Nicola Willis: Finance Minister pleased with Mood of the Boardroom survey results

The Finance Minister is pleased the nation's business heavyweights share her values and priorities.

The Herald's annual Mood of the Boardroom survey has found CEOs and board members are more optimistic than pessimistic about the economy.

But they still have concerns about things like energy, living costs, interest rates, cyber security threats and insurance costs.

Nicola Willis says it's good to see New Zealand's business community agrees with the Government's optimism about the economy.

"They're focused on the same things we are, which is - let's get growth happening. Investments, new jobs, more innovation, more exporting. We're on the same page."

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Episode Transcript

Speaker 1 (00:00):
Right now, it is seven minutes past six and some
of the country's major business leaders have had the essay.
In the New Zealand Herald's Mood of the Boardroom survey,
the main domestic concerns are the price and supply of energy.
Don't worry, no one's suggesting nuclear here just yet, the
cost of living, high interest rates, emerging cyber threats and
rising insurance costs. Most are confident in Finance Minister Nichola

(00:22):
Willis's handling of the economy and in Education Minister Erica Stanford,
who came out top of the pops, the top performer
out of cabinet so far. Finance Minister Nichola Willis is
with us this evening. Killed he would you say, overall
pretty decent results.

Speaker 2 (00:39):
Yeah. Look, I think it's good to see that business
shares the government's optimism that we're turning a corner on
the economy, that we are seeing green shoots, and they're
focused on the same things we are, which is, let's
get growth happening, investments, new jobs, more innovation, more exporting.
So we're on the same page.

Speaker 1 (00:57):
How long do you think it takes for that optimism
to trickle through to other parts of the economy that
are maybe still a bit gloomy.

Speaker 2 (01:04):
Well, I think as we see interest rates falling, we
will see that spread through the regions and through a
number of different sectors. You are seeing the optimism scores
and the business confidence surveys increasing pretty dramatically already, but
unrealistic if you're a small business in some parts of
the country, if you're in one of the regions that's
been badly affected by a mill closure, you're not feeling

(01:28):
it yet, so it will take some time for the
chair to spread.

Speaker 1 (01:32):
What was the message that you got today when it
comes to energy prices.

Speaker 2 (01:36):
Well, it's clear that this is a major concern for business,
and I agree with them. Having affordable, low carbon sources
of electricity electricity is going to be critical to New
Zealand's future. We're doing our bit with the fast track
consenting regimes that we think will allow a lot more
renewable generation projects to come on faster that solar, that's wind,

(01:57):
potentially geothermal. We're going to need that because the world
is now competing for affordable electricity and New Zealand wants
to be in that race.

Speaker 1 (02:06):
Have any of those business leaders expressed to you that
they want to see the gen Taylor's supply and retail
arms split up.

Speaker 2 (02:15):
I haven't had that expressed to me directly by any
of the leaders in that room. I think what people
are conscious of is the need for competition and the
need for structures that incentivize investment in generation. We had
seen since we were elected a lot more projects being
committed to by the generators, which is positive to see,

(02:36):
and we are, as we said previously, monitoring that market
because it's really important that it functions effectively for the
New Zealanders.

Speaker 1 (02:43):
So you came third in the minister performances, it's really good.

Speaker 2 (02:49):
Yeah, that is. I'm one of those people who always
aims to be the best I can be, so I'll
always want to do better. But genuinely delighted to see
my colleague Eric Danford top the pots because her work
and education is so foundational for the country's future economically
and socially. And to see business leaders reflecting what a

(03:11):
great job she's doing look good to see.

Speaker 1 (03:14):
Do cabinet ministers take this stuff at all seriously?

Speaker 2 (03:17):
Well, we're constantly being judged just by the boardroom, but
by our communities, by the people we serve. By our neighbors,
our colleagues, our party members, and so this is part
of the course. This is one audience that's certainly not
the only audience, and ultimately New Zealand voters give us
the score out of five when they vote in twenty
twenty six.

Speaker 1 (03:37):
Talk to us a bit more than about the conversation
that you're looking to start with Barbara Edmonds when it
comes to superannuation.

Speaker 2 (03:44):
Well, look, Barbara set out the big challenges she sees
the New Zealand and twenty fifty so many decades from now,
and when we have that conversation, it's really clear that
demographically we are going to be an older population with
fewer working people. That raises real questions about the ongoing

(04:05):
sustainability of our superannuation scheme. And at the last election,
the National Party wanted to have a conversation about that.
How do we keep the scheme sustainable with people living longer,
healthier lives. Should we be raising that age and that's
what we campaigned on. So our challenged Barbara. I said, well,
if you're up to tough conversations, let's talk about super

(04:26):
and I was really pleased. She said, yeah, I'll take
you up on that challenge, has that conversation.

Speaker 1 (04:32):
What kind of changes would that theoretically mean. I know
that you guys have had differing positions in terms of campaigning,
but it's not always the sort of left versus right issue,
not necessarily anyway.

Speaker 2 (04:43):
No, I don't see it that way. Certainly the current
government maybe be clear. Jack has the position that we
won't be raising the age of superannuation. That's a core
coalition commitment with New Zealand first, which I respect. But
as Finance spokesperson for the National Party and with four
kids of my own, when I look ahead to New
Zealand's future, I want our super scheme to be sustainable,

(05:05):
for people to be clear about what the entitlements will
be down the track, and I can see that the
bill is going to become really really disproportionate to the
other areas we want to invest in, whether that's education,
health for others, and to me, raising the age is
a simple step we could take to make it more affordable.
But as I said, I'm genuinely up for the conversation
with Barbara and what other other ideas she may want

(05:26):
to contribute to the table.

Speaker 1 (05:27):
Having the perspective that you have in this role and
having your eyes over the detail, over the numbers. Do
you think it is feasible that people who are your
kids age now will be able to retire with something
akin to superannuation as we have today when they're sixty five.

Speaker 2 (05:44):
I think it'll be something akin to it, But I
think there have to be changes between now and when
my kids are sixty five.

Speaker 1 (05:51):
Thanks for your tom. That's Finance Minister Nikola Willis, just
so you know. In the last few minutes, the Associate
Health Minister Casey Costello has released her tendant advice on
heated tobacco products. I'm going to end you what that advice.
I'll explain to you what that advice entails. Advice entails
in a few minutes. Next up, though Enzied Herald This

(06:12):
editor at large Liam Dan here with his takes from
this morning's mood of the boardroom. It's quarter past six.
For more from Heather Duplessy Allen Drive, listen live to
news Talks. It'd be from four pm weekdays, or follow
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