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November 16, 2025 10 mins

Chris Luxon is standing firm on his opposition to a capital gains tax.

A New Zealand Herald-Kantar Poll shows New Zealanders are evenly split on Labour's proposal for a tax on gains on commercial and investment properties.

Opposition is strongest in Auckland, while support for the CGT is stronger in every other region.

The Prime Minister told Mike Hosking Labour's proposal is ultimately a bad idea, that will harm businesses and leave everyone's KiwiSaver worse off.

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Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Monday morning, the Prime ministers in the studio. Good to
see you, Good to see your team. I should Raiser
get sacked.

Speaker 2 (00:05):
That's an opening question as a Crusaders supported No, he saidn't.
This is the heat I'm getting on the tech. I am.
You know, the fearsome winning all Black team has sort
of a problem, isn't it.

Speaker 1 (00:16):
Is it?

Speaker 2 (00:16):
Well, I mean like it's you know, we've we've lost
a few teams that we wouldn't have lost to in
the past, And so.

Speaker 1 (00:21):
I ran on the leadership. Yeah, sort of. I'm just
asking you as a leader under pressure.

Speaker 2 (00:25):
No, No, you got to give them, you got to
give them more time. Yep.

Speaker 1 (00:29):
Okay, the polls. I don't want to spend long in
the polls because I know your views on poles. But
we've got a poll out this morning. The Herald are
running a poll this morning saying it's thirty nine a
piece on CGT. We got a poll last week saying
it was fifty six in favor of CGT. Do you
have any read on cgteam whether it's a popular policy
and you'll have to fight it or not.

Speaker 2 (00:48):
Look, I get why people think it's going to be popular,
but I can just tell you it's being It's just
going to drive more spending, more borrowing, more texting. That's
what these guys are.

Speaker 1 (00:54):
Doing yet again.

Speaker 2 (00:55):
I mean, you heard Hipkins say he wants to lift
the inflation target. He said that he wants to borrow
more money, and now he wants to raise more tax
This is kind of perverse because they did that future
Fund policy where they lose seven hundred million dollars worth
of dividends that fund health and education. The money raised
here is to give people like you, me and Hipkin's
free GP visits. They won't support extending prescriptions out to

(01:15):
twelve months, which actually saves real visits to doctors. So
you know, it just doesn't make sense to me. And
it's actually the last thing this country needs is to
tax tax like you know, and it's a capital gains
tax on business. They'll say it's not, but it's on
every business, on every key we saver account because every
business has to operate in commercial premises.

Speaker 1 (01:32):
The tariffs. We talked to mcclear ly Erron, how big
a win around of this are we from the state
to ob.

Speaker 2 (01:38):
Well, red meats our number one export to the US,
as you know, and so it's about thirty percent up
to twenty five to thirty percent of our total what
we sell to the US is back to where it
was pre Liberation Day, which is really good outcome for
our exporters. There. There's a massive, actual global shortage of
red meat around the world, and it's going to take
a while for that livestock to come on around the world,
probably out to twenty thirty twenty thirty one. One. I sound

(02:00):
at the christ at jamp show on Friday talking to
silver fer and farmers who sell a lot of stuff
into America, and obviously that just helps these guys at
big time.

Speaker 1 (02:08):
You get caught in the hail on Fridays, the races,
the races, It was unbelievable over the weekend anyway. Sorry.
Elbow claims credit for this. He claims it was his
campaigning and law begin with the White House, that got
Trump across the line. Do you believe that.

Speaker 2 (02:25):
I wouldn't want to cast dispersions on Elbow, but I
think you know, US trade policies are somewhat mercurial at
the moment, so I think it was it was a
reality where there is just not enough supply in the US.
If you think about the New Zealand beef. We sell
it's very high quality into the US. Often the US
beef's lower quality. They often mix it up between the two.
So no, I think it's a domestic reality in the US.

(02:46):
You've seen inflation and prices on red meat in the
US going in from twenty five to thirty two percent,
So it's just common sense.

Speaker 1 (02:53):
Actually, we are committed you state to NIT zero. Yep.
As we watch the coalition FORLLAR partners, where is a
dump net zero? You've got what's in South America at
the moment for what purpose given that we're not going
to get there.

Speaker 2 (03:08):
Well, we are going to get to net zero twenty fifty,
no doubt about that.

Speaker 1 (03:12):
You believe that in your yeah, yep, because.

Speaker 2 (03:15):
When you look at our particular emissions max half of
it's in agriculture, but the other halfs in co two
thirty percent of manufacturing, twenty percent in transport. And when
you look at the innovation pipeline. Genuinely, I've looked at
this really closely to say, on the agricultural side of
the emission side, we have some incredible inventions and technology.
It's coming of put four hundred and fifty million dollars

(03:36):
into this agri zero stuff, and there's some really we
just need one of those things to come off and
we can increase production and productivity of the farming sector
and also meet our missions target. So we sold this
through technology, and the technology is not just bumper stick
as it's real projects out.

Speaker 1 (03:50):
Okay, But and yet what says before he goes to
South America that you guys may well pull the trigger
on buying credits internationally, which means you only do that
if you're not doing it.

Speaker 2 (04:00):
Well, we ain't going to send We'll reassure everybody we
ain't sending billions of dollars overseas. We are going to
do everything we can. You've seen us align a lot
of our our thinking to our domestic targets. Are things
that we can control. We made some changes to the
ets recently. Our INDC two targets aligned with our domestic targets.
That's exactly as it should be.

Speaker 1 (04:19):
So if you can't do it that way, would you
buy credits, Well, we will give it a good go.

Speaker 2 (04:25):
You're talking about the NDC twenty thirty target. Now, yeah,
we're going to give it a good go.

Speaker 1 (04:30):
But in giving it a good go and failing and
falling and still being committed to net zero. Well, what
I'm not.

Speaker 2 (04:35):
Going to do, just so a crystal clear I'm not
going to take one is I don't think New Zealand
coming out of Paris is a good idea because we
lose a huge amount of We get damaged badly from
competitive countries and from big, large multinationals. The second thing is, though,
is that we've made a commitment very clearly, is that
we're not putting agricultural pricing into place. We're not going
to move farmers out of New Zealand into Chile or

(04:56):
any other country on Earth. It's worse. Our farmers are
the most productive, the most carbon efficient, So we're not
moving jobs out of this country because every time we
we're not on a punished farmers as a result of
doing that, which is what the last lot wanted to do.
So we will do everything we can toit that target.
And if we don't hit the target, then so be it.
We roll into DC twenty thirty five, which is align
with our international target targets.

Speaker 1 (05:17):
Would you concede the tide of starting to go out
on the argument in general globally, Well, I.

Speaker 2 (05:22):
Think there's so many targets, Mike, and the frustration is
essentially dourn and Shaw went off internationally and disconnected the
international commitments. Essentially, I think from the domestic commitments. Our
domestic commitment we enshrined in legislation, had full support across
the Parliament for twenty fifty. We're on track to deliver
net zero twenty fifty. Some of the reports could say
you might even get there four five, six years early,

(05:45):
and we've done practical, common sense things to make sure
that we're on track with that. You've seen us align
our international The next Paris commitment is in DC twenty
thirty five, that is now on the same track as
our twenty fifty domestic target, and that's smart. And so
I think, yeah, I think we're doing I don't have
any intention whatsoever of coming off the twenty fifty target

(06:05):
like I've seen the Australian Coalition announced last week.

Speaker 1 (06:08):
D because we can't do that. No, okay, Aco, Mike Burgess,
did you see what he said last week about China? No,
let me read it. And when they penetrated your networks,
he refers to China, when they penetrated your networks, they
actively and aggressively map your systems and seek to maintain persistent,
undetected access that enables them to conduct sabotage at a
time and moment of their choosing. And he says that

(06:31):
moment is now. His reference was to fire by his partners.
So not only Australia but us as well. Are you
aware of that?

Speaker 2 (06:38):
Yeah, we're very aware of high levels of foreign interference.

Speaker 1 (06:41):
Why aren't you telling us this? Why is he telling
me this through the Australian media and we aren't?

Speaker 2 (06:46):
Well, we are actually if you look at the statements
from our intelligence agency chiefs, we've been talking more and
more transparently and more openly about this when there's been
an attack on our parliamentary systems. I was the first
promised to call it out, and I've said to President
she merely, we will continue to call these things out
publicly or privately.

Speaker 1 (07:04):
So they're in, and they're in now, and they're able
to sabotage us at their choosing. Well, so what he
says is correct.

Speaker 2 (07:10):
Well, no, I'm not saying I agree with that. I'm
just saying to you, I agree that there is massive
levels of foreign interference levels that we haven't seen before.
I can reassure you that we are doing everything we
can to make sure we toughen up our defenses. Where
we see it, we call it out. You're seeing us
get sensitive about the Cook Islands because we have security
and intelligence responsibilities there. You're seeing us. You know, there are

(07:33):
some amazing technology companies. I was actually at one last
week's starboard that are actually mapping things like undersea cables
and mapping ships and areas around undersea cables. There's a
whole bunch of smart stuff that's now going on. We're
taking this really seriously. I think we've been way too complacent.
But since we came to power, that's been one of
the big focus areas for me as Minister of Intel.

Speaker 1 (07:53):
So where's the SI? Isn't this? Because it struck me
that this guy, this guy made headlines in Australia and
good on him for doing so, and he seems to
be one of those blokes who comes out very publicly
and here are the issues we're facing. But when he
involves fire eyes, I e us, Yes, where are we?
Why are one of the headlines all over the place?
Why don't you telling us? Well?

Speaker 2 (08:11):
I mean, I mean I've seen what our heads of
sa S and GCSB have said publicly and they've done
actually been very very straight up about it as well.
And I think whether I don't know why it's not
reported on as much as it may be in Australia,
but I can tell you at the time, you know,
certainly the gallery and people understood that these guys were
talking about things in different ways.

Speaker 1 (08:30):
The white thing he pushed back from schools. There's a
couple of hundred schools. Now this is the board direction.
So a couple of hundred schools are basically telling you
to nap off. Are you running the country or are
the schools running the country?

Speaker 2 (08:40):
Well, we are, and we're making it very clear to
boards your number one priorities get your kids to school
and teach them the basics brilliantly. I do not care
about anything else. That is what you have to be doing.
That is job number one. We are in such a
parlor state around attendance and academic achievements, and I'm really
passionate about this. This is sort of one of my
motivations are coming into politics, is that how on earth

(09:01):
you call yourself a first world country if you can't
have over half your kids not going to school regular,
which is what we.

Speaker 1 (09:05):
Start agree more. And yet when the harsh thing the
first thing, I mean, the teachers is a different story
on the curriculum, but the first thing the boards do,
two hundred of them, is go, we hear what you
say and we're not going to do it. I mean,
what does it tell you about, Well, we've got two.

Speaker 2 (09:17):
And a half thousand schools, but it just says that's
what parents should be pushing those boards damn hard on
because I'm assuming then they've got outstanding academic achievement, outstanding
attendance records. That is what they have to be focused on.

Speaker 1 (09:30):
It's what you're up against, though, isn't it. There is
a mindset in this country that people will die on
a hellover race as opposed to educating the kids.

Speaker 2 (09:37):
It's just the wrong conversation to be having. You know,
we're talking about our kids and their future and their
ability to access high paying jobs. There is a heap
of them out.

Speaker 1 (09:44):
There in the world.

Speaker 2 (09:45):
We're really serious about it. You ask why Australia is
thirty five percent wealthier than New Zealand bhy Singapore is
now twice as wealthy, Irelands, twice as wealthy. We have
to get better educated. And so you know, the boards
need to wake up. They need to get very very
focused on their core challenge and tasks, which is to
hold that school team accountable and leadership team accountable for
delivering attendance and academic achievement. Period.

Speaker 1 (10:06):
Appreciate your time, Chrystopher Likes and Prime Ministers. For more
from The Mic Asking Breakfast, listen live to news Talks
at B from six am weekdays, or follow the podcast
on iHeartRadio
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