Full Show Podcast: 14 May 2026

Episode Transcript
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Speaker 1 (00:00):
Tough on Power, Sharp on Insight, the My Costing, Breakfast
with Alveda, Retirement Communities, Life Your Way News, Togstead.

Speaker 2 (00:08):
Be Welcome Today, tamp and China We gets You to Beijing.
Are new finds for supermarkets to make the pricing dodgy
Niicola Willison are ever shrinking Operation in allowance the head
of Jetstar on fuel bills and flight capbacs. Joe McKenna
in Rome, Rod Little on the Star at Drama ASKI
welcome to the day, seven past six. I've learned a
lot about kids in the university, having had to attend
and graduate one still immersed in the experience as we speak.

(00:29):
The takeouts are as follows. Generally, you go for a reason,
You've got an idea of what you want to achieve.
Those who don't flounder quickly. I've got many examples over
the years of kids who enrolled because that's what you do.
Schools too often give university as a default. It's got
a snobbery about it because successful people go on to
tertiary learning seems the wider lesson we've all learned. As

(00:51):
J cinder Durns next Year's on Me was fatally floored one,
because funding the first year was literally a waste of money.
In two, even when it got put to the back
end of study, it would seem the world hasn't changed,
so they're scrapping it. The reality is people on a
path will incur debt in the belief that whatever it
is they're studying will serve them well, provide challenge and enjoyment,
and hopefully pay a wage that allows them to pay
back the loan and get on with their lives. UNI's

(01:13):
always been heavily subsidized anyway, of course, on the idea
that we all benefit. But I've always thought to suggest
you study for anyone other than your own personal satisfaction
and enhancement as fascical. So no more first year, last
year artificiality. The money apparently will be put elsewhere, or
at least some of it, perhaps into the more practical
side of the workforce. Personally, I wouldn't mind if the

(01:33):
whole lot was saved. It's not like we actually have
the money in the first place anyway. But the Peter's
argument appears to be the traits, which makes it yet
another of those debates that's constantly tinkered with and never
really resolved. I mean as paying an employer to train
a person any more or less wasteful or artificial than
paying a university to train a doctor. I mean, we
need doctors as much, if not more, than we need

(01:53):
plumbers or engineers, both avaluable, both are in short supply.
The Peter's argument will of course be driven by the
immigration part of all of this. If we don't train
who we need, we need to bring them in, and
before you know it, you've got a bet a check
in tsunami. It is of course a government again picking winners.
And I would have thought we've already learned that lesson
Peter's other idea, if you remember, was bonding students to regions,

(02:14):
or indeed immigrants to regions. That didn't work either. The
trick here is not to repeat the past mistakes. And
yet it would appear the budget is destined to include
at least one.

Speaker 1 (02:25):
News of the world in ninety seconds.

Speaker 2 (02:27):
Well, it looks like a Spiller's on Starma v. Streeting
buckle up. Before all of that, though, the king had
to actually open the place.

Speaker 3 (02:33):
And increasingly dangerous and volatile world threatens the United Kingdom.
Every element of the nation's energy, defense, and economic security
will be tested. My government will respond to this world
with strength and aim to create a country that is
fair for all.

Speaker 2 (02:52):
After that, Chemi was ready with some observations.

Speaker 4 (02:55):
The Prime Minister is in office but not empowered. Nearly
one hundred labor MPs have called for the Prime Minister
to resign. Four ministers have quit. It is clear his
authority has gone and that he will not be able
to deliver what little there is in this king speech.

Speaker 2 (03:15):
He had tried his best to pretend nothing was happening
in difficult days. Her input is always a ray of sunshine.

Speaker 5 (03:25):
I particularly get and tipped.

Speaker 2 (03:28):
From her, and how to win friends.

Speaker 6 (03:30):
This is for the tartle mister speaker who previously called
us orcs and Doune.

Speaker 2 (03:35):
Wasn't bad Trump mean time, probably asleep in Beijing as
we speak, or at least on truth social one or
the other. But before he fifty had some advice for Starma.

Speaker 7 (03:43):
I advise him has always been up, open up your
oil in the North Sea. You got one of a
great oil finds anywhere in the world, and you're not
using it.

Speaker 2 (03:52):
They're not allowed to use it.

Speaker 1 (03:54):
And it's one of the best in the world, among
the best oils.

Speaker 8 (03:57):
In the world.

Speaker 7 (03:58):
Open up your oil nor sea and get tough.

Speaker 2 (04:02):
Fine Emigret also these comments before he left. I have
not played particularly well for Americans who or I don't
I fill their cars and buy food.

Speaker 9 (04:10):
The only thing that matters when I'm talking about Iran
they can't have a new glue weapon.

Speaker 2 (04:14):
I don't think.

Speaker 5 (04:15):
About American financial situation.

Speaker 10 (04:18):
I don't think about anybody.

Speaker 5 (04:19):
I think about one thing. We could not let Iran
have a new clue weapon. That's off every American understand.

Speaker 2 (04:26):
I'm not sure they do a Red Cruise update for
you now. Jake, he was on board. He's back in
ISO and Nebraska. So how's he doing.

Speaker 11 (04:33):
It is my second day here at the National Quarantine
Unit in Omaha, Nebraska. I am feeling well. I'm in
relatively good spirits, and I hope to be able to
keep you all a little more updated throughout this process.

Speaker 2 (04:46):
Good as news of the world in ninety seventeen minutes
Starmer and Streeting met today seventeen minutes. That gives you
a clue. He's they say, set to quit tomorrow. He's
got the eighty one to trigger the vote. The big
question next though, and we'll talk to a rot about
this later, is having triggered the vote, does he actually win?
And if he doesn't, what happens?

Speaker 12 (05:06):
Then?

Speaker 2 (05:06):
Twelve past six.

Speaker 1 (05:08):
The Mic Asking Breakfast Full Show podcast on iHeartRadio, how
of by News talks.

Speaker 13 (05:14):
It be.

Speaker 2 (05:17):
Starmer's got the business community worried as well. The bond
market is quote unquote on each Jo P. Morgan Chase,
Who's Jamie Diamond? He seems to comment on everything anyway.
He said he's reconsidering their multi billion dollar office tower
in Canary Wharf if Starmer is out, so that would
house twelve thousand people to be the UK headquarters. He's
suggesting that a Starmer goes that building's not going to happen.

(05:39):
Fifteen past game I'm sure and partner's Andrew Kellah, Good morning, Marti. Mike,
talk to me about the swap breaks and how worried
I should be.

Speaker 14 (05:48):
Yeah, I want to talk about interest rates this morning,
because we spent the whole week talking about inflation, and
inflation can obviously have a direct influence on what happens
with interest rates. So yesterday, Mike, the local two year
swap rate, the benchmark interest rate that's used as I
suppose there's a base rate for where banks set their
two year fixed mortgage rate. Yesterday that rate hit the

(06:10):
highest level it's been at since December or November December
twenty twenty four, so the current level is three point
sixty six percent. Now, last October, when we weren't worried
about inflation at all, that rate was at two point
four to four percent, so it was almost one and
a quarter percent lower. And by the start of the
Middle East conflict that rate was just under three percent

(06:31):
two point nine four So we started to get a
little bit concerned about inflation before the conflict began.

Speaker 13 (06:37):
But the key issue that I want to stress here.

Speaker 14 (06:39):
Mike, is that the official cash rate that was reduced
over twenty twenty four and twenty twenty five to the
current level two and a quarter percent, the OCEA has
not moved, but since the OCI got to two and
a quarter percent, the two year swap rate has gone
up by one and a quarter percent. Now, what this means,
and it's pretty significant, is that financial markets have effectively

(07:02):
tightened monetary policy already.

Speaker 13 (07:05):
So we're all staring at the Reserve Bank.

Speaker 14 (07:06):
We're asking the question, oh, when are they going to
move the official cash rate.

Speaker 13 (07:10):
But the actual impact of that has already happened.

Speaker 14 (07:14):
Mortgage rates have already moved up, and at the moment
that direction of travel is probably likely to continue, So
the bank hasn't had to move the official cash rate
at all. Similar situation with one year rates as well.
Now floating rates haven't really moved. That's sort of relevant
for business loans and business lending. But the key issue here, Mike,
is that the market has done the heavy lifting for

(07:36):
the rbn Z already, and so this lift in wholesale
rates means that borrowers, if you were a borrow out
there right now and you're rolling off for one year
fixed mortgage rate, you're going to be refixing that mortgage
rate in an environment where the effective funding rates the
one year swap is higher than it was when you
fixed a year ago. So the average mortgage rate across

(07:58):
all of the country, it's been falling. That's been putting
more money into howp in household pockets. That impulse sort
of could be troughing. So it's all about inflation. It's
pushing interest rates up around the world, but the markets
have already tightened.

Speaker 2 (08:12):
Monetary policy good and so speaking, of inflation three point
four one one year ahead. I wouldn't have thought that's
the end of the world.

Speaker 13 (08:18):
No, not at all.

Speaker 14 (08:19):
So the RBNZ and here's the thing, And so the
RBNZ have sort of guided us to sort of three
indicators that they're looking at to decide whether or not
they need to start hiking the ocr sort of faster
than they thought they would. That's headline Inflation, wage growth,
and inflationary expectations. Well, wage growth came out the other week.
It's pretty benign. Yesterday, there was a lot of interest

(08:39):
in the results of their survey of inflation rey expectations,
because the danger is that those expectations become what we
call unanchored from the current inflation inflation levels, and that
can contribute to.

Speaker 13 (08:51):
A wage and price inflation spiral.

Speaker 14 (08:53):
But the good news MIC is that while inflationary expectations
are rising, they don't look to me like they're unanchored.

Speaker 13 (08:59):
I mean that moved higher. That's to be expected.

Speaker 14 (09:02):
One year ahead, inflation is expected to be three point
four one percent. Yes, the previous number was two point
five nine. It's quite a bit higher. But if I
look at the two.

Speaker 13 (09:10):
Year inflation and expectation.

Speaker 14 (09:12):
So two years ahead it was at two point three seven,
it's now at two point five to three.

Speaker 13 (09:16):
And actually there's been a small fall in longer term.

Speaker 14 (09:19):
Expectations, so inflation while it's currently running at three percent,
probably moving to four percent or higher. Well, expectations aren't
out of whack with that MIC, they're not unrealistic. So
the rb Z for the moment, I don't think they'll
see any any red flags.

Speaker 13 (09:32):
There at all.

Speaker 2 (09:33):
Exactly. Give us a quick word on the CBA. Was
that all budget related yesterday or not?

Speaker 8 (09:37):
Oh?

Speaker 13 (09:37):
It was an awful combination of factors.

Speaker 14 (09:39):
So CBA, big Eussie bank owns asp huge part of
the Australian Index. I think it's about ten percent of
the Australian Index. Itx mass sheperce got acolutely hammered, fell
ten point four percent yesterday, one of its biggest one
day falls on record.

Speaker 13 (09:53):
Was happened.

Speaker 14 (09:53):
Here might release their quarterly results broadly in line with expectations,
but the problem was their capital levels looked a little
bit lights and then you get this whole sort of
combination of factors that came along. You sort of had
the budget day implications and you could potentially get this
negative feedback loop. More capital gains tax, lower demand for housing,
reduced investor borrowing, potentially falling house prices, reduced bank revenue,

(10:16):
and you're staring at a bank that was really heavily
I suppose it was very frothily valued.

Speaker 13 (10:22):
And at the moment equity markets might. They are very
tough on small misses these days, particularly where overvaluation is present.

Speaker 14 (10:29):
But it was a key feature of the AUSSI share
market yesterday.

Speaker 2 (10:32):
What are the numbers? Okay?

Speaker 14 (10:34):
So at the moment the share market, the dal Jones
very steady. It's down point one two percent forty nine
six hundred and ninety eight, the S and P five
hundred seven, four hundred and forty eight, it's up per
point sixty four percent, and the Nasdaq up one point
four one percent. So I think in Vidia doing okay,
three hundred and sixty nine points up twenty six thousand,

(10:56):
four hundred.

Speaker 13 (10:57):
And fifty eight. The Fortzy one hundred.

Speaker 14 (10:59):
Gained point five per ten thousand, three hundred and twenty five.
The Niket was uper point eight four percent sixty three thousand,
two hundred and seventy two.

Speaker 13 (11:07):
The Shanghai composite going.

Speaker 14 (11:08):
Two thirds of percent four to two, four to two. Now,
the AUSSI market yesday didn't actually get hit because while
CBO was getting smacked, some of the reasals stops were
doing quite well and that sort of counted it. A
bit of've set that, so the A six two hundred
only fell just under half a percent eight sixty three. Oh,
we lost seventeen points in the NZ next fifty stay
thirteen thousand and sixty three one kei we dollar but

(11:29):
weeker this morning point five nine three three against the US,
point eight one, seven to two against the Aussi. So
that's come down point five out sixty nine euro, but
it's holding up against the quid good point fourth that
you go point four to three, nine to one against
the yen ninety three point sixty nine gold is four thousand,
six hundred and ninety one dollars and Brent crudit has
come off a little bit, not a great deal one

(11:52):
hundred and five dollars and ninety nine cents per barrel.

Speaker 2 (11:56):
And we'll see what happens to day in China. Shore
and Partners Andrew kell Pardski on or on on the Swiss.
You follow the sneaker business, the Swiss company seems to
be you know, while Nike struggles to be cool. This
this company seems to be hot as sales are up
sixteen point four percent, revenue from the wholesale channel up
thirteen point three So they seem to be the hot

(12:16):
take currently. So those are their results for the first
quarter six twenty two. A news talk zed bo.

Speaker 1 (12:26):
The Vike Asking Breakfast Full Show podcast on iHeartRadio powered
by News Talks B.

Speaker 2 (12:33):
You may be disappointed to learn this morning, because I
know you're probably looking forward to staying in it. They
were doing that two hundred and eighty five room hotel
on Surface Paradise. The Trump Tower would have been the
tallest building in Australia. That's now off. The argument from
one of the people anyway, yesterday's one and a half
billion dollars worth of building that isn't going to happen.
The argument yesterday was the Trump name these days is
so trashed around the world. No one would want to

(12:54):
stay in a building with a name like Trump. Six
twenty five.

Speaker 1 (12:58):
Trending now with him as well, May him sail on now?

Speaker 2 (13:03):
Now we may remember this story. So Rand Paul this
morning on the Hill in Washington, he was once a
presidential aspirant. He's leading this particular inquiry. So the story
goes Anthony Faunci were talking covid Anthony FOUNCERI knew all
about the China lab league, so called China Lableaku, because
the National Institute of Health was funding research at Wuhan.
So Fauci denies all that. Anyway, long time advice has

(13:23):
been a diet for covering up the colms around that.
So they dragged in today James Urban, who works at
the CIA.

Speaker 9 (13:28):
Your conclusion is that changing from the scientific consensus of
it being from a lab to a neutral position by
the CIA was significantly influenced by Anthony Fauci.

Speaker 15 (13:40):
It was significantly influenced by Anthony Fauci's injecting himself into
the IC. We have documentation that shows that as of
August twelfth, the CIA was considering calling this a lab
leak August twelfth or twenty twenty one, and then that
changed on August seventeenth of twenty twenty one. And unfortunately,
because the CIA would not provide us documentation that we asked, well,

(14:01):
we can't. We have no idea why that changed.

Speaker 2 (14:06):
Fout, you can't be indicted by the way anymore, because
the statute of limitations expired on Monday. Anyway, Mike about
to buy my first house based on what Andrew just said,
should we fix for longer than a year now? Obviously
I can't give financial advice, and you probably wildn't want
to take financial advice from me anyway. But I've always
personally argued, the shorter you go, the more you're guessing

(14:26):
the market, right, especially as a young person, and congratulations
on that, you're another one of the twenty seven twenty
eight percent of people are into the market. This is
fantastic and it's a super exciting time for you, and
I couldn't be more stoked for you. But the shorter
you go, the more you're guessing the market. You see
what I'm saying. So do you want to spend your
life guessing the market? You might be right, you might
be wrong. The longer you go, the more settled than
you are, and you get your own pay the bill

(14:47):
and get on with your life. So take that for
what it's worth. Interesting insight. Couple of interesting insights into
the way businesses run in this country for you, The
first of which is after the news, which.

Speaker 1 (14:57):
Is next opinion edit in four unapologetic, the mic asking,
breakfast with Defender, embraced, the impossible, news talks.

Speaker 2 (15:06):
Dead be beautiful photos cloading around this morning of Princess
Kate who has landed in Italy, of course, her first
overseas trip since the cancer diagnosis. So they're making a
big thing about that. Joe mckenner and Italy for as
shortly meantime back here at twenty three minutes away from seven,
you serve a new insight, this one into what our
CEOs are, what they think basically of our long term
plan as a country. No surprise three year political cycles

(15:28):
and lack of cross party agreement of holding us back.
Kendall Langston is the founding partner of prival and Place.
They've done the work on this and Kendall's with us.
Very good morning to you. Now you reckon this is
a New Zealand thing or a Western world thing.

Speaker 8 (15:45):
Well it's probably a bit of both, but definitely it's
a New Zealand thing. We looked across seventy nine New
Zealand CEOs of medium larger privately held companies in New
Zealand CEOs working into boards and are definitely telling us
give us a longer term horizon in which to make
plans and which to invest, to gain capital to take initiatives.

Speaker 2 (16:09):
The juxtaposition there is that they back and reading this research,
they back their own companies, so they're backing themselves, which
is encouraging. But of course, what's the point of going
what I would like is when you know it's not
going to happen. We're not going to get a long
term vision. And I mean, we've been arguing this for years,
haven't we.

Speaker 8 (16:26):
Well it's not a new one, but certainly it's loud
and clear, and it's not just this survey piece. I mean,
we do this predominantly so we know what the issues are.
CEOs want to know what others are thinking. But it's
really I mean, it can be achieved. There are plenty
of examples out there where countries do have longer term visions.

(16:47):
And I'm not saying it needs to be thirty or
fifty years out. It would be great if it's outside
two political cycles. So it gives a bit of certainty.
There is a lot of change, there's a lot of
short term issues. CEOs are saying, we don't want government involved,
and it will fix it, give us the runway and
the resilience, you know, to build some resilience and to
create some confidence in the direction.

Speaker 2 (17:09):
That's a legislative thing, isn't it. The countries you refer to,
mainly in Europe, they have bodies or established bodies or
rules or understandings whereby if you commit to something, it's
in place. It doesn't matter what happens to the government
of the day.

Speaker 8 (17:21):
Yeah, I think there definitely needs to be some you know,
some ability to change, because we're in a huge amount
of change at the moment.

Speaker 5 (17:30):
But I think what it's.

Speaker 8 (17:30):
Saying is the direction. What's that mature conversation. What are
we creating in New Zealand? You know what is it
long term? And therefore in the medium term, where do
we need to go? And look, there are plenty of
opportunities out there. This is not a government of the
day issue. This is about just you know, creating that
longer runway around big issues infrastructure industries, giving industries a

(17:53):
chance to transition in the change in a runway for that.

Speaker 2 (17:57):
Having said that, speaking of a transition that you talk
about capital or the access to capital, I mean, I
can't work out what's going on. Is capital a problem?
If it? I mean the world's washed with though if
you say I'm into AI, they can't give you enough money.
So is it a sort of an industry or sect
a specific issue.

Speaker 8 (18:14):
Well, largely it's gaven by you know, our main banks
and then the access to the stability here in New Zealand.
And you know, I'm not an expert in that area,
but most companies, you know, capital is a restraint you know,
to invest, and so it's it's you know, it's that
risk profile. And I think that's the other thing coming
through is you know, the risk profile needs to mature.

(18:37):
You can't not have risk. There's risk and doing nothing.
There's a risk and doing anything. But it's around how
do you get the confidence to take a punt, to
back an opportunity? And that's what that's what we're hearing here.

Speaker 2 (18:50):
Interesting insight. Well done Kenda Langston, founding partner at Pivot
and Pace this morning. By the way, just quickly the
money is starting to flow. Speaking of which Oshkosh, you
remember Oshkosh when you had kids or if you do
have small kids, Oshkosh that was the go to go. Anyway,
they've got some tariff money back. They're the first company
our basic fund who run care beers and Tonka trucks.
They've got some money back as well. All I'm interested

(19:11):
in knowing is if the tariff money refund money is flowing,
is there anyone listening in this country, because it's not
like we weren't involved in the shambles as well. Has
anyone seen any money yet from the Trump administration as
regards tariff refunds? Nineteen two The.

Speaker 1 (19:27):
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News Talks AP.

Speaker 2 (19:34):
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(20:16):
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c supply tasking Mike. Are these companies going to give
the money back to the customers that paid high prices?
Excellent question, That's why I asked the question.

Speaker 9 (20:33):
More.

Speaker 2 (20:33):
My understanding of it is is if you sold into
America on the higher tariffs, you needed a company in America.
So if you sold your box to Bob and then
Bob went and on sold it and dealt with the tariffs,
you're not getting a tariff refund. You need to have
established yourself as Bob Incorporated in America. That company gets
the tariff therefore can fund it back to you. But

(20:54):
as for the individual consumer, I think the answer is no.

Speaker 16 (20:57):
Six forty five International correspondent squid ends in eye Insurance
Peace of mind for New Zealand business Italy.

Speaker 2 (21:04):
Joe McKinnon morning, Good morning, made. I don't watch this
hunt of virus thing because, of course I think I'm
right in saying we had one person who was loosely
connected to New Zealand there in Iso somewhere, but places
like yours, Europe, even in America, there seems to be
a real angst around it. Does that fear?

Speaker 17 (21:21):
Yeah, I was asking for people today if there was
a bit of panic. Initially, I don't think there is.
But we've had four people being watched and tested and
so on, and a couple of them had come into
contact with a Dutch woman who later died from the virus.
So the tests have all come back negative in Italy,
but I think there's still a great deal of concern.

(21:42):
And now, of course we're seeing this other cruise ship
that's got forty nine people. Ill, is it time to
have rethink about cruises. I've been on a couple in
the Mediterranean. Now I'm thinking I don't think I want
to do that anymore.

Speaker 2 (21:57):
The one you're referring to is it's stuck in France
at the Mimes. Good's seventeen hundred on board, on's died.
I mean, this is just just a stomach thing. This
is guess who into itist? So one's died. They got
fifty passengers locked up in the ship. And I'm thinking
to so, how many times like this do you have
to go before you know? I'm not really going to
go on a yeah cruise anymore.

Speaker 17 (22:17):
Are you surprised that we haven't seen some statements of
reassurance from the cruise ship industry?

Speaker 12 (22:21):
Yeah?

Speaker 2 (22:22):
Exactly. The seventeen people, by the way, under observation, where
are they are? They sort of locked up in a
special facility.

Speaker 17 (22:28):
Well, I think they're just home, isolating at home, which
is not very reassuring either.

Speaker 2 (22:34):
It's a fairly high trust model, isn't it that they say? Now? Look,
I've been looking, because you know, I'm superficial. I've been
looking at these photos of Princess Kate. I mean, aren't
there isn't she? Isn't she a rock?

Speaker 13 (22:47):
So?

Speaker 2 (22:47):
Have you seen the photo of her with the little baby?

Speaker 17 (22:50):
Yeah? Gorgeous?

Speaker 2 (22:51):
I mean, for goodness sake, she is so cool. How
big a deal is she in Italy this morning?

Speaker 17 (22:55):
It's a big deal. And I mean she's gone to
this town in amiliar Ammonia's famous for its education and
particularly young kids aged from zero to six preschoolers. But
it's only about a couple hundred thousand people there. And
what I didn't realize, Mike, is did you know that
she studied in Florence twenty years ago? When she was
at university, she did a gap year and spent some

(23:18):
time in Florence. So I was trying to get to
teachers and people who knew her. And would you believe
no one will say a word about what she was
like when she lived there.

Speaker 2 (23:26):
They would have been locked down. There'll be NDA's left
right and seen her on that sort of stuff. So
that would be if I wanted down Rome and I said,
you realize Princess Katson Town, they they would have a
general understanding that there's a royal to look.

Speaker 17 (23:38):
I think most people initially love the Royals. They love
the royal family. King Charles kicked a few goals when
he came through last year, gave a great speech half
an Italian, half in English to the Italian Parliament. And
I think there's a lot of fascination with the royal family,
because of course the Italians don't have one.

Speaker 2 (23:55):
No, they do not. Now, this thing with nuclear powers
fascinating me because it's happening all over the world. Is
it controversial?

Speaker 17 (24:05):
Yeah, Well we talked about it last week, didn't we.
And now the Maloney government is saying it's going to
approve a framework that will set the ground work on
the grounds and the rules for the resumption of nuclear
power in Italy, and I think it will provoke a
great deal of debate. We had four nuclear power stations
in Italy. Didn't realize that until a little bit of research.

(24:27):
They were shut down after a referendum that took place
after Chernobyl, So no nuclear power here since nineteen ninety.
So it will be very controversial if they bring it back.

Speaker 2 (24:37):
Because location will be the key. Oneed to mean where
you put it and how close people are to it,
and is it by the sea and is it for
Kashima all over again, blah blah blah exactly.

Speaker 17 (24:45):
And don't forget this is an earthquake prone country. We've
got earthquakes every second minute of the day, so there
will be a lot of concern about that.

Speaker 2 (24:53):
We had a.

Speaker 17 (24:54):
Couple up in the north last time, one in central
Italy and one down in Naples. It'll be interesting to
see how that evolves.

Speaker 2 (25:01):
Now this meta thing is equally interesting because we've had
the same argument, having the same argument here in Australia's
sort of led the way with a tax and that's
upset Trump. But so you guys want Meta the big
texts to pay for the local news as.

Speaker 17 (25:13):
Well, exactly. And Metta lost its fight with the Italian
regulator and now the European Top Court is siding with
the Italian Tolecom's watchdog as well. So Meta is not
going to be very happy about that. And I think
this battle, we're going to see a lot more of that,
as you said, and we're going to see more litigation

(25:35):
against other companies like open Ai and Anthropic I think
for infringement.

Speaker 2 (25:39):
I was also while I was looking at photos of
Princess Kate, I was looking at a photo of Jake Whitehall.
Do you know who Jake Whitehall is?

Speaker 6 (25:45):
Oh?

Speaker 17 (25:45):
Remind me.

Speaker 2 (25:46):
He's a British comedian of note. Anyway, he had a
marriage recently and he's on a mini moon in Italy
and I think he's in Venice. But anyway, the PHOTOAY
saw of him this morning is he's wearing a very
heavy coating. It's cold, is it cold?

Speaker 17 (26:02):
Well, I've just been putting on a sweater because it
is a bit chilly in Rome. We've had torrential rain today.
I was hoping for more sunshine the pools opened. I'm
ready for summer.

Speaker 2 (26:11):
What's going on? Aren't we?

Speaker 17 (26:13):
All?

Speaker 12 (26:13):
Good?

Speaker 2 (26:13):
On your Joe? Nice to talk? Will catch up next Thursday?
He married Roxy Horner, who I wouldn't have a clue
who Roxy Horner is. And the photo of them, not
that you care, but the photo of them, they were
papped and they were both sitting on a bench on
their minimum, both staring at their phones. And I thought,
for goodness sake, you don't do that on a honeymoon.
Do you just on that if you didn't know what
Joe was talking about. The Ambition that is name of

(26:34):
the ship. It's currently in Bordeaux. The Ambition and the
seventeen hundred passengers on board. They're all on board. They
can't go anywhere. They were scheduled to sail around France,
around Spain and pick up some passengers from Belfast and Liverpool.
Up to fifty of them have got the gastro currently
acutely one passengers died. I asked a simple question, how
many of those stories do you need to hear before

(26:55):
you think to yourself, you never go in cruising night
away from seven.

Speaker 1 (26:58):
The make Hosking Breakfast with Bailey's Real Estate News talgs.

Speaker 2 (27:03):
A couple of law years around. There's a lawsuit over
Trump's reflecting pool, the thirteen million dollars. They worry the
people who are suing the that it's been messed with
and it's not original, it's historic and you've got to
leave it alone. The other thing is, remember that ship
that ran into the bridge in Baltimore. They're suing the
people who owned the ship, perhaps unsurprisingly want a bit

(27:25):
of money out of that. Five minutes away from seven.

Speaker 1 (27:28):
All the ins and the ouse. It's the fizz with
business favor take your business productivity to the next level.

Speaker 2 (27:35):
That's interesting. We've got another look at the world of AI.
Plumbing World. You don't think of plumbing world doing survey
and research. Do you get old plumbing? I mean I
just go for a tap and a pipe, But they
do the research anyway. Plumbing World have done this research.
They found seventy two percent of US I concerned that
AI will reduce the number of entry level jobs. I'd
be in that and that will happen we think over
the next ten years, thirty three percent of bury concerned.
As a result of that, seventy six percent say that

(27:57):
the trades, you know, your plumbers, you're building your electricians
off for better long term security than a corporate focused
university degree. And in that I agree as well. The
days of lawyers, I mean lawyers. Often a lot of
law is regurged. I mean in court, you know, in
a high drama murder case. Sure you're never going to
get AI, you know, copying that. But in the sludge

(28:18):
of the day to day paperwork of a lawyer, for example,
AI is going to do all of that before you
know it. So university being a lawyer, why would you
be a lawyer? Don't take cruises, don't become a lawyer.
That's my advice so far this morning, Live life well
with Mike seventy percent, So they're now more likely to
encourage a young person into a trade than they were
five years ago. Younger New Zealanders are on board, although
slightly down on the general population sixty six percent, So

(28:41):
the trades are better for long term security compared to
seventy six percent. I've always argued, as you well know,
if you're a long term listener to this particular program.
I've always argued for the value of the trades. And
I first came across the blokeer came round did my lighting.
I had some garden lighting many years ago. This was
I had some garden lighting installed. And you know when
you go through the various stages of your life and

(29:02):
you think you're a bit self important and you've made it,
and so I decided I was going to get copper
lighting in the garden. Not that I regret copper lighting
in the garden. If I was getting lighting in the garden.
In fact, I'm going to light up my fountain and
that's going to be copper lighting as well, because these
days I'm just a complete pratt. But anyway, the guy
came round with a copper lighting and we got to
talking about business, and his business was booming, and he

(29:24):
taught me through the various contracts he was doing at
the moment. And most most of course, contractors don't talk
about their business because they don't want you to think
they're doing well, because when you get the bill, you'll
be going, well, that prat's doing a bit well, isn't he?
No wonder he's charging me so much. Anyway, by the
time I'd finished talking to this Blake, I thought, this
guy's a multimillionaire and he's laughing all the way to
the bank. The trades are the answer, and from that
day on, I've loved the trades used for you. In

(29:47):
a couple of moments. By the way, Nikola Willison a
two point one billion after seven point thirty.

Speaker 1 (29:52):
You're trusted home for news, sport, entertainment, opinion, and Mike
the Mic asking Breakfast with Bailey's real Estate one hundred
percent key we owned and operated us TOG.

Speaker 2 (30:04):
Sed b well seven past seven. We're looking to go
to Jonathan Keagley, who's the Sky News US correspondent who's
on the ground in Beijing, will get them up, hopefully shortly. Meantime,
at seven past seven, we've got a new State of
Retail industry report for you this morning. Forty percent of
US A choosing to shop local, which is encouraging. Bricks
and water still king, which is even more encouraging, because
you know how big a fan of that I am.
Seventy six percent of us are in store for home work,

(30:25):
sixty four percent for the clothing, sixty one percent of
retailers are absorbing the price rises. That's encouraging. Nicole Weson
is the managing director at light Speed Commerce. They've done
the work with us Nicole Morning Morning, Massive, b and
M Fan, Bricks and Mortar Fan. Does the numbers surprise
you or not?

Speaker 18 (30:44):
Look, I think the number is the number as keywis.
We like to go and shop in stores still, so
look the number I like the most though, as forty
percent of consumers love shopping at local stores.

Speaker 2 (30:55):
Yeah, is that up or down?

Speaker 18 (30:57):
Look, it's the very first time we've done this report,
so we don't have any other benchmark. But regardless, I
think it's the most stat for our economy that we're
putting that money back in.

Speaker 2 (31:06):
What would your guess have been if I'd said to
you how many shop local and local deliberately?

Speaker 10 (31:11):
You know what?

Speaker 18 (31:12):
I may have guessed more of a balance towards online.
We do still have quite a large number of people
shopping online though, so thirty four percent still want to
you know, still prefer shopping from Kiwi websites.

Speaker 12 (31:23):
Yeah.

Speaker 2 (31:23):
Well, how much differentiation is there in this work that
you've done When we say online versus Brixton mortar versus
local is local still if it's online online local versus
TMU local whatever.

Speaker 18 (31:36):
So look at the local statistics, the forty percent are
about local and in store online is purchasing from online?
The thirty four percent of New Zealand retailers actually who
When we look off shore, there is there is some
purchasing there as well, but it's less than from Kiwi websites.
So around thirty percent prefer to shop at kind of
the budget overseas platforms, TI Machine, et cetera, and about

(31:58):
fifteen percent from other international websites.

Speaker 2 (32:00):
I would have thought this is mature by now. So
in other words, your shopping habits are your shopping habits online,
isn't you if you like bricks and more? It is
the way it is now. Is that fair? Do you
think or not?

Speaker 11 (32:10):
Look?

Speaker 18 (32:10):
I think it's more nuanced than that. So consumers very
much want the convenience of online, but the human connection
or to be able to go and touch and feel
a product. So an example of how this plays out is,
you know you want to look online to check that
something is in stock before you go into the store.
And let me just share one example of this Electric
Bike team as one of our customers.

Speaker 12 (32:32):
They are a.

Speaker 18 (32:32):
Beautiful electric bike shop up and Eden Terrace. If you
go to their website, everything you see there, you know
they have in stock cooked, which is quite unusual for
bike stores. So that's an example of how it plays
out together, isn't it that well?

Speaker 2 (32:46):
Listen, I've been banging on about this forever. If you're
bricks and mortar one, have some decent people with some
decent servers, have some stock in stock, and have the
people know about your stock, and make the experience worthwhile.
If you do all of that, the chances are you
actually be successful.

Speaker 18 (33:01):
Look, that's absolutely. Look you've touched on one of the
key things we know. Maybe it successful retailers. So customer
service absolutely eighty two percent of kiwis. That's the number
one thing that they're looking for. The other things, though,
you know, in this current environment, protecting your margin and
also protecting your time. You know, these are small businesses
that don't have a lot of time often.

Speaker 2 (33:22):
All right, Nicole Nisense, So I appreciate your time. To
Cole boss On, who's the Lightspeed Commerce managing director. It
is ten minutes past seven pasking. We're tuning out. We're
going to buy our son an electric bike. I was
informed yesterday are just speaking of e bikes. He needs
a bike and we happen to be in Edinburgh shortly,
and so when we're in Edinburgh, we're apparently going to
buy on a bike. And I don't know how that's worked.

(33:42):
This is how my life operates. I'm just walking around
the corner into the kitchen and Katie announces we need
to buy Josh and ee bike and I thought, okay,
I thought we were going on holiday, but clearly that's
a different thing. Anyway, back to the supermarkets, we've got
the Fair Trading Amendment Bill that will lift fines from
six hundred thousand dollars to five million, or three times
the value of any commercial gain. So once again we're
cracking down on the so called deceptive pricing at supermarkets. Anyway,

(34:05):
Cameron Brewer isn't chargeable. This is the Commers and Consumer
Affairs Minister and is with us morning.

Speaker 10 (34:10):
Good morning, Mike.

Speaker 2 (34:11):
What's your observation of these supermarkets and what they're doing
around prices. Is it optics or is it reality?

Speaker 10 (34:17):
Well, what we know we are doing is fixing up
the Fair Trading Act and making sure that we're lifting
penalties which is long overdue for misleading pricing and conduct.
The penalty regime for unfair trading and breaches hasn't changed.
The penalties haven't changed since twenty fourteen. So we're taking

(34:39):
the hammer to it. We've introduced the Fair Trading Bill
and it's going to go through a select comittee process
and we're all about giving consumers a fair and go.

Speaker 2 (34:48):
Yeah, but in taking the hammer to it, taking the
hammer to what do you think's driving it? Are they
ripping us off?

Speaker 5 (34:56):
Oh?

Speaker 10 (34:56):
Well, look, there's all sorts of cases that are for
the courts or through the media, and I don't want
to comment on the individual ones. There's plenty of anecdotes,
but there's also plenty of examples where prices on the
shelf mismatch what you pay, what you pay at the till,
and also promises that have been made in advertising that

(35:18):
aren't delivered when that product is purchased.

Speaker 2 (35:21):
Is it possible that the supermarket industry is so complex
because they deal with literally thousands of products therefore tens
of thousands of prices that occasionally a mistake's going to
be made. It's not actually a scandal.

Speaker 10 (35:33):
And that's right when the Commerce Commission investigate these and
then for those that go to get taken through the
Auckland District Court or wherever it's all proportionate, it's fully investigated.
So if there's a genuine mistake and it hasn't been
repeated for many, many many years, then that has taken
to account and the breaches or penalties will reflect that.

(35:55):
We know there's always room for error, but we also
know there's always there's always room too where people where
some entity sometime look at the cost of the breach
and at the moment there's a maximum penalty of six
hundred thousand, and some could think that that is the
price of doing business. I'll pay off the breach and
I'll take the risk. So we're just lifting the breach

(36:19):
the penalties to a maximum of five million dollars and
that'll be a big to terror.

Speaker 2 (36:23):
You guys have dawboned this led by Nikola Willis, of course,
who's absolutely convinced the scandal of foot in the banking
industry and the telco industry and of course the supermarket industry.
Is there a set of rules and regulations where you
can tidy this up once and for all.

Speaker 10 (36:35):
Do you think, well, we are going through systematically across
our competition settings to give consumers, give kiwis a better deal,
whether it's in electricity and energy, whether it's in groceries
across supermarkets, whether it's in financial services and banking. We
are really looking at those competition settings and making it
as sharp as possible and protecting the consumer as much

(36:58):
as we can.

Speaker 16 (36:58):
All.

Speaker 2 (36:58):
I wish you well, Cameron Browd, our Minister of Commerce
and Consumer Affairs. I mean, am I the only one
who doesn't think there's a scam a foot? I mean,
you know, are there dodgy prices every now and again,
But I mean we spend so much time angsting about
the stuff in this country for years We've gone and
if we solved the problem, look at Australia. I outlined
the Australian situation to you the other day. Both of
the major well the three major players and that part
of the world. Two of them are in court at

(37:20):
the moment. So you know we want more competition. Well
they've got more competition. Does competitions solved the problem?

Speaker 12 (37:24):
Though?

Speaker 2 (37:25):
Why are they in court fourteen past seven asking? Please
ask Nicola Willis how she'll reduce the two hundred and
ninety billion government borrowings interest costs at almost ten billion
dollars a year in going higher, we cannot afford to
wait any longer, grant. I mean, we've had the conversation
many times. The answer to that is we'll be back
in Surpas allegedly in twenty eight twenty nine. So they're
getting there, and you can't argue that two point one
from two point four isn't a major play from the government.

(37:48):
I mean, if you ever want a message from the
government that we don't have any money, this is a
morning Mike's stats for causing deaths approximately zero point zero
zero zero one percent on cruisers versus zero point zero
one five on the road. Car accidents may be safer
to cruise than drive. Point is I mean, that's a
fun fact, but completely stupid because most of us need

(38:10):
to drive. We don't need to cruise. And it's not
about dying on a cruise. It's about getting locked in
your room for days on in while all the other
fat Americans who are vomiting all over the place and
you can't go anywhere. Isn't that what the problem with
cruising is. It's it's got past seven.

Speaker 1 (38:28):
The high asking Breakfast Fall Show podcast on iHeartRadio, powered
by News.

Speaker 2 (38:33):
Talks at be Mike, we're making so many rules in
New Zealand for supermarkets. There's no chance the third player
is going to come now. They were never going to come.
Believe me. We're just not big enough. And it's five
but you've got it at some point. Except funnily enough,
we're talking to Jetstar after eight o'clock this morning, step Tully,
the CEO, around fuel prices and cancelations and stuff. We've
got to accept at five and a half million people
or thereabouts, where we're worth about one and a half

(38:54):
airlines and we're worth about two big major supermarket chains.
And that's just the way it works.

Speaker 10 (38:59):
Mike.

Speaker 2 (38:59):
I'm current an illegal battle with workover and unfair dismissal
and employment issues around a well being assembly, et cetera.
I have bought it all with AI and I'm currently winning.
Good luck with that, Mike, Ivan and the jewelry trade.
For forty years, looking back on my life, the best
thing I ever did to secure my future was signed
up for a four year apprenticeship. What a wonderful trade,

(39:21):
what a good life. Well, Paul, I'm glad you pleased, Mike.
I was looking at an Aston Martin Vantage twenty twenty
two model yesterday, beautiful car. I thought, I thought of you, well,
thank you. It's very nice of you. It's my sixtieth
birthday in July. Maybe do it, Dave, do it. You'll
never look back. I've had several Aston Martin Vantages over
the years and they're a wonderful, wonderful car. If you
read some of the Australian media this morning headline how

(39:42):
Australia risks sleepwalking into exactly the same housing disaster that
struck New Zealand, that's your headline. So this is all
this negative gearing stuff across the Tasman. A radical there
story across the Tasman. A radical tax experiment sparked chaos
in twenty twenty one. Then Labor Prime Minister Decindra ad
Earned stripped property investors of their ability to deduct mortgage

(40:05):
interest in a move designed to call the housing market
and stop investors snapping up existing homes. Critics say it
triggered a brutal chain reaction. It did. We lived through it.
It's been settled now, but the Australians don't know what
they're in For so, if you look at the rental
market in New Zealand at the moment, once it's been
restored because of course tax deductibility is now back under

(40:25):
this current government, ask yourself what has happened to the
rental market in New Zealand. The answer, it's settled perfectly.
Are you getting ripped off as a tenant?

Speaker 14 (40:34):
No?

Speaker 2 (40:35):
Are rents increasing exponentially?

Speaker 1 (40:37):
No?

Speaker 2 (40:37):
Are people in the market broadly as investors? Yes. In fact,
it's settled so much you could argue that being an
investor at the moment doesn't pay dividends anymore, and you
might as well get out and buy some crypto. But
for the renter, it's work to treat and you can't
argue with the facts. And yet Australia they don't appear
to have learned that particular Lesson seven twenty.

Speaker 1 (41:00):
The Mike Asking Breakfast Full Show podcast on iHeartRadio, how
It By.

Speaker 13 (41:05):
News talksp.

Speaker 2 (41:08):
Speaking of hows and QWI dream, many would agree that
owning a home is a big part of the Kiwi dream,
of course, which is where SBS Bank have been helping
Kiwis achieve that dream for one hundred and fifty seven years.
So they're super good at it, so good in fact,
they win the awards. Purpose very simple helping kiwis find
a place to call home. So what makes them so
good at that, Well, it's the product. This is the
SBS First Home Combo. It's got all the impressive inclusions

(41:31):
in there. Heavily discounted interest rate, got a cash back offer,
got a contribution towards the SBS insurance home policies, got
the money back into the SBS Wealth keiw saver. So
that's a lot of savings for the first home buyers.
So if you're looking to buy your first home, or
you got first home buyers in your life, whether it's
your kids or your grandkids, SBS bank should be your
first port of call. Of course, first home lending, an
eligibility criteria applies, so for all you need to know

(41:54):
on that front and the terms and conditions and fees
and charges blah blah blah, go to the website SBS bank,
look them UPBS Bank, talk to your mortgage broker if
you want about SBS First Home combohasking those seven twenty
four bit of buzz around kiwibank. Of course, as it
potentially looks to have another crack at getting bigger and
by getting bigger then becomes better able to take on

(42:15):
the so called Big four. This is business, and of
course it is also politics because asset sales are back
on the agenda, especially for National and the ACT Party.
New Zealand first not so much so. It may well
be one of those things that gets tossed around as
an idea but in the reality of an MMP environment
actually goes nowhere. Making the kiwibank story slightly unique. Though,
is its role in the overall banking atmosphere of New

(42:37):
Zealand and whether a bigger bank would solve any of
the perceived competition problems that we have. People we know
are prepared to change banks, right. So last year when
there was a free for all on those cash backs
for borrowing, people were moving freely like the wind. So
the idea that there risen competition doesn't appear to be true.
But I am in a minority, given everyone from the
Commis Commission to the Finance Minister argues otherwise. I also

(42:59):
detect more that asset sales are not as a topic
as e g. As they once were. Now if you
go back to the eighties and labor under Douglas and Preble.
Asset sales were dynamite, and not all of them went well,
which didn't help the pro sales argument. But the cold
hardish regality here forty years on is there isn't a
lot left to sell. I mean, you've got some chunks
of power companies that's worth serious dough. We've got an airline,

(43:21):
a TV networker, radio networks and farms till got a
moderately piecemeal vibe to it, hasn't it. Kiwi Bank should
be able to raise the sort of money it needs,
and it should be allowed to grow. Is the counter
to a partial sale that we want. We like small
restricted banking, do we That hasn't been allowed to be
all it could be. So we just say, oh, we're
all anti asset sales. In Kiwibank's case, you are holding

(43:45):
back growth. But you say you look at SATV and
Z and TV and z's case, it would be about ideology,
i e. Should this state run a television station because
the place isn't worth anything to sell if you put
it on the market known to buy it. And in
say the case of Genesis, it's about serious coin that
we could badly use elsewhere if this idea goes anywhere.
This election year, you would hope we are less hung

(44:06):
up on ideology and more attuned to the nuances of
the debate than we have been in the past. Hosking
my Mike. I lived in Edinburgh for three years and cycled,
not electric without hassle save you money for a Grand
Final ticket. That's true. It's going to be our year,
no question about that. And the other one is when
do you stop buying your kid's stuff at twenty five
years old? Mind you, it is his birthday. To be
fair to him, it's his birthday, and of course you

(44:27):
inevitably go what do you want for your birthday? And
when we said what do you want for your birthday?
Said a bike? So I mean, who are we to
not grant that particular but an electric? Do you need
to go electric necessarily? Anyway? Nikola Willis has got two
point one billion, and when she had two point four billion.
This is what they call the operating allowance. If you're
not following this particular nuance, this is the stuff on

(44:48):
top of all the regular spendings. So they've got a
budget for all the stuff they buy anyway, roads and
hospitals and all that sort of thing. Then they add
a bit more for contingencies. It was two point four.
I mean, if you go back to labor, it was six'
eight nine twelve twenty seven, pick a number. So they
got at two point four and we all thought that's
a pretty tight number. At two point four, how they're

(45:08):
going to manage that. Well, now they've gone and trumped
at the two point one. So the question really becomes,
at what point does a government become ineffected? In other words,
if you haven't got any money, you haven't got any money,
so you're not doing anything. So what's the point of government?
Isn't that a question worth asking? Nikola Willis is But moments.

Speaker 1 (45:23):
Away, the newsmakers and the personalities, the big names talk
to Mike the Mic asking Breakfast with a Vida, retirement, communities,
Life your Way, news, togsad Ba, Jiff.

Speaker 2 (45:35):
Tarlie runs gets done and as part of the world
quantas have been in the country yesterday and I'll explain
all of that to you. But just this fuel, travel, aviation, tourism,
cutting services, all that sort of stuff. So we'll get
back into that after eight o'clock meantime. At twenty three
minutes away from it. You can't say the government isn't
trying to cut their cloth in these war ridden, economically
messy times. Can you mean the Prime Minister is part

(45:56):
of this pre budget rohow yesterday revealed the operating allowance
is now down to two point one billion. Most of
us thought it was tied at two point four Nicola
Willis's charge with keeping within the margins and she's with
us morning.

Speaker 19 (46:06):
Good morning mate.

Speaker 2 (46:07):
How'd you land on the three hundred two point four
to two point one? Could it have been two hundred
or eight hundred and nine hundred? I mean, how to
work well.

Speaker 19 (46:15):
I've always said that those operating allowances I signal in
advance are a ceiling, not a floor. And so as
we've been putting together the budget, we've always been aiming
to spend as little new money as possible. Everyone's aware
of a bunch of stuff came at us from sideways
in the form of the fuel crisis, which has created
extra pressures for the government in terms of our need

(46:36):
to provide additional support to low income working families, the
need to put buffers aside for the extra fuel costs
across government. But we have worked very hard as a
group of ministers to identify, Okay, in these tough times
when the books could get a battering if we're not careful,
let's make sure we're looking for savings. And in every

(46:58):
government agency, every government department, ministers have done a good job,
and those savings have allowed us to supplement what we
can invest so that we can meet the really important
pressures in the health system, making sure we're still rebuilding
our defense force, the priorities that really matter. And so
ultimately that's meant we've trimmed that operating allowance back to

(47:18):
two point one million billion, which makes billion, which makes
real sense in a time when I think getting the
books back in order is more important than ever. We're
in an uncertain world, no one owes us a living,
and we can't just keep racking up dead on the
credit card.

Speaker 12 (47:35):
No.

Speaker 2 (47:36):
It increasingly leaves you, though, with a reliance on efficiencies
and chair shuffling to solve problems, doesn't it, And that
becomes difficult.

Speaker 19 (47:45):
It means that we have to be very careful about
the choices we make, and gone are the days I
think when political campaigns will be about what new spending
program you can design to dish out more Lully in
a creative way where now in a time where the
task for sensible leaders is to say, what are the

(48:05):
investments required to drive the things that will support growth,
living standards and affordability into the future. And that's why,
of course we've made that decision. Actually, the fees free program,
it doesn't cut it in this new age. It's not
delivering results. That is investment that should be made elsewhere
in things that really matter. And there have been choices

(48:26):
like that throughout this budget process.

Speaker 2 (48:28):
I get the you're not going to tell me, but
give me LUX gave it away to a degree. You're
saving some of that money, So, in other words, you're
not taking all of the fees free money and sticking
it in trades. You're saving some, are you saving most
or a bit?

Speaker 19 (48:40):
Well, some of it is supporting our ability to invest
in the health system and the education system in other areas,
and a portion of it will be used to support
trades training, which we think is critically important for getting
more young people into good jobs.

Speaker 2 (48:56):
But not all of it, no, I say, But my
argument is not that I disagree with you, because I don't.
But what's the difference between a government giving money to
an employer to train a sparky versus the government giving
money to a university to train a doctor.

Speaker 19 (49:11):
Well, wait and see the actual announcement, because the bit
I just highlight is it's not all about work blaze
pace training, it's not all about apprenticeships. Actually, what happens
in schools is really important and I you and so
that is part of the policy announcement we're making due course.

Speaker 2 (49:29):
See the great contest of ideas interests me. So yesterday,
just yesterday, Hipkins was saying you're not doing enough. And
that's all he's saying at the moment. Because he doesn't
have any other policies apart from the capital gains tax
and the three doctors' visits. At some point he's going
to have to say something tangible and specific. Do you
think he will or do you think he too has
worked out that we can't afford to.

Speaker 19 (49:51):
Well, he's made a commitment. But after the budget we'll
be hearing all of Labour's policies. But man, oh man,
he's got a dilemma on his hands because he's already
made commitments to a munch of spending that I have
no idea how he'll fund without having to plunge us
into more debt, you know, restoring the gold plated pay
equity scheme. Well, there's billions of dollars there. He wants

(50:11):
to reverse all of the reprioritization we've made across the
public service and reinstate all of those people into the
back room bureaucracy. Well, that's going to cost a heck
of a lot of money. He's opposed every saving we've
ever delivered, So he's going to have his come to
Jesus moment because actually, you can't promise to spend money
on everything and then not rack up debt or more taxes.

(50:32):
So we know what their basic plans will be. More taxes,
more debt, more addiction to spending.

Speaker 2 (50:37):
Well, he will have looked to Albanezy who's doing exactly that,
and it seems to be popular, and a lot of
us have left to Australia to enjoy some of that
large years. So how do you counter that?

Speaker 19 (50:45):
Well, I think let's wait and see the juries out
on that one. I don't think it's ever popular to
say to an economy that is trying to recover, Hey,
what we're going to do is slam you with more
taxes and I think New Zealand needs to retain our
competitive advantage, which is that, unlike Australia, we haven't introduced
capital gains taxes and we want investment. We want people

(51:08):
aspiring to build new businesses to grow this economy. And
Australia wants to go down a different track. That's for them,
but I don't think that's a prescription that speaks to
the kind of vibrant economy we want New Zealand to be.

Speaker 2 (51:21):
Immigration numbers I think are out today. Have you seen them?

Speaker 19 (51:25):
I haven't seen them.

Speaker 2 (51:26):
Okay, because I think the brain drains over is my
summation from the last couple of reads and that particular
problem that's partially solved. Do you think that's probably true?

Speaker 19 (51:36):
Yeah, that has been the trend that the number of
New Zealanders leaving permanently for overseas has been reducing in
each of the previous updates. In fact, it's at lower
levels now than it was when Chris Hopkins was Prime Minister.
And I think there's a couple of things there that
bode well for the future. The first is we all
care about affordability and the cost of living well. Inflation

(51:56):
is the biggest marker of that, and of course inflation
and Australia is for six it's three point one here,
so you know the cost of living is growing faster
over there. The second thing is housing affordability. As much
as I know homeowners listening are worried about their house price,
the other side of that has been that we've got
more first home buyers entering our market here than we
have in many, many years because buying a house has

(52:19):
become more affordable with lower interest rates. Well, the Ausies
have already hyped their rates three times, so in relative terms,
there are some real glimmers of hope and reasons to
stay in New Zealand.

Speaker 2 (52:29):
The Kiwibank thing, is that a story? Do you reckon
in terms of asset sales?

Speaker 19 (52:33):
Well, I've been saying for years now. I want Kiwibank
to grow. I want it to be bigger so it
can take on the competitive banks. But to do that
it will over time need access.

Speaker 2 (52:45):
To more capital. It shouldn't that be your job, not
not the private investor.

Speaker 19 (52:50):
Well, I think actually, if there are private investors who
want to help Keiwibank grow, throw their capital at that.
While the government still has control over that entity. That's
a win win. In fact, we save a funds. Are
we having a stake in that asset? Is something I
think is positive for all concerns.

Speaker 2 (53:06):
Well, that's your argument. Why don't you say it for
Genesis then, or any.

Speaker 19 (53:11):
Case of Genesis. We already do have that arrangement forty
nine percent, but I mean more, and Genesis is on
the private market. Well, in Kiwibank's case, it's quite different.
One hundred percent of the capital coming from the government,
and I don't think that that's necessarily the best way
to grow it because governments are always constrained in what
they can invest, and there's a there's a conger line

(53:33):
of investors saying, hey, I want to help kim Weibank
grow that. So that's a good little thing.

Speaker 10 (53:37):
Was it?

Speaker 2 (53:37):
What was it? But just before we go, got to
wrap it up? But what was that thing? Yesterday? Lux
is rolling about social cohesion? What's what's going on there?
Is he running this immigration bogey man argument this year?
I mean social cohesion. When you talk about social cohesion
around immigration at twenty four to twenty five thousand net
gain per year, there's no social cohesion problem. Why is
he saying that?

Speaker 19 (53:56):
Because he's listening to New Zealanders and what New Zealand
is listening.

Speaker 2 (53:59):
To xenophobes and racist No.

Speaker 19 (54:02):
He's listening to people who are saying, look, I get immigration.
In fact, most of us have family members, friends who
were born overseas. That's very much the New Zealand experience.
Many of us have colleagues or employees whose great skills
were brought to the country from offshore. But we're listening
to New Zealanders who say, well, let's make sure that
immigration keeps working for us, that we're not just bringing

(54:25):
in people because businesses don't want to hire kiwis. We
should always make sure our employment policies focus on kiwis,
that actually getting young people into work, getting people off
benefits as a priority, and that means immigration policy does
need to be targeted. It does need to be careful.
Let's not go down the path that Europe and the
UK did, because look at all the problems that has created.

Speaker 2 (54:45):
About you make a little that's different, and you know
it's on boats and channels and people coming in illegally.
We don't have that problem.

Speaker 19 (54:52):
We don't have that problem, and long may stay the case.
And I think what you're hearing from the Prime Minister
is that he thinks that that is an important control
that New Zealand has and that we should hold on
to it.

Speaker 2 (55:03):
Nice to talk to you as always, Nichola willis my
neance Minister. Paul Spoonley's been quoted this morning, and I've
got a lot of time for Paul Spoony. He says,
Luxton's talking about a problem that doesn't exist, and he's
one hundred percent correct. Read Prebble yesterday. Preble takes Seymour
to task which I thought was quite interesting around immigration,
given Preble's association with Act of course, So get into
that today if you've got time.

Speaker 1 (55:22):
Fourteen two The Vike Hosking Breakfast a full show podcast
on iHeartRadio powered by News Talks at Me.

Speaker 2 (55:31):
I note the Chemist's Warehouse have signed a memorandum of understanding.
They're expanding into the United Kingdom, which is super exciting,
and they're doing it with a company called Greenlight Healthcare,
which was co founded by a couple of kiwis. So
it's all good. So Sigma Healthcare run chemist Warehouse and
the wole licensed Chemis's House. Blah blah blah, three hundred
stuff in Britain, so expansion. I'm into people who are

(55:51):
doing well and expanding. I'm also reading and hopeful that
some local growers in the Bay as in Hawks, are
going to be able to run the McCain factory. The
thinking there's meetings this talk. We've got one hundred groves
who are affected by the McCain closure or pretending pending
McCain closure. People grow peas and beans and corns and carrots.
They are thinking they might, fingers crossed, be able to

(56:14):
grab it and run it. So that'll be encouraging what
I'm also interested in this morning. Speaking of sport, we'll
talk to the talk to Andrew Pragnell in a moment
of museum on football. The All Whites being named today
for the World Cup. But I'm interested that there's been
no coverage I've seen of the fact that Australia are
going to announce today an entry into the America's Cup.
I would have thought that significant news because especially given
the history of it, obviously, but the America's Cup needs

(56:36):
and our connection to it given and we own it
and run it. Given our connection to one the Australians
be the Cup, and the fact that the Australians are
back into it and they need entries and spittles. The
man allegedly no slingsby. Is it spittle of slingsby? I
can't remember. It doesn't really matter slingsby anyway. The announcement's
going to be made today, so that's all good news,
isn't it. Anyway? Let's talk about the football in a moment.

Speaker 1 (56:57):
Nine to eight the my costing break fist with a
Vita retirement, communities news togs head be.

Speaker 2 (57:03):
But it is six away from the all Whites for
the World Cup. Get named today, twenty six man squad.
Each player's name gets two hundred fifty thousand dollars. That's
the power of football these days. New Zealand Football themselves
get we told you this the other day gets a
guarantee ten million US for all of this. Andrew Pregnell
is the New Zealand Football CEO, and he's well, this's
Andrew morning Way is the name? I mean, I know

(57:24):
the naming is a thing, I get that, But I
mean the twenty six pick themselves, don't we. We know
who's going basically within a margin.

Speaker 12 (57:30):
Yeah, there's a few controversial ones out there.

Speaker 2 (57:32):
I believe the most who's the most controversial today.

Speaker 6 (57:36):
But if on to go by the media, goalkeeper is
an interesting one, the center back position. But I think
you're right, there's seventeen or eighteen outstanding be to be honest,
all of them outstanding professionals. But there's a seventeen or
eighteen I think nineteen nine percent of New Zealand would
put down on paper.

Speaker 2 (57:52):
I reckon there's forty eight teams too many, good question,
there's pros and cons to it.

Speaker 6 (57:58):
Traditionalists would say no, but it's evolving. It's evolving a
lot more of the world. Obviously there's a greater distribution
of the wealth. But one side effect is we're going
to need much larger countries to host.

Speaker 12 (58:09):
So it suits us, that's for sure.

Speaker 2 (58:11):
See do you get used to the money? I mean
ten million uses. I mean in most sports in this
country would kidnap their mother for that money.

Speaker 6 (58:20):
It's massive, without a doubt. I'm obviously a good chunk
of that goes to the players, rightly. So the other
part for us is we're probably the most international sport
in terms of the number of teams, number of teams
you operate. So we've got nine international teams across the
age grade grades. They're traveling around the world constantly, so
it quickly gets spent as well.

Speaker 12 (58:37):
But absolutely it's a welcome contribution.

Speaker 2 (58:40):
The three country thing, will it work? Logistics, travel, all
that stuff.

Speaker 6 (58:45):
Well, this is the test, isn't it. And actually in
twenty thirty they have even greater aspirations in terms of
traveling continents.

Speaker 12 (58:51):
But I think it will.

Speaker 6 (58:54):
Look you've managed to get the administrations across the line.
Once we get past the round thirty two gets concentrated
a lot.

Speaker 12 (59:01):
More in the States, So yeah, look this will be
the great test.

Speaker 2 (59:04):
Good on you, Iran, Egypt, Belgium. What do you reckon?
Do you target those games or they are what they are?

Speaker 12 (59:10):
I think they are what they are.

Speaker 6 (59:11):
I think with the World Cup, obviously the punters have
got predictions and favorites, but you have to go out
to win every single game in this it's a World
Cup and they only came around every four years.

Speaker 2 (59:22):
It's true, Andrew, you enjoy the day. Andrew Pregnell, who's
the New Zealand football CEO. The team is being named
today Jetstar. We've done in New Zealand. Of course, the
other equation and there's the minor players and the government
sort of in that market at the moment, trying to
save some origineers and some chadameres and funding roots and
all that sort of stuff. But where are Jetstar at
in terms of the fuel, in terms of the cutbacks,

(59:45):
in terms of demand, where are we going to travel?
We'll talk with the head of Jetster, step Tully after
the news, which is next.

Speaker 1 (59:50):
Her a news talk team in a noisy world here
yourself think it's the Mic Hosking breakfast with Defender, embraced
the impossible news talks.

Speaker 7 (01:00:01):
That'd be Come fly with me, Let's fly, Let's fly away.
If you can use some exotic boozer.

Speaker 2 (01:00:13):
There's a far and far from be like you're a
little bit out of touch on the immigration point. You'd
be surprised how many genuinely pro immigration people I talk
to are just getting frustrated even at current numbers, that
it's impacting the character of our communities. What's the point
of a strong economy if the cost is a country
where the people already in it no longer feel at home.
It's possible to embrace migration whilst still maintaining the values

(01:00:35):
of what makes New Zealand great. Now the argument there
would be that the act Party have got the citizenship
test you reckon, that solves the particular problem. So I
have certain people come into the country and they answer
a certain series of questions, they suddenly are more New
Zealand than somebody who couldn't answer the questions. I'm not
convinced that's the case. The numbers at this present point
in time, they are nothing the way they used to be.
I mean, there used to be a net gain of
one hundred and twenty one hundred and thirty thousand people

(01:00:58):
in this country, and it be and the numbers come
out today and it will be I think about twenty
something twenty three, twenty four to twenty five net gain.
I think, broadly speaking, the brain train is over. There
are still people coming into the country. But the counter
to this is this, It's simple, and this is why
I recommend you read Richard Prebble's peace in the Herald yesterday.
What do you do if you have one hundred and

(01:01:21):
something thousand people unemployed on job seeker? The thing about
job seeker is you a job ready. So there's four
hundred thousand people on a main benefit in this country.
Of those, about one hundred and twenty ish thousand people
are on job Seeker. Job seeker is job ready, and
yet they don't have a job. Are there jobs to
be done? Yes, there are. So when you and talk

(01:01:42):
to an employer, do they still say things like it's
very difficult to find a really good person. Yes, they do. So,
as Richard Prebble quite rightly points out, you either grow
them locally, train them locally, educate them locally, which apparently
we have been doing to the tune of many billions
of dollars every year in the education system. And yet
they still come out. And these the young people, they're
not in training, they don't have any qualifications, and they

(01:02:03):
don't have a job. So then what do you do
with those people? And what do you do for the
people who want to fill the gaps? Well, what you
do to fill the gaps is, of course you bring
people into the country, so never the twain shall meet.
This is the difficulty, isn't it. So you need immigration,
and you need immigration, to my humble view, for the
simple reason there's only five million of us and one
of the great complaints we have is there aren't enough people.
There isn't enough numerical heft to create the sort of

(01:02:25):
competition in certain sectors like banking or supermarkets or telcos
or whatever else want to complain about to actual get
genuine competitions. So I don't know where this goes. I
don't think it's an issue. It certainly isn't the issue
it has been previously. At twenty four to twenty five
thousand net gain, is that really going to be an
election problem? I don't know. Let me give you an update.

(01:02:46):
We hopefully will talk to Stephanie Tullybury shortly. She's the
Jetstar CEO Quantus and Jetstar. They're own by the same people,
the Quantus group on Jetstar of course, so Quantus. Last
night we're in the country, sprooking New Zealand generally. Are
they committing to New Zealand the biggest investment we've ever
made in this particular market. Eight hundred thousand seats have
been added between Australia and New Zealand over the past
twelve months. Jetstar undergoing their lava largest ever expansion here.

(01:03:10):
They've got that a too twenty of course that they
run out of Wellington into Brisbane. U Flash Aircraft. They're
investing in a new Auckland lounge they've got the Auckland
to Perth service, They've got Auckland to New York. The
problem with Auckland and New York, of course, is it
eating Air New Zealand's lunch. As Nicol Rabishanka, the head
of Air New Zealand's told us previously on this program,
they got the wrong plane and when the new plane
arrives they might be more competitive, but meantime Quantus is

(01:03:32):
eating their particular lunch Auckland in New York. We're investing
in Auckland because we see its potential. The key thing
out of the speech last night that I thought was
interesting Tourism has driven this is the CEO of Quantus.
Tourism has driven real economic growth for New Zealand before,
and the conditions are there for it to do so again.
So I find that particular and encouraging. Because of your

(01:03:54):
irregular on this program, you will have heard me say many, many,
many times that the fact that we're still behind, and
we are to this day still behind where we were
with COVID in terms of arrivals into this country, and
that'll be part of the immigration numbers coming out today.
But there's no excuse for that. Something went dreadfully, dreadfully
wrong with this country. Capacity to a degree is an issue.

(01:04:14):
In other words, the number of seats coming back into
the country is not quite what it was. But nevertheless,
the demand has been growing and we are almost now
back to where we were. And so it seems, along
with the dollar, the cheap anemic dollar, that Americans, Europeans, Chinese,
Filipinos and Indians want to travel here and that's all good.
So therein to that, And if we can find Stephanie Tully,

(01:04:37):
the CEO of Jetstar, will have her on in a
couple of moments. Eleven past eight.

Speaker 1 (01:04:41):
The Mike Hosking Breakfast Full Show podcast on iHeartRadio powered
by News Talks AB.

Speaker 2 (01:04:48):
News Talks every fourteen past eight. So let's get into
a Jetstar CEO Stephanie Tully is with us. Very good
morning to you, Hey, Mik, how you doing very well.
It's just quoting from last night's discussion with the Quantu
CEO investment in New Zealand all that sort of stuff.
Last time we had you on the program, it was
Hamilton as an international player. Oh how the world has changed.

Speaker 20 (01:05:07):
Eh, yeah, well you work in aviation, Mike. It's never
dull that's for sure, and it's certainly with what's going
on in the Middle East, a particularly challenging time right now.

Speaker 2 (01:05:20):
Do you have any idea how this unfolds as an
airline for you given what's happening in the world.

Speaker 20 (01:05:26):
We just need to because it's obviously very dynamic. We
just need to focus on the things that we can
and the things that we can control. Obviously, we are
working with the governments and the fuel suppliers on both
sides of the Tasman and we get honestly increasingly confident
about the fuel supply situation. Obviously, the biggest challenge is
the fuel price, so we've got to just manage our

(01:05:49):
business and keep focused on how we can mitigate that.
But obviously, especially with a low tase carrier that Jetstares,
you're never going to fully mitigate the stress that fuel
price is under at the moment. So we do what
we can to do that, but obviously keep focused on
what we do, which is off of lowfairs. And part
of the reason Vanessa, myself, Cam and others are in

(01:06:10):
Wellington now is to just reaffirm our commitment to New
Zealand because we obviously, as you say, have been growing
a lot here, more than any other carrier, and we
want to reconfirm we're not going anywhere. We're here to
stay and we're committed. And New Zealand is such an
important market for US countious and jet Star domestically, and
the transitasm is such a busy and important international route

(01:06:34):
that we are here to stay.

Speaker 10 (01:06:35):
And we will.

Speaker 20 (01:06:37):
Reconfirm that to New Zealanders and do all we can
to keep offering great value to New Zealand, the New
Zealanders who still want to travel while this is going on.

Speaker 2 (01:06:46):
Just quickly on supply, we had the CEO B in
New Zealand on he said, supply is now not an issue.
We will not run out of fuel. Price is a problem, yes,
but supply isn't. Would that be your assessment.

Speaker 20 (01:06:59):
Yeah, I think it's increasingly the case. I think you
can you can nevi sate it's never going to be
an issue because we've still got a major oil straight
you know, one day open, the next day closed. But
the reality of suppliers are getting sourced from other places,
which is fantastic, and we've got you know, I would

(01:07:19):
say increasing confidence and that in a rolling view that
supplies an issue and what you've also seen Marcus Airlines
as they you know, try to manage the escalated fuel
price also look at their capacity, so you've seen some
reductions in capacity to get through this. So that means
there's no supply to go around as well. So I

(01:07:41):
think that's a good assessment increasing confidence in supply. I
think price becomes the major challenge and how long that
price is escalated at these levels.

Speaker 2 (01:07:50):
For my broad observation of the cutbacks that have gone
on in Hissil has been involved as well, and they
really small airline operators in this country needs some sort
of government help with this particular point in time. But
my observation of you guys as a group is first
cab off the rank to be cut was in New Zealand.
Is that an unfair observation A.

Speaker 20 (01:08:09):
Little bit, sorry Mike, But we cut across all parts
of our business Connie and jetst Our, domestic international, New
Zealand domestic and trans husband as well, so we did
that pretty much all at the same time. Obviously, what
we've done in New Zealand is really we haven't cut
any routes. We've tried to just consolidate flights on the

(01:08:31):
same route where we've got good customer reaccommodation options and
really focused particularly on how great the support has been
from some of those new Zealand airports. You mentioned Hamilton,
Duneed and you know, lots of the new places that
has been flying. We're really conscious of our commitment to
those places and staying here, so really focused on keeping

(01:08:53):
up our network, just looking to consolidate where it makes
sense because obviously our costs are higher and when we're
committed to low fares, it's what Jet Stars does. We've
got sales in the market today for sixty three dollars
Aukland christ Church, so we're not going to walk away
from our proposition to customers as well, and we're really
grateful that New Zealanders are giving us a go.

Speaker 2 (01:09:12):
How do you explain that? I was talking to somebody
the other day who couldn't understand the concept of that.
In a crisis fuel wise, where prices are going up
and roots are being cut, how is it you offer bargains?

Speaker 20 (01:09:25):
I think it's you know, you sell seats on an
aircraft for different prices, and it's really important for jet Star.
We have Generally low cost carriers have thinner margins so
it's important to get the traffic to our website and
to get people interested in jet Star. It's still important
that we offer low prices. You still can then manage

(01:09:46):
to our focuses in making sure the overall price we
sell for seats on a plane managers to cover our
cost still, and that means you're going to have some
of those fantastic deals, but you have some higher prices
as well, but we can't in our or Mike, our
model is all about lowfares and value, and we see
New Zealanders really loving that second option here to fly

(01:10:08):
on much cheaper price, generally forty to fifty percent less
than our competitors. So it's important that we keep that
differential and that we keep offering that access to customers
to affordable travel.

Speaker 2 (01:10:19):
What's your view on this region? So, I mean, it
doesn't apply as much to you as it does to quantits,
But there are certain parts of the world up through Asia,
up through the Americas into Europ et cetera. Given the
Middle East is broken, do you see a demand boost
from people who see certain parts of the world as know,
more preferential to travel through at the moment than others.

Speaker 20 (01:10:38):
Yeah, I think I mean, at first of all, at
an overall perspective, because we track closely customers' intention to
travel and how they're prioritizing their spend, and we haven't
seen a hit demand. We still see, particularly Australians and
New Zealanders who we know love to travel. We haven't
seen any sort of erosion of that desire to travel,
which is fantastic. And then you do see customers searching

(01:11:01):
for other places. But we've also seen because you've got
the Middle East carriers so impacted, we've seen particularly Quantis,
you know, cornices European services have had a positive impact
because they are a desirable way to get to those places,
and you're still seeing Australians and New Zealanders want to

(01:11:23):
travel up to Europe in the upcoming holidays, etc. You
can still see that that demand is there and it
actually puts even more weight on Quantis's Project Sunrise and
the ability very soon to be able to go NonStop
from Sydney to London and for New Zealanders that means
one stop from Auckland, christ Church etc.

Speaker 12 (01:11:42):
To London.

Speaker 20 (01:11:42):
So we're really confident in the sort of strategic decisions
we made that support an environment like.

Speaker 2 (01:11:48):
This, appreciate the insight and the catch up. Stephanie Tully,
who is the Jetstar CEO Heathrow I note, by the way,
have announced overnight their passenger numbers are down five point
three for the month's Middle East Is the issue gone
from seven point one million to six point seven Incredible numbers?
Aren't they just think that's one month's worth of business
for an airport. One airport one month, seven point one

(01:12:08):
down to six point seven million people. Demand though, and
this backs up with Stephanie was just saying demand for
travel remains strong despite the current price of fuel.

Speaker 1 (01:12:17):
A twenty two the Mic Hosking Breakfast with Defender News,
Tom said, v very.

Speaker 2 (01:12:24):
Good news this morning from a bad health a you
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(01:13:27):
we're on the broad subject of travel and tourism, Singapore
announced overnight that lowest spending, higher visitor numbers, so more
people when they get there, they're just not spending as much.
They think it's going to be thirty two billion ish
this year. I mean, they're amazing numbers once again. And
we've been talking a bit about Singapore this last week.
Small island nation, five million people. Yesterday it was about

(01:13:47):
the number of government departments and ministries versus the number
of cabinet ministers we have in this particular part of
the world. But they've got seventeen somewhere between seventeen and
eighteen million people arriving every year. So tiny island people
kind of like us. We do three of weilucky, they
are doing seventeen or eighteen. Now, I know they're a hub.
I know they're strategically placed and that's their advantage and

(01:14:10):
we can't do anything about us. But the gap between
three and seventeen is quite large, don't you Reckon Right,
let me update you on what's allegedly going to happen,
and Rod's going to give us the info shortly. So
Streeting met today with Starmer seventeen minutes. It lasted, so
you know that that's not a very good meeting. So Streeting,
it is alleged, is going to have a crack tomorrow.
He's on the verge of resigning, at which point he

(01:14:31):
goes I'm on at which point the eighty two, which
we already know we have, then go, let's have a boat.
The big question at that point is one streaking the
answer to does he win? If he goes and doesn't win,
what does that then means that over no, it isn't.
Where does that leave Boonham for example, who isn't even
an MP? And how much damage does this due to
the reputation of Kirstama. All these questions and more shortly

(01:14:54):
with Rod.

Speaker 1 (01:14:55):
Credible compelling the breakfast show, you've contress it's the mic
asking Breakfast with Bailey's real estate key we owned and
operated us Togsdad.

Speaker 2 (01:15:05):
B By the way, I got to merse for a
moment before we came to heir this morning. In formulae,
which I'm not the world's biggest fan of anyway, came
out of the idea that this new Jaguar, Remember were
Jaguar pulled out of ice engines and they were going
to re emerge as an electric car company. And the
car they showed at the time was a pink It

(01:15:26):
looked it looked sort of a I don't know what
you would call it, a two door GT car And
they ran some fairly controversial advertising or marketing around the
concept of it, and everyone went off about it. Anyway,
that car is coming to fruition. There are a number
of cars out there in the world at the moment.
I've seen a number of videos of them, the prototypes.

(01:15:47):
They're heavily disguised still, but they are real. They are
out there. They are being tested in deserts and ice
fields all over the world. They've officially named it overnight
the Type zero one. There'll be more to that name
apparently eventually. But it's a super luxury ev to my
eye as much as I've been able to see it
through the camouflage, it looks phenomenal. To the people who

(01:16:09):
have driven it, they argue it's phenomenal. So it is
now called the Type zero one. Some of those prototypes
are going to be wandering around Monaco this coming weekend
for Formula E. So Formula EAS in Monico this weekend,
and some of those cars are going to be wandering around,
so you'll be able to see them if you follow
the Formula E. The type naming, by the way, began
with Lemon years ago nineteen fifty one with the Sea

(01:16:30):
Type Jaguar. If you remember that was a very successful
race winning sea type Jaguar. So the prototype will be
in Monaco this week. It also ties in with Jaguar,
of course, which is a team that is doing very nicely.
Thank you in the formulae at the moment, and one
of the drivers happens to be You're right, Mitchevan, So
it all ties nicely together in Monaco this weekend twenty
two to nine.

Speaker 16 (01:16:49):
International correspondence with Ends and Eye Insurance, Peace of mind
for New Zealand business.

Speaker 5 (01:16:54):
In rod Little morning, mate, Hey, goodbrning see it.

Speaker 2 (01:16:58):
I've got so many questions for you. One is we're
streeting the main tomorrow. Will there be a vote? If
there is a vote, will he win? If he doesn't win,
then what start with us?

Speaker 5 (01:17:11):
Could be a vote tomorrow, don't know at the moment.
I would have expected him to have announced it before now.
And everyone's over here is saying there's going to be
a vote tomorrow and he's going to launch his challenge,
but nothing has happened yet and it's getting late or
this is getting late today. There's always tomorrow, of course,
and then the day after Sokir Starmer's premiership has lurched

(01:17:36):
like that, from day to day. Right, will there be
a vote, I don't know. If there is a vote,
will he win it?

Speaker 10 (01:17:43):
No?

Speaker 5 (01:17:43):
I don't think he will. There are too many people
who don't like west Streeting. As soon as it was
announced that he was likely to do anything, the left
immediately gathered together and said, stop it, stop it. I
think most people in the Labor Party are waiting for

(01:18:05):
Andy Burnham to have his chance at the leadership, and
that of course car Cappainbillus Andy Burnham at the moment
isn't an MP. So I think, no, West Streeting doesn't
have enough people to win a leadership election, and that
this is going to be kicked down the track another
I don't know, three.

Speaker 2 (01:18:24):
Months, Okay, Right, So the next series of questions before
I get to the Burnham series of questions the one
hundred ish who wrote the letter saying let's leave Starmer
where he is versus the eighty something people who said
let's go. We're at the other two hundred and something
in the caucus, and do we have any clue as
to where they sit all stand?

Speaker 5 (01:18:42):
We don't really have any clue as to where they
sit or stand, other than just common sense, which would
suggest that they don't want to do anything to upset
the boat at the moment. Otherwise they would have signed
one or two of the letters. They don't want to
be seen as either defending Starmer or indeed attacking him.
But if the most he can get is eighty four,

(01:19:04):
and that was a real scrabble around exactly to get
those people. You know, it doesn't look good. It really
doesn't look good. And I returned to the original point,
you know, which is he just doesn't have the support
of the labor left, which is probably to his credit frankly,
but there.

Speaker 2 (01:19:23):
We are now Burnham last time, and for people who
haven't followed this story, he was blocked from standing and
this was the by election, the Gorton by election. If
he were to convince an MP, and what would need
to happen as an MP would need to resign, at
which point Andy would go, I'm your man. Is that
the blockage from that committee? Was that an engineered blockage

(01:19:46):
or was it a straight up and down thing and
he just didn't happen to get picked.

Speaker 5 (01:19:51):
No, it was an engineer's blockage. There were reasons for
blocking him. You know, it would cost a lot of
money to have a by election he was doing well
as a mayor of Manchester. He would need another election
in Manchester, etcetera, etcetera. But nonetheless the message came from
Number ten, don't let him stand. And I think Starmer

(01:20:11):
has been told in no uncertain terms, but that will
not be tolerated again. He's been told that by, amongst others,
Ala Railer, of course.

Speaker 2 (01:20:19):
Which are so that's the next one is if Boonham goes,
if we find an MP who quits and Boonham's your man,
is Reigner happy with that? Organ Is Reihner a potential
possibility as well?

Speaker 5 (01:20:31):
She is a possibility as well. So too, more to
the point is Ed Miliband, who will appeal to the
left of the party and to absolutely know human being
in the country who isn't on the left of the
Labor Party. But he does have a fair degree of
weight within the Labor Party. This is a man who
spectacularly lost a general election of course for Labor in

(01:20:55):
twenty fifteen. And it may be, you know, my guess
looking at and I've been speaking to a few Tories
and indeed top tories today and indeed some people from Reform.
The best case scenario is a sekear star of stays
there because it's so useless and disliked. The second best

(01:21:17):
scenario is at diliband because he has no support.

Speaker 2 (01:21:21):
Okay, you partially answered my next question, which is all
politics aside and who votes for who and what numbers
there are if you could pick somebody that wasn't Starmer, Burnham,
Rainer or Streeting, do any of them turn the tide
for the Labor Party?

Speaker 5 (01:21:38):
Yes, Burnham does, right. I think Burnham probably does. Whether
it's enough is a moot point, but he certainly would
turn the tide a little because of his competence. He
has a degree of charisma, and he is also unprincipled
to a degree that he could be, you know, of

(01:22:00):
the right of the Labor Party today and on the
left of it tomorrow. He is a practiced politician, So yes,
I think he is everybody else's biggest danger. And that's why,
of course Streety is trying to get in tomorrow before
Burnham has a chance to do anything.

Speaker 2 (01:22:20):
Is there a would it surprise you that there's an
MP who will simply go I quit because I like
Andy and I want Andy to be the new prime minister.
There for I'm prepared to give up my job. Is
that a likely scenario or not.

Speaker 5 (01:22:34):
It's one of the things which Burnham has been clinging to,
and he's had a bit of hope with the ludicrous
Clive Lewis, who has suggested that he would do this.
But you know, the other problem, of course, depends upon
where Burnham stands. There is no guaranteed with the state
that Labor Party is in at the moment, if you

(01:22:55):
stood anywhere north of Coventry, I think you'd be in
real trouble.

Speaker 12 (01:23:00):
Jude.

Speaker 2 (01:23:00):
Two quick questions on other matters before you go. You're
done extremely well for us, as always, is Farage in
trouble Over the five million quid.

Speaker 5 (01:23:10):
I suspect not in the end, I suspect. I mean
there are a couple of questions which are hard to answer.
What is okay? This was before you were the party leader, Nigel?
Why then did he give you five million quid? Yeah?
You know that seems to me an almost unanswerable question.

(01:23:30):
So I think that's a problem. But I don't think
it's I don't think it's a deal breaker. I don't
think it's a crucial problem. I think it may reflect upon.

Speaker 2 (01:23:41):
Him badly okay. And Polenski, the hit of the Greens,
who last time we talked about Polenski, Hit of the Greens,
was trying to dig himself out of an anti Semitic hole.
This time he's been living on a house but not
paying text. Is he a thick Oh.

Speaker 5 (01:23:54):
Yes, he's thick as a plate of mints. He absolutely is.
And it's all of those. He's a charlatan, but a
thick charlatan. And you know, his favorability ratings have been
plummeting for the last three weeks. They're going to go
down even lower. The man is and I think people

(01:24:14):
are beginning to wake up to the Greens a little
bit as well. Have this ludicrous alliance between people who
like LGBTQI and transfolk and hardline Muslim separatists. You know
that's not gonna last. It's just not gonna last.

Speaker 2 (01:24:30):
You have a great weekend. We'll catch up next week.
He's good as any. Ron Little It is fourteen two.

Speaker 1 (01:24:36):
The Mic Asking Breakfast Full Show podcast on iHeartRadio. Howard
By News talks at be Does.

Speaker 2 (01:24:42):
This surprise you? News Guard it's a company that writes
the reliability of online news outlets. We find that this
is the shooting of Trump or the attempted assassination of
Trump at the correspondence dinner the other weekend has thirty
days gone past. It's not thirty days, it's what three weeks.
You see he get a bay and running in thirty days.
I think thirty days are going to come and go
before that. Then I don't know that we'll ever see

(01:25:04):
that dinner again anyway. Point being the survey, twenty four
percent of people think the shooting was fake. It was
made up, It was never a thing. The person wasn't
a person, he didn't have a gun, he was never going
to go after anybody. Whole thing was fake, staged. And
then you had forty five percent believed it, which is
not that many people. I wouldn't have thought. Thirty two
percent don't know. So if you take they don't know,
it's thirty two and the twenty four of people who

(01:25:25):
think it's fake, that's the majority of Americans either don't
know or think the whole thing's fake, which I found
to be interesting. There's no convincing people like that. Woman
called Joan Donovan says the entire apparatus of the government
has been turned into a reality television show. There's no evidence,
of course, no evidence to support the conspiracy theories, but
people just believe what they want to believe. Butler, so
that's the original one, that's the bullet in the ear.

(01:25:47):
Twenty four percent think that's a stitch up. Forty two
percent of Democrats thinks it's a stitch up. And if
you go to the other one, the golf club assassination,
that's got lower numbers obviously because there sort of was
a Nutter setting in the bullship was kind of wasn't
really a thing they rounded up for. It could be
even get out of the bush anyway. Twenty six percent
things it's a stitcher. So a lot of people in

(01:26:08):
America three times the president has allegedly been gone at,
and there's a decent chunk of Americans who, no matter
what the evidence is, my counter argument on most normal
people's counter argument is you cannot stage something that large,
the thousands and thousands of people, especially the correspondence dinner
that would need to be in on the stage, that
don't leak, don't spill, don't get bought off, nothing. In

(01:26:31):
other words, it's too big to make up. That seems
to me to be the obvious reason that it's real,
apart from the fact people don't make the stuff up anyway.
And yet there's a large slice of America who simply
will not be talked. Nine away from nine.

Speaker 1 (01:26:46):
The Mike asking breakfast with Bailey's real estate news talks'd be.

Speaker 2 (01:26:51):
Now, we've got the big Rugby Leaf Festival, biggest in
the world. The Magic Round words tomorrow, of course, kicks
off tomorrow, three massive nights of exhilarating foot eat every day,
every big play coming in live from Brisbane. So the
Tob They've got the special offer to keep you right
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that's available on every game Max Bonus various teasncy's apply.
Of course, a highlight of the Magic Round is going
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(01:27:33):
all from the homepage, download that tab app check it
out r eighteen bet responsibly hosking. They Eileen Wang, who
you won't know. She's the mayor of Arcadia, which is
a California town. They arrested her Department of Justice yesterday
charged her with acting as an illegal agent of China.
A mirror of Arcadia, charged with acting as an illegal

(01:27:56):
agent of China. She pleads guilt. The lawyers on her
behalf apologize. So for all of the you know, the
Chinese are coming to get us seem to be in
that case, the Chinese were coming to get them. Five
minutes away from nine.

Speaker 1 (01:28:14):
Trending Now with chemist Squarehouse half praised, Vider would sal on, Now,
now you won't.

Speaker 2 (01:28:22):
Truly recognize this theme. I don't even know that I do,
despite the fact it's one of my favorite programs. But
this is the very very very very good news Hey You,
which is a screaming service, which I've just been told
is already here, which I didn't know, which makes it
even worse. They're connected with NBC Universal. Now they're already
a here Hey You. They were doing reality television. They're

(01:28:44):
now branching out into general entertainment. And the reason I'm
telling you that is that part of their offering is
they have seasons four and five of Hacks. Now, Hacks
is a scandal. Hacks was owned by Television New Zealand
and they dumped it. And that might give you an
insight into why I Television New Zealand's and the statement
it's currently and they would argue no, and watched it.

(01:29:06):
But I would argue that's because they don't promote their
online platform. But be that as it may, because Hacks
is a piece of televisual genius. I've watched four seasons.
I can't find the fifth. It's nowhere to be found.
But apart from it's on Hayu. So anyway, and expanding
out to this general entertainment. So ten ninety nine a
month is what you pay for Hayu if you're already

(01:29:27):
if you loved your reality television and you're already paying
for it, it's now nine ninety month for the nine
ninety nine a month for the general. But anyway, the
point is we've solved the problem, which answers my overall question.
It seems impossible to believe that, given all the options
of streaming in the world, that there is a major
program and it's an award winner, it's a rating success.
It seems impossible to if you can't find it, and

(01:29:49):
I couldn't find it up until now. So hey you
is the answer, and on that very good news note,
I wish you the happiest of days.

Speaker 1 (01:30:03):
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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