October 27, 2025 • 11 mins
THE BEST BITS IN A SILLIER PACKAGE (from Tuesday's Mike Hosking Breakfast) Times Five
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Speaker 1 (00:09):
You're listening to a podcast from news Talk. Sa'd be
follow this and our wide range of podcasts now on iHeartRadio.
Speaker 2 (00:24):
The Rewrap there, Welcome to the Rewrap for Monday, No Tuesday.
Put myself out there. All the best that's from the
mic asking breakfast on news Talks. They'd be in a
sillier package. I mean it's sort of as a Monday,
isn't it. Let's be honest, it certainly feels that one.
And because this morning's show was long and tiresome because
all we talked about was this.
Speaker 3 (00:46):
Mike, who decides the value of a property in twenty
twenty seven? Well, very fair question. The answer is you
only is decided by the market when you sell your house.
So the way it would work very simply, you bought
your batch in nineteen ninety, and you paid one hundred
and fifty thousand dollars for it back in nineteen ninety,
and you're selling it in twenty twenty seven four two
point five million. So the difference between what you paid
for what you're selling it for set the rate. We
(01:07):
understand it's twenty eight percent. The weird thing about the
release this morning from the labour parties, they didn't tell
you what the rate was, but the rate we understand
it to be twenty eight percent. So say you made
nine hundred thousand dollars profit over that period of time,
you'll be giving twenty eight percent to be nine hundred
thousand dollars to the Labor government, if of course they
are the government. And then that is the great debate
and democracy and the election campaign of twenty twenty six, Mike,
(01:27):
the last two years of economic misery are a direct
result of Labour's economic illiteracy. How can anyone say, yes, please,
let's have some more of that. Well, look at the polls.
That's democracy, That's how this thing works. There are lots
of people who look at what the Labor government, maybe
even the Greens are about, and go, yep, we'll soak
the rich. We'll get those bastards, we'll line them up,
(01:48):
we'll shake them down, and we'll take all the money
we possibly can. Interesting piece are read over the weekend
from Peter Dunn on the Newsroom site. He was arguing
the moderation, So what Labour needs to do is moderate
be a Bob Hawkish, David longe Ish Helen Clarkish type
of Labor Party and that presents a real headache for Luxen. Obviously,
this announced this morning indicates Chris Hipkins has got no
(02:10):
such plans.
Speaker 2 (02:12):
Yes, had to know who the brains trust is or
if there is one that's advising Hepkins about this stuff.
I mean, it's not just Hepkins. The labor party is
a party. It's to several people, but he's the one
he's going to have to try and explain all this.
It's the rewrap and the problem he's faced with this
morning is because this is sort of leaked out, Mike
(02:34):
Hoskins had to do all the explaining for him, and
perhaps he's not really taking a positive attitude to it.
Speaker 3 (02:40):
Mike as Chippy to clarify. Will the tax kick in
from the property ratable value as of twenty twenty seven.
I'm not sure. This is one of the complicating things
about tax Nothing gets your exercise like money, does it.
There's nothing ratable about it. The only time you text
on something is when you sell it, when you realize
the value. So in other words, they go back to
when you bought it and when you sell it. When
you sell it is when you are taxed. Mike, does
(03:02):
the CGT relate to things like my wife's diamond ring
that I gave her thirty years ago. Well, first of all,
why are're selling your wife's diamond ring. No, it doesn't.
Personal items are not included. Essentially, it is just your
batch or your business. It's not about this capital gains tax,
but the fact that this opens the door. And this
is the big question they're going to have to hose down.
It's not about this capital gains tax, but the fact
(03:22):
that this opens the door. Once it's in, they will
add inheritance, and then the farm and then the family home.
The interesting thing about this morning is they only put
it out because it got leaked over the weekend. So
I'm not sure they're as tight as a drum or
as tight as they might like to think they are.
Speaker 2 (03:39):
I thought it Mike was a little bit cavalier there
about the diamond ring. There was no indication that the
wife was still alive, and you know, maybe the guy
being hanging on to it as a keepsake, but now
that you know it's appreciated in value, he was considering
sagment selling it, but not if he's going to get
tax for its rewrap, I might be I was staying
(04:00):
to go a little bit. What do you call it by.
Speaker 3 (04:05):
Then, morning, Mike, late to the party. Sorry, labor will
lie on jealousy and ignorance, which fits in with the
Union alliance as any CG tax that doesn't account for
inflation is double theft. Well, that's exactly what it is.
If you think they're going to take into account inflation,
you're dreaming. Tell them they're dreaming, Mike, this capital gains tax,
how far back will it go? As a I'm not
sure why this is complicated. It's really interesting to get
(04:25):
the responses this morning. It goes back as far as
you bought the property. Whatever the property is. When you
bought it is day one, when you sell it is
day two. And the gap and value between them is
what is tax. So as the text goes as, a
three thirty thousand dollar house bought in the sixties will
have more capital gain than the one million dollar house
bought three years ago. Correct, one hundred percent, correct, Wayne,
(04:47):
But there will be very few people left in the
country who bought a house in the nineteen sixties for
thirty thousand. But if you did, and you go to
realize it, and this is the unfairness of it all.
If you bought you a nice marital house in nineteen
sixty seven, three beds, one bathroom, eighteen hundred square meters
of land, because that's what they were in those days,
and you paid thirty thousand dollars, and now suddenly you
reach retirement thirty five forty years later, and the thing's
(05:10):
worth two and a half million dollars because it's an auckland.
The difference between thirty thousand and two and a half
million dollars is what you get taxed on. Welcome to
the Labor Party of twenty twenty five, and that'll be
at twenty eight percent, So it's a million dollars. Say
the profit is a million dollars twenty eight percent of
a million dollars. You do the math, Mike, does CGT
take into account any improvements you might have done it?
(05:32):
You know, it takes them to it. It's the sale price,
what you bought it for versus what you sell it for.
The difference is what is taxed. That is the capital game.
Speaker 2 (05:44):
I don't know what was more painful listening to Mike
talk about this or watching producer Sam having to go
back and ring the Labor Party throughout the morning to
put some of these questions to them, and of course
it turned out that might was wrong about the value.
Since you bought it, apparently it's going to be from
(06:05):
when the policy starts. Also, the rewrapit. So anyway, I
had certainly well and truly lost the will to live
by here, but Mike still seemed happy to keep talking
about it every single break.
Speaker 3 (06:18):
Why, sir, here's sheit? I don't even know why I
waded into this this morning. So the capital gains tax,
this is what the Labor Party says, not me. Targeted
capital gains tax on the profit made after one July
twenty twenty seven, on the profit made after. So your
(06:38):
profit is made after Now you can take that two ways.
Of course, you can take it doesn't matter when you
purchase the property. Anything from July one forwards is the
profit that's taxed. Or you can equally take it to
mean that when you go to sell post July I e. Win.
The law changes. So on the second of July, if
you happen to sell your house, whatever profit you've made
(07:00):
on your property, you will be taxed at Now if
you accept, as some people appear to be doing that
the law starts July one, and therefore everything begins. Joe
ly one you would need and we've got this from
Hepkin's office. They're calling it valuation day. Now, of course,
there is no such thing as valuation day unless they're
going to individually value every single house in this country,
(07:22):
which of course they're not going to do. So, according
to them, on the first of July, your house is
going to be worth something. Now who decides that is
open to some interpretation this morning, and where I'm personally
no clearer. They're saying it's the council, it's the RV.
It's the CV or the RV. Now we all know
what CV's and RVs mean, and the answer is, broadly speaking, nothing.
(07:44):
And you can go and argue with your counsel in
go and get it adjusted up and down, depending on
your own individual circumstances. But that appears to be what
they're arguing. So you will need to go on the
first of July to get a valuation for your property,
because as sure as night follows day in seven years time,
when you go to sell your house, when you're retrospectively
looking for evaluation and want to adjust it because you
(08:05):
didn't think it was appropriate at the time, you're going
to be our luck. So everyone's going to need to
value their house on the first of July twenty twenty seven,
according to the Labor Party, and it's from that point on.
If you then sell your house a week later, the
chances are there'll be no material difference in the value
of your house. Therefore there will be no tax to pay.
If in a year's time your house has gone up
(08:25):
ten percent and it's gone from a million to say
one point one million dollars, you'll pay tax on one
hundred thousand dollars. That's as far as I can work
out how it's going to work. But having talked to
Hipkin's office, I don't believe they understand what they've announced
and what they require of us to specifically ascertain what
(08:47):
the value of our house is on the first of July,
and given most people won't do that, there's going to
be all hell to pay when we do get around
to selling our property, and then all of a sudden
they're going to tax us on something that we didn't
realize we were being taxed on because we didn't know
the value on day one. Does that make sense? Welcome
(09:07):
to the Labor pace.
Speaker 2 (09:08):
So Mike's right. Of course, this is one of those
things where Labour's hoping that their base will respond to it,
because they're generally people who, if they are even homeowners,
this is generally speaking, they probably don't know more than one.
(09:29):
And so they're looking at the people that can afford
to have more than one home and saying, well, that
wealth needs to be distributed a little bit more evenly.
And that's a sort of a socialist way of looking
at things that is distasteful to some people who don't
have a socialist phone in their body.
Speaker 1 (09:49):
Of course, the rewrap.
Speaker 2 (09:52):
I think perhaps the thing that depressed me about all
this this morning the most was there every time somebody
made the joke that I'm about to play you, Mike
missed it and thought that they were asking, seriously.
Speaker 3 (10:01):
Mike, you can claim tax on your capital loss. Of
course you count. This has got a lot of explaining
that it will be a day full of does it
mean this? Yes, well no it won't. And then of
course you get to the part whether or not funny
enough that one of the headlines is it's the conversation
our newsroom is claiming it's the conversation we needed to
have The problem with that is, of course it's the
conversation we've already had, and we had it in twenty eleven,
(10:23):
and then we had it again in twenty fourteen, and
then we had it again in twenty seventeen, and each
and every time the CGT concept has blown up in
Labour's face under Golf, under Kunliff, under Adern. Now you
would have you could have argued, thought that Hipkins having
a look at that might have gone. I tell you what,
maybe we'll just leave that one for now, because I've
got big enough issues to deal with, not least of
(10:46):
which is the fact that I was there last time,
and that's going to be an issue when it comes
up in the election campaign. But oh know, so let's
have the same conversation yet again and see where it goes.
Speaker 2 (10:56):
I like I say, he kept missing that the people
who were suggesting that maybe they could get some tax
back if their property value went down. I think I'm
pretty sure that being facetious to those people. And besides
where it wouldn't be then it would be a rebate,
wouldn't it not a text? Or would it? I don't know.
(11:18):
I don't know anything about this stuff. I've got It's
one of the main reasons I got married so I
have somebody else to explain all this stuff to me.
And then when I still didn't understand it, I started
working with my husking so he could explain it for
me as well. I desperately hope that we won't be
talking about this again tomorrow, and yet I feel like
we probably might. It's got a flag debate feeling about this,
(11:41):
but lots of people coming out with stupid suggestions that
will never be enacted, including the Labor Party. I'll see
you back here again tomorrow for that.
Speaker 1 (11:48):
Can't wait for more from News Talks. There'd be listen
live on air or online, and keep our shows with
you wherever you go with our podcasts on IAR Radio.
You're listening to a podcast from news Talk. Sa'd be
follow this and our wide range of podcasts now on iHeartRadio.
Speaker 2 (00:24):
The Rewrap there, Welcome to the Rewrap for Monday, No Tuesday.
Put myself out there. All the best that's from the
mic asking breakfast on news Talks. They'd be in a
sillier package. I mean it's sort of as a Monday,
isn't it. Let's be honest, it certainly feels that one.
And because this morning's show was long and tiresome because
all we talked about was this.
Speaker 3 (00:46):
Mike, who decides the value of a property in twenty
twenty seven? Well, very fair question. The answer is you
only is decided by the market when you sell your house.
So the way it would work very simply, you bought
your batch in nineteen ninety, and you paid one hundred
and fifty thousand dollars for it back in nineteen ninety,
and you're selling it in twenty twenty seven four two
point five million. So the difference between what you paid
for what you're selling it for set the rate. We
(01:07):
understand it's twenty eight percent. The weird thing about the
release this morning from the labour parties, they didn't tell
you what the rate was, but the rate we understand
it to be twenty eight percent. So say you made
nine hundred thousand dollars profit over that period of time,
you'll be giving twenty eight percent to be nine hundred
thousand dollars to the Labor government, if of course they
are the government. And then that is the great debate
and democracy and the election campaign of twenty twenty six, Mike,
(01:27):
the last two years of economic misery are a direct
result of Labour's economic illiteracy. How can anyone say, yes, please,
let's have some more of that. Well, look at the polls.
That's democracy, That's how this thing works. There are lots
of people who look at what the Labor government, maybe
even the Greens are about, and go, yep, we'll soak
the rich. We'll get those bastards, we'll line them up,
(01:48):
we'll shake them down, and we'll take all the money
we possibly can. Interesting piece are read over the weekend
from Peter Dunn on the Newsroom site. He was arguing
the moderation, So what Labour needs to do is moderate
be a Bob Hawkish, David longe Ish Helen Clarkish type
of Labor Party and that presents a real headache for Luxen. Obviously,
this announced this morning indicates Chris Hipkins has got no
(02:10):
such plans.
Speaker 2 (02:12):
Yes, had to know who the brains trust is or
if there is one that's advising Hepkins about this stuff.
I mean, it's not just Hepkins. The labor party is
a party. It's to several people, but he's the one
he's going to have to try and explain all this.
It's the rewrap and the problem he's faced with this
morning is because this is sort of leaked out, Mike
(02:34):
Hoskins had to do all the explaining for him, and
perhaps he's not really taking a positive attitude to it.
Speaker 3 (02:40):
Mike as Chippy to clarify. Will the tax kick in
from the property ratable value as of twenty twenty seven.
I'm not sure. This is one of the complicating things
about tax Nothing gets your exercise like money, does it.
There's nothing ratable about it. The only time you text
on something is when you sell it, when you realize
the value. So in other words, they go back to
when you bought it and when you sell it. When
you sell it is when you are taxed. Mike, does
(03:02):
the CGT relate to things like my wife's diamond ring
that I gave her thirty years ago. Well, first of all,
why are're selling your wife's diamond ring. No, it doesn't.
Personal items are not included. Essentially, it is just your
batch or your business. It's not about this capital gains tax,
but the fact that this opens the door. And this
is the big question they're going to have to hose down.
It's not about this capital gains tax, but the fact
(03:22):
that this opens the door. Once it's in, they will
add inheritance, and then the farm and then the family home.
The interesting thing about this morning is they only put
it out because it got leaked over the weekend. So
I'm not sure they're as tight as a drum or
as tight as they might like to think they are.
Speaker 2 (03:39):
I thought it Mike was a little bit cavalier there
about the diamond ring. There was no indication that the
wife was still alive, and you know, maybe the guy
being hanging on to it as a keepsake, but now
that you know it's appreciated in value, he was considering
sagment selling it, but not if he's going to get
tax for its rewrap, I might be I was staying
(04:00):
to go a little bit. What do you call it by.
Speaker 3 (04:05):
Then, morning, Mike, late to the party. Sorry, labor will
lie on jealousy and ignorance, which fits in with the
Union alliance as any CG tax that doesn't account for
inflation is double theft. Well, that's exactly what it is.
If you think they're going to take into account inflation,
you're dreaming. Tell them they're dreaming, Mike, this capital gains tax,
how far back will it go? As a I'm not
sure why this is complicated. It's really interesting to get
(04:25):
the responses this morning. It goes back as far as
you bought the property. Whatever the property is. When you
bought it is day one, when you sell it is
day two. And the gap and value between them is
what is tax. So as the text goes as, a
three thirty thousand dollar house bought in the sixties will
have more capital gain than the one million dollar house
bought three years ago. Correct, one hundred percent, correct, Wayne,
(04:47):
But there will be very few people left in the
country who bought a house in the nineteen sixties for
thirty thousand. But if you did, and you go to
realize it, and this is the unfairness of it all.
If you bought you a nice marital house in nineteen
sixty seven, three beds, one bathroom, eighteen hundred square meters
of land, because that's what they were in those days,
and you paid thirty thousand dollars, and now suddenly you
reach retirement thirty five forty years later, and the thing's
(05:10):
worth two and a half million dollars because it's an auckland.
The difference between thirty thousand and two and a half
million dollars is what you get taxed on. Welcome to
the Labor Party of twenty twenty five, and that'll be
at twenty eight percent, So it's a million dollars. Say
the profit is a million dollars twenty eight percent of
a million dollars. You do the math, Mike, does CGT
take into account any improvements you might have done it?
(05:32):
You know, it takes them to it. It's the sale price,
what you bought it for versus what you sell it for.
The difference is what is taxed. That is the capital game.
Speaker 2 (05:44):
I don't know what was more painful listening to Mike
talk about this or watching producer Sam having to go
back and ring the Labor Party throughout the morning to
put some of these questions to them, and of course
it turned out that might was wrong about the value.
Since you bought it, apparently it's going to be from
(06:05):
when the policy starts. Also, the rewrapit. So anyway, I
had certainly well and truly lost the will to live
by here, but Mike still seemed happy to keep talking
about it every single break.
Speaker 3 (06:18):
Why, sir, here's sheit? I don't even know why I
waded into this this morning. So the capital gains tax,
this is what the Labor Party says, not me. Targeted
capital gains tax on the profit made after one July
twenty twenty seven, on the profit made after. So your
(06:38):
profit is made after Now you can take that two ways.
Of course, you can take it doesn't matter when you
purchase the property. Anything from July one forwards is the
profit that's taxed. Or you can equally take it to
mean that when you go to sell post July I e. Win.
The law changes. So on the second of July, if
you happen to sell your house, whatever profit you've made
(07:00):
on your property, you will be taxed at Now if
you accept, as some people appear to be doing that
the law starts July one, and therefore everything begins. Joe
ly one you would need and we've got this from
Hepkin's office. They're calling it valuation day. Now, of course,
there is no such thing as valuation day unless they're
going to individually value every single house in this country,
(07:22):
which of course they're not going to do. So, according
to them, on the first of July, your house is
going to be worth something. Now who decides that is
open to some interpretation this morning, and where I'm personally
no clearer. They're saying it's the council, it's the RV.
It's the CV or the RV. Now we all know
what CV's and RVs mean, and the answer is, broadly speaking, nothing.
(07:44):
And you can go and argue with your counsel in
go and get it adjusted up and down, depending on
your own individual circumstances. But that appears to be what
they're arguing. So you will need to go on the
first of July to get a valuation for your property,
because as sure as night follows day in seven years time,
when you go to sell your house, when you're retrospectively
looking for evaluation and want to adjust it because you
(08:05):
didn't think it was appropriate at the time, you're going
to be our luck. So everyone's going to need to
value their house on the first of July twenty twenty seven,
according to the Labor Party, and it's from that point on.
If you then sell your house a week later, the
chances are there'll be no material difference in the value
of your house. Therefore there will be no tax to pay.
If in a year's time your house has gone up
(08:25):
ten percent and it's gone from a million to say
one point one million dollars, you'll pay tax on one
hundred thousand dollars. That's as far as I can work
out how it's going to work. But having talked to
Hipkin's office, I don't believe they understand what they've announced
and what they require of us to specifically ascertain what
(08:47):
the value of our house is on the first of July,
and given most people won't do that, there's going to
be all hell to pay when we do get around
to selling our property, and then all of a sudden
they're going to tax us on something that we didn't
realize we were being taxed on because we didn't know
the value on day one. Does that make sense? Welcome
(09:07):
to the Labor pace.
Speaker 2 (09:08):
So Mike's right. Of course, this is one of those
things where Labour's hoping that their base will respond to it,
because they're generally people who, if they are even homeowners,
this is generally speaking, they probably don't know more than one.
(09:29):
And so they're looking at the people that can afford
to have more than one home and saying, well, that
wealth needs to be distributed a little bit more evenly.
And that's a sort of a socialist way of looking
at things that is distasteful to some people who don't
have a socialist phone in their body.
Speaker 1 (09:49):
Of course, the rewrap.
Speaker 2 (09:52):
I think perhaps the thing that depressed me about all
this this morning the most was there every time somebody
made the joke that I'm about to play you, Mike
missed it and thought that they were asking, seriously.
Speaker 3 (10:01):
Mike, you can claim tax on your capital loss. Of
course you count. This has got a lot of explaining
that it will be a day full of does it
mean this? Yes, well no it won't. And then of
course you get to the part whether or not funny
enough that one of the headlines is it's the conversation
our newsroom is claiming it's the conversation we needed to
have The problem with that is, of course it's the
conversation we've already had, and we had it in twenty eleven,
(10:23):
and then we had it again in twenty fourteen, and
then we had it again in twenty seventeen, and each
and every time the CGT concept has blown up in
Labour's face under Golf, under Kunliff, under Adern. Now you
would have you could have argued, thought that Hipkins having
a look at that might have gone. I tell you what,
maybe we'll just leave that one for now, because I've
got big enough issues to deal with, not least of
(10:46):
which is the fact that I was there last time,
and that's going to be an issue when it comes
up in the election campaign. But oh know, so let's
have the same conversation yet again and see where it goes.
Speaker 2 (10:56):
I like I say, he kept missing that the people
who were suggesting that maybe they could get some tax
back if their property value went down. I think I'm
pretty sure that being facetious to those people. And besides
where it wouldn't be then it would be a rebate,
wouldn't it not a text? Or would it? I don't know.
(11:18):
I don't know anything about this stuff. I've got It's
one of the main reasons I got married so I
have somebody else to explain all this stuff to me.
And then when I still didn't understand it, I started
working with my husking so he could explain it for
me as well. I desperately hope that we won't be
talking about this again tomorrow, and yet I feel like
we probably might. It's got a flag debate feeling about this,
(11:41):
but lots of people coming out with stupid suggestions that
will never be enacted, including the Labor Party. I'll see
you back here again tomorrow for that.
Speaker 1 (11:48):
Can't wait for more from News Talks. There'd be listen
live on air or online, and keep our shows with
you wherever you go with our podcasts on IAR Radio.
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