October 8, 2024 • 5 mins
Three big issues in the business world.
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Speaker 1 (00:00):
From the cricket field to the cows shed. It's the
Country Sport Breakfast with Brian Kelly on Gold Sport.
Speaker 2 (00:07):
You're trying to say, oh yeah, is business time? Is
business time? Yusiness time?
Speaker 1 (00:22):
What you're trying to say, You're trying to say, its time.
Speaker 2 (00:27):
Let's talk business star getting down to business with Phillow Riley,
Managing director at Iron Duke Partner's Money.
Speaker 1 (00:33):
Philp Money by going very well, thank you.
Speaker 2 (00:37):
Three things to talk about as per normal. First up
the Reserve Bank. They're going to announce their latest official
cash rate decision today. What are you things going to
happen there?
Speaker 1 (00:48):
Well, of course the big debate is whether they whether
they go down by a quarter of a base too
point two five or point five. And of course the
US Federal Reserve, the US equivalent of our Reserve Bank,
reduced by point five just a few weeks ago, and
there's been a bit of a trend of reserve banks
around the world reducing interest rates as a result of that.
I do hope the Reserve Bank reduces byero point five
(01:09):
because I think what it will do is give business
a bit of confidence before Christmas. I think they'll get
half a percent sometime between now and Christmas. But the
earlier the better, I think, to give business bitly confidence
to move forward. If you do it too close to Christmas,
business will say, look, we'll get onto it in February
and you'll lose I think, a whole quarter of activity.
So let's hope it's half percent tomorrow. And on that basis,
(01:29):
I think you'll see a bit of business confidence return
and spending return and investment return as a result.
Speaker 2 (01:34):
And we're seeing a few banks already kind of jumping
the gun and lowing the interest rates, the mortgage rate
to web it.
Speaker 1 (01:41):
Yeah, that's interesting. Start is at Kiwibank, I see trying
to get ahead of the competition. And that's really a
demonstration of just how certain we are that the Reserve
Bank will do something later today, whether it's as I say,
it's a quarter or a half. And that God on
Qibank for actually gettinghead of it and others two if
they've done it, about saying what we'll get in ahead
of world lower interest rates, because it's issue that actually
gives not only consumers confidence to spend, but also business
(02:04):
confidence to invest. And you know everybody's been waiting for
this and let's hope today's the day and we'll get
on and see if we can't grow the economy of it.
Speaker 2 (02:12):
Yeah, absolutely, all right. Our second subject, Prime Minister Luxon
has said he wants to engage the private sector more
in the health system, and I guess you probably think
that's a good idea anything.
Speaker 1 (02:23):
Yeah, yeah, I do, Bran. I mean, it's ridiculous that
we have this crazy thing that the health system should
be run only by the public sector. It's crazy because
it means that every time you've got to do something,
you've got to get it into the public system. When
we've got a whole bunch of private hospitals out there
that might well have available space, and so why is
the government building a whole bunch of new rooms and
(02:45):
consulting things and operating theaters and so on, where there's
a whole bunch of stuff that the private sector could
be doing on contract. And we just need to have
an ideological about about health that says that, you know,
you can never do anything for the public sector unless
it's in a public sector hospital. Crazy. We should move
on and start to use the total assets of New
Zealand much more effectively than we do today and I
(03:06):
hope that they unless you increase that having the capacity
for private hospitals to do only public health care. For example,
why do we need to build a hospitalist tax bas
Why don't we just pay per procedure or something to
someone else. So it's a crazy piece of ideology we've
had in New Zealand for years about the importance of
the public health system. A loan. It's very very important,
don't get me wrong, But the private sector can do
(03:28):
more to lean in here, and I hope they do,
and I hope I hope the government finds it successful
and does more of it.
Speaker 2 (03:32):
I think most will as well. The government. Talking about
the government, they've announced it's fast tracking consenting list. What
do you make of that film?
Speaker 1 (03:39):
Well, it's a great list, isn't it. I mean, a
very controversial some of the things that have been put
out by the government, including seabed mining off the Taranaki
bite there. But much of the list, if you've read it,
is pretty unremarkable. It's new housing projects, it's new roads,
new rail lines, quarries of course, because we need those
are we're going to pour the concrete to get the
builder on the roads built. So in that sense, I
(04:02):
sense that it is the government's big stake in the
ground to say, look, we're for growth. We don't want
to make it, we want to make it fast, we
want to get it going. It's taken them a year
to get here. Of course, they announced all this fast
trak stuff a year ago as they got elected. But
I actually think it's a pretty good list. Actually, I mean,
I don't agree with everything on the list, and by
the way, or not all the list will ever get
built either. If you did, it will be a massive,
(04:24):
massive impact on New Zealand. But as I say, it
does set a political stake in the ground that the
government wants to get on and start building some stuff,
and in that sense I agree with it. You can't
keep going on it forever, though, Brian, which is why
that announcement that they'll reform the RMA, this terrible planning
legislation that we've got is also very important. You can't,
at the end of the day just fast track everything.
(04:44):
You've got to set up a law that actually works
for the future. So I got on the government, I think,
and principle for getting on with this list imperfect. They
might be once again a good confidence builder in the
business community to say, look, we can now get on
and do some of the stuff, and let's hope that
they get on and reform the RMA so we don't
have to do these workarounds to broken legislation that we
(05:05):
seem to be so fond of in New Zealand.
Speaker 2 (05:07):
Nice positive outlook, Phil, great to chat mate, Enjoy your
day and we'll talk again next week.
Speaker 1 (05:12):
Thanks Brian, Cheers mate.
Speaker 2 (05:13):
Fellow Riley, Managing Director of Iron Duke Partners in that
major announcement from the Reserve Bank two o'clock this afternoon
From the cricket field to the cows shed. It's the
Country Sport Breakfast with Brian Kelly on Gold Sport.
Speaker 2 (00:07):
You're trying to say, oh yeah, is business time? Is
business time? Yusiness time?
Speaker 1 (00:22):
What you're trying to say, You're trying to say, its time.
Speaker 2 (00:27):
Let's talk business star getting down to business with Phillow Riley,
Managing director at Iron Duke Partner's Money.
Speaker 1 (00:33):
Philp Money by going very well, thank you.
Speaker 2 (00:37):
Three things to talk about as per normal. First up
the Reserve Bank. They're going to announce their latest official
cash rate decision today. What are you things going to
happen there?
Speaker 1 (00:48):
Well, of course the big debate is whether they whether
they go down by a quarter of a base too
point two five or point five. And of course the
US Federal Reserve, the US equivalent of our Reserve Bank,
reduced by point five just a few weeks ago, and
there's been a bit of a trend of reserve banks
around the world reducing interest rates as a result of that.
I do hope the Reserve Bank reduces byero point five
(01:09):
because I think what it will do is give business
a bit of confidence before Christmas. I think they'll get
half a percent sometime between now and Christmas. But the
earlier the better, I think, to give business bitly confidence
to move forward. If you do it too close to Christmas,
business will say, look, we'll get onto it in February
and you'll lose I think, a whole quarter of activity.
So let's hope it's half percent tomorrow. And on that basis,
(01:29):
I think you'll see a bit of business confidence return
and spending return and investment return as a result.
Speaker 2 (01:34):
And we're seeing a few banks already kind of jumping
the gun and lowing the interest rates, the mortgage rate
to web it.
Speaker 1 (01:41):
Yeah, that's interesting. Start is at Kiwibank, I see trying
to get ahead of the competition. And that's really a
demonstration of just how certain we are that the Reserve
Bank will do something later today, whether it's as I say,
it's a quarter or a half. And that God on
Qibank for actually gettinghead of it and others two if
they've done it, about saying what we'll get in ahead
of world lower interest rates, because it's issue that actually
gives not only consumers confidence to spend, but also business
(02:04):
confidence to invest. And you know everybody's been waiting for
this and let's hope today's the day and we'll get
on and see if we can't grow the economy of it.
Speaker 2 (02:12):
Yeah, absolutely, all right. Our second subject, Prime Minister Luxon
has said he wants to engage the private sector more
in the health system, and I guess you probably think
that's a good idea anything.
Speaker 1 (02:23):
Yeah, yeah, I do, Bran. I mean, it's ridiculous that
we have this crazy thing that the health system should
be run only by the public sector. It's crazy because
it means that every time you've got to do something,
you've got to get it into the public system. When
we've got a whole bunch of private hospitals out there
that might well have available space, and so why is
the government building a whole bunch of new rooms and
(02:45):
consulting things and operating theaters and so on, where there's
a whole bunch of stuff that the private sector could
be doing on contract. And we just need to have
an ideological about about health that says that, you know,
you can never do anything for the public sector unless
it's in a public sector hospital. Crazy. We should move
on and start to use the total assets of New
Zealand much more effectively than we do today and I
(03:06):
hope that they unless you increase that having the capacity
for private hospitals to do only public health care. For example,
why do we need to build a hospitalist tax bas
Why don't we just pay per procedure or something to
someone else. So it's a crazy piece of ideology we've
had in New Zealand for years about the importance of
the public health system. A loan. It's very very important,
don't get me wrong, But the private sector can do
(03:28):
more to lean in here, and I hope they do,
and I hope I hope the government finds it successful
and does more of it.
Speaker 2 (03:32):
I think most will as well. The government. Talking about
the government, they've announced it's fast tracking consenting list. What
do you make of that film?
Speaker 1 (03:39):
Well, it's a great list, isn't it. I mean, a
very controversial some of the things that have been put
out by the government, including seabed mining off the Taranaki
bite there. But much of the list, if you've read it,
is pretty unremarkable. It's new housing projects, it's new roads,
new rail lines, quarries of course, because we need those
are we're going to pour the concrete to get the
builder on the roads built. So in that sense, I
(04:02):
sense that it is the government's big stake in the
ground to say, look, we're for growth. We don't want
to make it, we want to make it fast, we
want to get it going. It's taken them a year
to get here. Of course, they announced all this fast
trak stuff a year ago as they got elected. But
I actually think it's a pretty good list. Actually, I mean,
I don't agree with everything on the list, and by
the way, or not all the list will ever get
built either. If you did, it will be a massive,
(04:24):
massive impact on New Zealand. But as I say, it
does set a political stake in the ground that the
government wants to get on and start building some stuff,
and in that sense I agree with it. You can't
keep going on it forever, though, Brian, which is why
that announcement that they'll reform the RMA, this terrible planning
legislation that we've got is also very important. You can't,
at the end of the day just fast track everything.
(04:44):
You've got to set up a law that actually works
for the future. So I got on the government, I think,
and principle for getting on with this list imperfect. They
might be once again a good confidence builder in the
business community to say, look, we can now get on
and do some of the stuff, and let's hope that
they get on and reform the RMA so we don't
have to do these workarounds to broken legislation that we
(05:05):
seem to be so fond of in New Zealand.
Speaker 2 (05:07):
Nice positive outlook, Phil, great to chat mate, Enjoy your
day and we'll talk again next week.
Speaker 1 (05:12):
Thanks Brian, Cheers mate.
Speaker 2 (05:13):
Fellow Riley, Managing Director of Iron Duke Partners in that
major announcement from the Reserve Bank two o'clock this afternoon
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