one twenty seven. We're not
asking boards to be upholding the treaty of by Toney obligations.
That's not their responsibility. We're done, we're finished that, but
we're focusing on doing these practical things to get the
kids better educated.
Speaker 1 (07:37):
The other string to that story was a couple of
days later, the Principal's Federation, I said, seem to suggest
it was a waste of money, It was a bit
of a jack up. And if you ask the kids
the same question every time, of course they're going to
remember it, etc. Is there a mentality within the education
union slash circles that they don't want that they just
can't get their head?
Speaker 2 (07:55):
Oh well, here's an idea. Rather than sitting on a
labor party stage, why don't you get around the table
and do a twenty four seven negotiation for your members,
who are the teachers who are doing a good job.
You know, I just think they're focused on the wrong things,
and the reality is we need to put some standards
in place. You know, you cannot call yourself a first
world country where an under Chris Sipkins, forty five percent
(08:15):
of our kids go to school regularly and fifty five
percent don't. You can't call yourself a first world country
and set yourself up for a fantastic future if you
can't get your kids to do maths and reading. And
so that's what we're doing. We're doing the practical things
to make sure we lift the quality big time so
those kids have great opportunities.
Speaker 1 (08:30):
You mentioned the Conventions Center a moment ago, and I
should have asked this, then where are we at with
move on orders? Because one of the things you said
with move on orders is there's a cruise season. The
cruise seasons here yep, yep.
Speaker 2 (08:39):
So Goldsmith's got advice coming very very quickly on that.
I mean, the move on orders. We're very interested in
the problem is what do you do with the people.
You can't just move them around and bounce them around
the city. You've actually got to get a solution in place.
That's really that thinking there. Having said that, Simon Brown
and Wayne Brown actually came together last week and actually
put together quite a good action plan on what they
can do.
Speaker 1 (08:59):
So how close is this? I mean, when's something going
to be announced? And something before before Chris.
Speaker 2 (09:04):
West is what we expect?
Speaker 1 (09:05):
Yep, you're back in parliament this week?
Speaker 2 (09:08):
Yeah, yeah, yeah, yeah, I'm looking forward to seeing you
on Friday, my friend.
Speaker 1 (09:12):
Yeah no, Now look.
Speaker 2 (09:14):
Oh sorry is this your last week this week? Sorry?
You gave me to the listeners. I'm sorry, but it
is payback time people, because he gives me grief about
the relative and frequency he thinks. We're in parliament. This
is I want you to know. This is the hardest
working government, probably since the eighties, passing the most amount
of legislation. Yes, yes, yes, yes. While you're on holiday,
where would you be on a beach somewhere? Or I'm
(09:37):
still working.
Speaker 1 (09:37):
We just up the road because I can't afford to travel.
Now here's here's the thing that the gift I've got you?
Are you backing yourself on the gift you've got me?
Speaker 2 (09:44):
Oh? Big time. It's the Powell doctrine. I'm going to
hit you with overwhelming force, my friend, is what it is.
Speaker 1 (09:51):
Because you better be ready it's a gift arrived, and
it was Semi's idea to his. Now you're shifting it
to say, a brilliant idea, so you will be I
think blow it away. Yeah, I think you could almost
be emotional. Really, I think you could almost I think
there could be some tears anyway on your last day.
Speaker 2 (10:11):
So you're coming. You would be good to see, appreciate.
Speaker 1 (10:16):
For more from the Mic Asking Breakfast, listen live to
news talks. It'd be from six am weekdays, or follow
the podcast on iHeartRadio
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Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
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! Crime Junkie is presented by audiochuck Media Company.