March 18, 2026 • 8 mins
We get the NZ First leader’s take on the state of our economy. Does the most grumpy and curmudgeonly politician in the land want to be our oldest PM? And why is he slamming retiring Fonterra chief executive Miles Hurrell?
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Speaker 1 (00:00):
Kicking off the country today form a Deputy Prime Minister,
Foreign Affairs Minister, New Zealand First Leader Winston Peters Winston
big story out this morning. GDP up zero point two
percent for the December quarter. We're crawling along at a
snail space, albeit we've risen in four of the last
four quarters. But how bad a shape is the New
(00:22):
Zealand economy And at the moment.
Speaker 2 (00:24):
Well, it's in serious shape in the sense that we
inherited every disaster of massive overborrowing, not on production, not
on wealth creation, not of employment, and not on exports,
but purely on consumption. And we're paying a massive price
for that. And we just said the covident I announcement
the other day that they bore sixty billions of dollars
a due to deal with COVID and spent thirty billion
(00:46):
on something else. So that's the massive price we have
paying on it. Turned it around, there is growth, not
as massive, with needy want and difficult at the moment.
Now we face circumstances in the Middle East, of which
is that they cloud over what we're trying to do.
But it's at least not in recession like some nearby
economies are.
Speaker 1 (01:08):
Thank goodness for the primary sector. It rose in the
December quarter by zero point nine percent. Now, could I
accuse you of being a curmudgeonally grumpy old man for
putting it the boot into one of the primary sector's
rural heroes, Miles Hurrell, I thought you've been very uncharitable there.
Speaker 2 (01:25):
Winston, Well, it just shows you the sad thing about
New Zealand over the last fifty years, where we went
from being number two or three in the world on
this long slide to being a non competing economy anymore.
And one of the reasons was that back then there
understood nationalism, they understood the national interest, and then we
had all this neo liberal experimentation of Roger Douglas and
(01:46):
muth Wrichison and the rest has been a natural disaster.
And your questioning knew as that. Here's the real point.
Before Miles got the job. You remember what happened. You're
paying a guy, Theosparing forty three million dollars for seven
years of a contract and paid him out four milimeters
all over a company that was actually bank bankrupt. Do
you remember that?
Speaker 1 (02:06):
I absolutely remember it. But Miles Hurrell, now hang on, Miles,
Hurrell turned Fonterra around record profits.
Speaker 2 (02:13):
No, no, it didn't turn it around. That's there. Here's
the disaster here. I've seen that in the Zion Herald
with the greatest of respect. Yes, we turned around to
start making a profit. But this is our biggest business.
This is the business that's gone for the protection of
Parliament's fors majority monopoly position decade after deck and after decade.
(02:34):
And even think that is a serious profit from our
number one business in terms of size, then you are
grossly wrong. That's my point. And second point I want
to say to you, do you think that he's worth
He's worth twenty four times my salary?
Speaker 1 (02:48):
No, I'm tooth afraid. I'm too afraid to give you
the answer. Did you do did you?
Speaker 2 (02:52):
No? Excuse me, I ask your listeners this because I
assessed for sexful business. I've made more money per moment
I did in a parliament is selling for a year,
so I know something about it. So come back to
me again, Do you think he's worth twenty four times
my salary? And no he's not. And it's just the
biggest pad we've had.
Speaker 1 (03:07):
No, Well, hey, Winstone, I'll let me put this around
the other way. Maybe maybe you're just underpaid.
Speaker 2 (03:12):
No, no, no, don't be cute. Here's the point. Who
owns our brains now, brands we've been building for years
like Anchor famous all over the world. Well, foreigners do,
and we piced make us any longer, no priced takers,
and so where we got ourselves to we're down to
basic things milk, milk powder that there's no edit value.
That's it. We're going to get back to our core business.
(03:35):
That's what Miles Herrings Oarring said, And frankly I couldn't
disagree with them more because if I was talking to
Lee Kuan, you, what do I say at the Irish
from the French who are buying off us now, they
would think we were sitting duck and you stand back
and watch. First of all, we've only got five and
a bit more year's supply. Then they can do what
(03:55):
they like with our brands and what they want. And
then you've got the second thing. How many people are
sacked within Fonterra raby do you know that? And why
doesn't your audience know? You're the rural spokesperson. And the
next thing is the debt structure that they put out,
is it correct anymore? Or was it three one hundred
million dollars out? You should know that that's your job.
Now what other question you got?
Speaker 1 (04:16):
Well, Fonterra is owned by its ten or eight and
a half nine ten thousand farmer shareholders. They made the
decision because they were going to make more money out
of selling ingredients rather than out of the consumer brand's business.
It's their business, it is none of your business.
Speaker 2 (04:34):
Well, if that's true, why are they turning up in
apartment every day? And since I've been on this, the
committee of their culture in the nineteen seventies demand that
we give them the monopoly position and prove as they're in.
If that's the truth, why do they demand that of us?
Speaker 1 (04:47):
Hey, that's history. I'm talking about Fonterra today.
Speaker 2 (04:50):
Look, no, no, no, no, no, please don't tell me history.
History goes like this. No smart economy I know would
allow that to happen. To have their maximum the best
production mostly fishing outfit New Zealand milk add value going
to who some other economy. It sounds like the silver
ferns farms. Remember that they lied about the income and
(05:13):
income down in their calculations. They lie about the debt
they magnify the debt three times, lied to the farmers
and got the Chinese to earn it. It stinks at
the Telly Hammerson, you guys got to get on top
of your job.
Speaker 1 (05:26):
Well that's that's like calling Mike Hosking Mike Hoskins. I
think Hamish McKay Jamie McKay two different people. Hey, can
I move on? I've been, I've been. I've been peddling
some conspiracy theories. I've been on the road for the
past week or two. Winston, and one of my favorites
at the moment is that you want to be prime minister.
Speaker 2 (05:46):
What yes you talking about?
Speaker 1 (05:50):
Well, it's a legacy election for you.
Speaker 2 (05:53):
Look, you know what a legacy if I'm a lawyer,
a legacy somebody you leave in the world for beneficiary.
All the rest of it in political talker bull dust.
Speaker 1 (06:01):
So you don't want to be prime minister. We can
put that on record.
Speaker 2 (06:04):
I could have been prime minister four decades ago. You
know that. You know I was a third prime minister
on twenty and never have it.
Speaker 1 (06:13):
You kept getting kicked out of political parties. The line I.
Speaker 2 (06:17):
Kept on, not selling out my soul, not going down
the pathway as others did, not being sucked in by neoliberalism.
I kept on being a nationalist. I'm proud of that.
And guess what nationalist is back big time right here,
right now.
Speaker 1 (06:30):
The latest I know you hate Poles, but the latest
Talbot Mills poll has a national in a stronger position
than the disastrous one from a week or two ago.
I think the interesting one is New Zealand first. New
Zealand first on this one's polling at eleven percent. Here's
another one of my conspiracy theories, Winston. I think you're
going to poll better, maybe considerably better than that on
(06:51):
election night. Therefore you're going to cannibalize the national vote.
Therefore you will demand to be Prime Minister. You'll agree
on the first bit, but not the second.
Speaker 2 (06:58):
But whom can I guard you? What do you do
down there? If there's something they're growing down there? You
thinking that beer you send off to us every Christmas
time because something's going wrong. But you're thinking you think
I'm going to answer those questions. Let me tell you
what my motivation is. We're having a launch of the
State of the Nation this Sunday in Tarrono. It'll be
(07:20):
wall to War that's a first So mini meetings and
we are on our way. We need to save this
country and where are mission to do so? And only
one party has the policies and the belief in the
nationalism of our people. Please the national interists. All the
rest are globalists.
Speaker 1 (07:33):
Hey, what do you reckon? The average age you of
your audience will.
Speaker 2 (07:36):
Be, oh, probably about thirty five.
Speaker 1 (07:40):
You know you're telling Porky's Now.
Speaker 2 (07:43):
Well, God, come along and have a look. There's a
stack of young people coming. I can tell you now
there's a stack of them coming.
Speaker 1 (07:50):
When Stanpeters, I could continue this discussion slash argument all day. Well,
agree to disagree on some things, but I think you
are going to poll well in the election, and I
think you want to be primary. We'll check to you
in a couple of weeks time.
Speaker 2 (08:02):
You know something, I think by the time that comes around,
your support basically so different. They'll want me to be
prime minister. That's what I'm thinking.
Speaker 1 (08:11):
There we go, got it from the horse's mouth. See
you later,
Kicking off the country today form a Deputy Prime Minister,
Foreign Affairs Minister, New Zealand First Leader Winston Peters Winston
big story out this morning. GDP up zero point two
percent for the December quarter. We're crawling along at a
snail space, albeit we've risen in four of the last
four quarters. But how bad a shape is the New
(00:22):
Zealand economy And at the moment.
Speaker 2 (00:24):
Well, it's in serious shape in the sense that we
inherited every disaster of massive overborrowing, not on production, not
on wealth creation, not of employment, and not on exports,
but purely on consumption. And we're paying a massive price
for that. And we just said the covident I announcement
the other day that they bore sixty billions of dollars
a due to deal with COVID and spent thirty billion
(00:46):
on something else. So that's the massive price we have
paying on it. Turned it around, there is growth, not
as massive, with needy want and difficult at the moment.
Now we face circumstances in the Middle East, of which
is that they cloud over what we're trying to do.
But it's at least not in recession like some nearby
economies are.
Speaker 1 (01:08):
Thank goodness for the primary sector. It rose in the
December quarter by zero point nine percent. Now, could I
accuse you of being a curmudgeonally grumpy old man for
putting it the boot into one of the primary sector's
rural heroes, Miles Hurrell, I thought you've been very uncharitable there.
Speaker 2 (01:25):
Winston, Well, it just shows you the sad thing about
New Zealand over the last fifty years, where we went
from being number two or three in the world on
this long slide to being a non competing economy anymore.
And one of the reasons was that back then there
understood nationalism, they understood the national interest, and then we
had all this neo liberal experimentation of Roger Douglas and
(01:46):
muth Wrichison and the rest has been a natural disaster.
And your questioning knew as that. Here's the real point.
Before Miles got the job. You remember what happened. You're
paying a guy, Theosparing forty three million dollars for seven
years of a contract and paid him out four milimeters
all over a company that was actually bank bankrupt. Do
you remember that?
Speaker 1 (02:06):
I absolutely remember it. But Miles Hurrell, now hang on, Miles,
Hurrell turned Fonterra around record profits.
Speaker 2 (02:13):
No, no, it didn't turn it around. That's there. Here's
the disaster here. I've seen that in the Zion Herald
with the greatest of respect. Yes, we turned around to
start making a profit. But this is our biggest business.
This is the business that's gone for the protection of
Parliament's fors majority monopoly position decade after deck and after decade.
(02:34):
And even think that is a serious profit from our
number one business in terms of size, then you are
grossly wrong. That's my point. And second point I want
to say to you, do you think that he's worth
He's worth twenty four times my salary?
Speaker 1 (02:48):
No, I'm tooth afraid. I'm too afraid to give you
the answer. Did you do did you?
Speaker 2 (02:52):
No? Excuse me, I ask your listeners this because I
assessed for sexful business. I've made more money per moment
I did in a parliament is selling for a year,
so I know something about it. So come back to
me again, Do you think he's worth twenty four times
my salary? And no he's not. And it's just the
biggest pad we've had.
Speaker 1 (03:07):
No, Well, hey, Winstone, I'll let me put this around
the other way. Maybe maybe you're just underpaid.
Speaker 2 (03:12):
No, no, no, don't be cute. Here's the point. Who
owns our brains now, brands we've been building for years
like Anchor famous all over the world. Well, foreigners do,
and we piced make us any longer, no priced takers,
and so where we got ourselves to we're down to
basic things milk, milk powder that there's no edit value.
That's it. We're going to get back to our core business.
(03:35):
That's what Miles Herrings Oarring said, And frankly I couldn't
disagree with them more because if I was talking to
Lee Kuan, you, what do I say at the Irish
from the French who are buying off us now, they
would think we were sitting duck and you stand back
and watch. First of all, we've only got five and
a bit more year's supply. Then they can do what
(03:55):
they like with our brands and what they want. And
then you've got the second thing. How many people are
sacked within Fonterra raby do you know that? And why
doesn't your audience know? You're the rural spokesperson. And the
next thing is the debt structure that they put out,
is it correct anymore? Or was it three one hundred
million dollars out? You should know that that's your job.
Now what other question you got?
Speaker 1 (04:16):
Well, Fonterra is owned by its ten or eight and
a half nine ten thousand farmer shareholders. They made the
decision because they were going to make more money out
of selling ingredients rather than out of the consumer brand's business.
It's their business, it is none of your business.
Speaker 2 (04:34):
Well, if that's true, why are they turning up in
apartment every day? And since I've been on this, the
committee of their culture in the nineteen seventies demand that
we give them the monopoly position and prove as they're in.
If that's the truth, why do they demand that of us?
Speaker 1 (04:47):
Hey, that's history. I'm talking about Fonterra today.
Speaker 2 (04:50):
Look, no, no, no, no, no, please don't tell me history.
History goes like this. No smart economy I know would
allow that to happen. To have their maximum the best
production mostly fishing outfit New Zealand milk add value going
to who some other economy. It sounds like the silver
ferns farms. Remember that they lied about the income and
(05:13):
income down in their calculations. They lie about the debt
they magnify the debt three times, lied to the farmers
and got the Chinese to earn it. It stinks at
the Telly Hammerson, you guys got to get on top
of your job.
Speaker 1 (05:26):
Well that's that's like calling Mike Hosking Mike Hoskins. I
think Hamish McKay Jamie McKay two different people. Hey, can
I move on? I've been, I've been. I've been peddling
some conspiracy theories. I've been on the road for the
past week or two. Winston, and one of my favorites
at the moment is that you want to be prime minister.
Speaker 2 (05:46):
What yes you talking about?
Speaker 1 (05:50):
Well, it's a legacy election for you.
Speaker 2 (05:53):
Look, you know what a legacy if I'm a lawyer,
a legacy somebody you leave in the world for beneficiary.
All the rest of it in political talker bull dust.
Speaker 1 (06:01):
So you don't want to be prime minister. We can
put that on record.
Speaker 2 (06:04):
I could have been prime minister four decades ago. You
know that. You know I was a third prime minister
on twenty and never have it.
Speaker 1 (06:13):
You kept getting kicked out of political parties. The line I.
Speaker 2 (06:17):
Kept on, not selling out my soul, not going down
the pathway as others did, not being sucked in by neoliberalism.
I kept on being a nationalist. I'm proud of that.
And guess what nationalist is back big time right here,
right now.
Speaker 1 (06:30):
The latest I know you hate Poles, but the latest
Talbot Mills poll has a national in a stronger position
than the disastrous one from a week or two ago.
I think the interesting one is New Zealand first. New
Zealand first on this one's polling at eleven percent. Here's
another one of my conspiracy theories, Winston. I think you're
going to poll better, maybe considerably better than that on
(06:51):
election night. Therefore you're going to cannibalize the national vote.
Therefore you will demand to be Prime Minister. You'll agree
on the first bit, but not the second.
Speaker 2 (06:58):
But whom can I guard you? What do you do
down there? If there's something they're growing down there? You
thinking that beer you send off to us every Christmas
time because something's going wrong. But you're thinking you think
I'm going to answer those questions. Let me tell you
what my motivation is. We're having a launch of the
State of the Nation this Sunday in Tarrono. It'll be
(07:20):
wall to War that's a first So mini meetings and
we are on our way. We need to save this
country and where are mission to do so? And only
one party has the policies and the belief in the
nationalism of our people. Please the national interists. All the
rest are globalists.
Speaker 1 (07:33):
Hey, what do you reckon? The average age you of
your audience will.
Speaker 2 (07:36):
Be, oh, probably about thirty five.
Speaker 1 (07:40):
You know you're telling Porky's Now.
Speaker 2 (07:43):
Well, God, come along and have a look. There's a
stack of young people coming. I can tell you now
there's a stack of them coming.
Speaker 1 (07:50):
When Stanpeters, I could continue this discussion slash argument all day. Well,
agree to disagree on some things, but I think you
are going to poll well in the election, and I
think you want to be primary. We'll check to you
in a couple of weeks time.
Speaker 2 (08:02):
You know something, I think by the time that comes around,
your support basically so different. They'll want me to be
prime minister. That's what I'm thinking.
Speaker 1 (08:11):
There we go, got it from the horse's mouth. See
you later,
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