Podcasts about nicola willis

I have so many questions around the Government bailout of Golden Bay Cement, which is not in fact manufactured in Golden Bay, but in Northland. Fletcher owns the company and they said Golden Bay Cement operates New Zealand's only domestic cement manufacturing facility at Portland near Whangarei. It supplies nearly 60% of the cement used in New Zealand – about 95% of its output is sold domestically. Golden Bay Cement took a long hard look at the account books and participated in an independent assessment which confirmed that without support, rising costs —including carbon costs— would force the closure of the company and a shift to an import only model for cement from 2030. So in steps the Government with a $60 million payout. They say it's a specific one-time response to an exceptional set of circumstances, to keep the plant open at least through to 2040. In return, Golden Bay Cement has committed to continue producing cement at its Northland plant at least until 2040 and to invest at least 150 million through to 2040, phased over time. Finance Minister Nicola Willis told Heather du Plessis Allan last night the decision to offer a bailout was not made lightly and does not set a precedent. “We went through three steps. One, this is quite different in that it is strategically so important that you can produce cement for your domestic economy, that you're not exposed to not being able to have cement if there was an international trade disruption. Two, the financial case here is that actually this is a business that is working overall. The key thing is just that emissions cost. And three, we've set in place some really firm requirements that Golden Bay need to meet in order to get this cash with clawbacks if they don't meet those requirements. And that includes keeping production going through to at least 2040 making $150 million worth of investments in that manufacturing capability, keeping the jobs at that factory going, and having an open book exercise with us, the Government, so that we can audit that investment. So we set a very high bar, we took a very case by case approach. Believe you me, I did not want to be setting a precedent that we're going to keep doing this.” Well, yeah, you kind of have set a precedent though, haven't you? Because when you bail out one company, that's precedent. The other companies can say you've done it before, so it's a precedent. And Nicola Willis made the point that, oh, this is a thriving company, it's just that emissions cost. Yeah, about that... that's one of those questions. If it's just that emissions cost, then that's not going to change unless you change our obligation to the Paris Agreement and unless you do as other European countries have done and delay the introduction of the ETS or scrap it all together. So “just that emissions cost” is what's snookering a whole lot of New Zealand companies. Fletcher says that New Zealand manufacturers face carbon costs that importers largely avoid. They want to see a carbon border adjustment mechanism, something they say addresses the structural imbalance directly and would let the ETS work as intended without exposing domestic manufacturers like Golden Bay to ongoing domestic advantage. A CBAM would apply a carbon charge to imported goods based on the emissions generated during their production. While we're all being, hey look at us, we're being so good and we're saving the Arctic shelves and we're snookering our own companies because we believe in the greater good of the of the planet and the universe, other countries go, yeah, no, not for us. Not really. We don't buy into that whole ETS thing, so we're not going to do it. They can make their goods a whole lot cheaper on so many levels without the ETS even coming into it. Add the ETS on that, the fact that they're ignoring it completely, no wonder their goods are cheaper. So as Fletcher says, why don't we bring in the carbon border adjustment mechanism so wherever it's made in the world, you have to pay your ETS if we're all going to buy into that. How is a one-off payment going to help given the trading environment isn't changing or they've given no indication of the ETS obligations changing anytime soon? And they won't under Labour and Greens, if anything they'd go up. And if Golden Bay is so critical, why isn't Carter Holt Harvey's pulp and paper and plywood? I would have thought that was pretty critical too. Except of course they closed down and it wasn't an election year. Perhaps that's the difference. Last year Carter Holt Harvey saw the closure of Kinleith and Eves Valley sawmill with the loss of hundreds of jobs. We had the closure of Ravensdown, Smithfield, and Ruapehu. Each of these towns and regions could argue that what they made was critical to the supply chain. It was certainly critical to the economic viability of their particular region, which is not awash in situations vacant. Cameron Bagrie has called the bailout of Golden Bay corporate welfareism. Of course it is. Fletcher says it's not, the Government says it's not, but if it's taxpayer money going to an entity that can't support itself, that's welfareism. Nicola Willis might not want to set a precedent, but she has. And a one-off payment is not going to fix the problem, as Fletcher points out. We have signed up to the Paris Accord, we've said, oh yes, bring on the ETS, please let's cripple ourselves so we can maintain the moral high ground. And in the meantime, we're going to have to import goods that are made by other countries that have stuck two fingers to Paris and said we can't afford it. How does that work? How do we maintain the moral high ground by buying goods from countries that are ignoring their carbon offset obligations? We do our own companies out of business, we put people out of work, and we buy from countries that ignore the ETS. It doesn't make any sense to me at all. See omnystudio.com/listener for privacy information.

I have so many questions around the Government bailout of Golden Bay Cement, which is not in fact manufactured in Golden Bay, but in Northland. Fletcher owns the company and they said Golden Bay Cement operates New Zealand's only domestic cement manufacturing facility at Portland near Whangarei. It supplies nearly 60% of the cement used in New Zealand – about 95% of its output is sold domestically. Golden Bay Cement took a long hard look at the account books and participated in an independent assessment which confirmed that without support, rising costs —including carbon costs— would force the closure of the company and a shift to an import only model for cement from 2030. So in steps the Government with a $60 million payout. They say it's a specific one-time response to an exceptional set of circumstances, to keep the plant open at least through to 2040. In return, Golden Bay Cement has committed to continue producing cement at its Northland plant at least until 2040 and to invest at least 150 million through to 2040, phased over time. Finance Minister Nicola Willis told Heather du Plessis Allan last night the decision to offer a bailout was not made lightly and does not set a precedent. “We went through three steps. One, this is quite different in that it is strategically so important that you can produce cement for your domestic economy, that you're not exposed to not being able to have cement if there was an international trade disruption. Two, the financial case here is that actually this is a business that is working overall. The key thing is just that emissions cost. And three, we've set in place some really firm requirements that Golden Bay need to meet in order to get this cash with clawbacks if they don't meet those requirements. And that includes keeping production going through to at least 2040 making $150 million worth of investments in that manufacturing capability, keeping the jobs at that factory going, and having an open book exercise with us, the Government, so that we can audit that investment. So we set a very high bar, we took a very case by case approach. Believe you me, I did not want to be setting a precedent that we're going to keep doing this.” Well, yeah, you kind of have set a precedent though, haven't you? Because when you bail out one company, that's precedent. The other companies can say you've done it before, so it's a precedent. And Nicola Willis made the point that, oh, this is a thriving company, it's just that emissions cost. Yeah, about that... that's one of those questions. If it's just that emissions cost, then that's not going to change unless you change our obligation to the Paris Agreement and unless you do as other European countries have done and delay the introduction of the ETS or scrap it all together. So “just that emissions cost” is what's snookering a whole lot of New Zealand companies. Fletcher says that New Zealand manufacturers face carbon costs that importers largely avoid. They want to see a carbon border adjustment mechanism, something they say addresses the structural imbalance directly and would let the ETS work as intended without exposing domestic manufacturers like Golden Bay to ongoing domestic advantage. A CBAM would apply a carbon charge to imported goods based on the emissions generated during their production. While we're all being, hey look at us, we're being so good and we're saving the Arctic shelves and we're snookering our own companies because we believe in the greater good of the of the planet and the universe, other countries go, yeah, no, not for us. Not really. We don't buy into that whole ETS thing, so we're not going to do it. They can make their goods a whole lot cheaper on so many levels without the ETS even coming into it. Add the ETS on that, the fact that they're ignoring it completely, no wonder their goods are cheaper. So as Fletcher says, why don't we bring in the carbon border adjustment mechanism so wherever it's made in the world, you have to pay your ETS if we're all going to buy into that. How is a one-off payment going to help given the trading environment isn't changing or they've given no indication of the ETS obligations changing anytime soon? And they won't under Labour and Greens, if anything they'd go up. And if Golden Bay is so critical, why isn't Carter Holt Harvey's pulp and paper and plywood? I would have thought that was pretty critical too. Except of course they closed down and it wasn't an election year. Perhaps that's the difference. Last year Carter Holt Harvey saw the closure of Kinleith and Eves Valley sawmill with the loss of hundreds of jobs. We had the closure of Ravensdown, Smithfield, and Ruapehu. Each of these towns and regions could argue that what they made was critical to the supply chain. It was certainly critical to the economic viability of their particular region, which is not awash in situations vacant. Cameron Bagrie has called the bailout of Golden Bay corporate welfareism. Of course it is. Fletcher says it's not, the Government says it's not, but if it's taxpayer money going to an entity that can't support itself, that's welfareism. Nicola Willis might not want to set a precedent, but she has. And a one-off payment is not going to fix the problem, as Fletcher points out. We have signed up to the Paris Accord, we've said, oh yes, bring on the ETS, please let's cripple ourselves so we can maintain the moral high ground. And in the meantime, we're going to have to import goods that are made by other countries that have stuck two fingers to Paris and said we can't afford it. How does that work? How do we maintain the moral high ground by buying goods from countries that are ignoring their carbon offset obligations? We do our own companies out of business, we put people out of work, and we buy from countries that ignore the ETS. It doesn't make any sense to me at all. See omnystudio.com/listener for privacy information.

Nicola Willis told us she did not take the decision lightly, and well, she might have said that. She's lucky it's only cost $60 million. We still don't know the terms, but we need to. This is Golden Bay Cement, and the Government has come to their rescue. Without this help, allegedly, they would have closed. There is only one supplier in the country – this in and of itself would seem to be an issue. They produce 60% of what we use. Is the other 40% cheaper? And what of the climate mitigation issues Fletchers speak of? Why do we worry about the 60% and not the other 40%? Why is climate so important in the cement business, and is climate worth worrying about if it means the closure of business and the loss of jobs? That is one of the questions of the age, especially given the Europeans over the weekend signalled their intentions to pull back on climate expectation for businesses for exactly the same reasons. Climate versus jobs? We quite like the work, thanks. Fletcher Building is the owner and a company with no shortage of drama around their reputation and activities, but not a business desperate, you wouldn't have thought, for $60 million. But, and here is the crunchy bit, they're a company that in straightened times is perfectly entitled to pull the pin on things that aren't working. So, a good business decision, or blackmail? Is the business run as they claim? In other words, it's not workable, or are they a bit useless? Britain is having the same conversation currently over a nationalised steelworks involving the Chinese and a water company that's on its knees. The trouble is the specifics and the precedent. Every story is unique. Can a government write a cheque for one-offs? Maybe. Does it set a potential precedent? Yes. Should the Government be in cement? No. Should we be more resilient in the basics of things like building materials? Yes. We have just had that debate by cleaning out an old tank at Marsden. Resilience is important. So I don't mind this as a one off. But is it a bad business or is it a business hampered by dumb rules around climate? And if it's the latter, would a change of rules fix the problem better than a bailout cheque would? See omnystudio.com/listener for privacy information.

Finance Minister Nicola Willis joined Heather du Plessis-Allan for their weekly chat. On the Golden Bay Cement bailout, Willis defended the Government's decision to not change the ETS and instead provide funding directly to the company. "If we had said 'actually no, the ETS doesn't apply to you, Golden Bay Cement', there would have been a conga, well, there could have been a conga line of others who would have said, 'hey, we don't want the ETS to apply to us either.'" Willis also confirmed that Erica Stanford is expected to make announcements on a potential social media ban in the coming weeks. LISTEN ABOVESee omnystudio.com/listener for privacy information.

A $60 million corporate welfare cheque for Golden Bay cement is fixing a symptom but not the disease. It's taxpayer money. It's not a loan. It's free money. Owner Fletcher Building has agreed, in return, to keep the thing open till 2040 and invest $150m phased over time. No doubt cement is important for building the country. But so was refined oil. We offshored that. So is milled timber, which we let go. So is food production, which we're letting fall over too. This is the problem with welfare. Once you start handing it out, everyone wants a piece of the pie. Fletcher Building is a conglomerate, listed both here and on the ASX. Their results are due out next month, which will now be watched very closely. Last week, the company increased its earnings guidance and turned a $45 million profit in the half year to December. Sure, it's not been without its problems and we've kept you updated on their restructures and legacy problems and the general state of construction. The only reason the government is doing this, in my view, is because unlike the other examples of paper mills and Wattie's, this one's caused not just by the price of labour and energy going north. It's the ETS. Fletchers buys credits to emit carbon while making its cement. This cost made the Northland plant unviable. Dead man walking. You can import cheap cement from offshore where they don't pay for emissions. Which makes them a cheaper option and we get undercut. The government reckons they went with a bailout rather than changing the ETS rules because they didn't want companies lining up for handouts. But that's exactly what will happen anyway. Any plant at risk of closure paying for emissions is now fair game. This might look like a single small-ish payment to a single business but it's actually a blank cheque they've signed, with the election round the corner, the sky's the limit.See omnystudio.com/listener for privacy information.

Nicola Willis told us she did not take the decision lightly, and well, she might have said that. She's lucky it's only cost $60 million. We still don't know the terms, but we need to. This is Golden Bay Cement, and the Government has come to their rescue. Without this help, allegedly, they would have closed. There is only one supplier in the country – this in and of itself would seem to be an issue. They produce 60% of what we use. Is the other 40% cheaper? And what of the climate mitigation issues Fletchers speak of? Why do we worry about the 60% and not the other 40%? Why is climate so important in the cement business, and is climate worth worrying about if it means the closure of business and the loss of jobs? That is one of the questions of the age, especially given the Europeans over the weekend signalled their intentions to pull back on climate expectation for businesses for exactly the same reasons. Climate versus jobs? We quite like the work, thanks. Fletcher Building is the owner and a company with no shortage of drama around their reputation and activities, but not a business desperate, you wouldn't have thought, for $60 million. But, and here is the crunchy bit, they're a company that in straightened times is perfectly entitled to pull the pin on things that aren't working. So, a good business decision, or blackmail? Is the business run as they claim? In other words, it's not workable, or are they a bit useless? Britain is having the same conversation currently over a nationalised steelworks involving the Chinese and a water company that's on its knees. The trouble is the specifics and the precedent. Every story is unique. Can a government write a cheque for one-offs? Maybe. Does it set a potential precedent? Yes. Should the Government be in cement? No. Should we be more resilient in the basics of things like building materials? Yes. We have just had that debate by cleaning out an old tank at Marsden. Resilience is important. So I don't mind this as a one off. But is it a bad business or is it a business hampered by dumb rules around climate? And if it's the latter, would a change of rules fix the problem better than a bailout cheque would? See omnystudio.com/listener for privacy information.

The Reserve Bank just delivered an interest rate hike that the National Party desperately wanted to avoid. This completely shatters their script, yet Nicola Willis is trying to spin this as a sign of a strengthening economic recovery. We check in with Ani O'Brien and Ashley Church to see if this economic turnaround is actually real or just more Wellington spin. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Finance Minister's again reiterating the volatility of oil prices as fighting resumes between the US and Iran. US President Donald Trump's declared the ceasefire is over as both sides accuse the other of breaching the terms of the ceasefire agreement. American forces have hit dozens of Iranian targets, while Iran's fired drones at US bases in response. Finance Minister Nicola Willis told Mike Hosking she'd just been celebrating falling petrol prices. She says in the past 24 hours, oil prices have jumped 5%. LISTEN ABOVE See omnystudio.com/listener for privacy information.

On the Mike Hosking Breakfast Full Show Podcast for Thursday 9th of July, Finance Minister Nicola Willis speaks on the Official Cash Rate, and Luke Jacobson tells us how the All Blacks will beat Italy this weekend. Dr Anna Breman explains the Reserve Bank's decision to raise the OCR by 25 basis points. And Kate Hawkesby and Tim Wilson discuss the All Blacks' travelling gear, going to restaurants with bare feet, and school holidays as they Wrap the Week. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Nicola Willis and Carmel Sepuloni joined Morning Report this morning for the Weekly Political Panel.

The Finance Minister is hopeful that New Zealand's exports will grow significantly over the next ten years. If reelected, National says it will pursue trade negotiations with Brazil, Switzerland, Argentina, Bangladesh, Nigeria, Uruguay and the European Free Trade Association. It would seek talks with a further six trading nations over the next decade. Nicola Willis says it's likely there will be more demand for New Zealand-made products over the years as the market grows and changes. "If you'd asked me 20 years ago - what will China buy from us? I probably wouldn't have predicted some of the products that they now buy from us. I wouldn't have said that they would be an importer of our wine, that they would be such a massive importer of dairy products." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister is hopeful that New Zealand's exports will grow significantly over the next ten years. If reelected, National says it will pursue trade negotiations with Brazil, Switzerland, Argentina, Bangladesh, Nigeria, Uruguay and the European Free Trade Association. It would seek talks with a further six trading nations over the next decade. Nicola Willis says it's likely there will be more demand for New Zealand-made products over the years as the market grows and changes. "If you'd asked me 20 years ago - what will China buy from us? I probably wouldn't have predicted some of the products that they now buy from us. I wouldn't have said that they would be an importer of our wine, that they would be such a massive importer of dairy products." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Yesterday, Treasury released a whole lot of documents showing the advice it gave the Government during the early days of the fuel crisis. One of the key things was a recommendation not to cut fuel taxes or road user charges, because it didn't think it was needed. The Government went with the advice. But, you might also remember, that the Government went a step further than that and said that the fuel tax increase - due to kick in at the start of next year - was unlikely. Which I thought was a bad move. And I still do. In the reports I've seen about yesterday's document dump, there's nothing about any Treasury advice on next year's increase. But there's two reasons for that: 1. This advice was to help the Government deal with things in-the-moment. And 2. When Nicola Willis and Chris Bishop poured cold water on the fuel tax increase, that was just politics. Because, as you'll remember, there were all sorts of people crying out for help. The Government went ahead with the support for low-to-middle income earners. But that was it. And it knew it wouldn't be a good look if it said no to everyone else wanting help and, in the same breath, said it was also going ahead with next year's fuel tax increase. But that was a bad move by the Government. My view on that hasn't changed. And that's why I think the Government needs to bite the bullet and press on with the fuel tax increase early next year. As planned. There'll be plenty of people who will say that they couldn't afford fuel taxes increasing. But I don't think the country can afford not to increase them. And I'm not the only one. Deputy Prime Minister David Seymour thinks the same. He says the Government shouldn't do anything to limit its revenue from fuel taxes because of the long-term consequences for the Government's finances. And what he's talking about there, is limiting or restricting the amount of money the Government gets in to pay for road maintenance and construction. It also helps pay for things like public transport. The Finance Minister even acknowledged this negative impact when she said a few months back that the fuel tax increase was unlikely to go ahead. So, in its heart of hearts, the Government knows that increasing fuel taxes is a no-brainer. Which it is. The Government knows it. We know it. So there's only one thing for it to do. It needs to stop being so antsy and it needs to commit to putting the fuel taxes up, as planned, early next year. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister believes all signs are pointing to economic growth this year. The International Monetary Fund's recommending the country continue to hike taxes and make spending cuts. It predicts the economy will grow by 2% throughout this year, rising to 2.7% next year. Nicola Willis told Mike Hosking the IMF's quite optimistic about our growth this year, and she believes the economy's ready to bounce back. She says they see it starting to recover after a difficult few months, and all of the bank economists agree. The IMF's also broadly happy with the Government's targeted response to the oil price shock. It believes the annual inflation rate will peak at 4% within the next few months thanks to high oil prices, before dropping back. Willis told Hosking inflation would've been a huge problem if the Government unfurled the money hose like a lot of people wanted. She says there was a lot of talk about cutting petrol tax, and giving people extra cash in their back pocket. LISTEN ABOVE See omnystudio.com/listener for privacy information.

On the Mike Hosking Breakfast Full Show Podcast for Thursday 2nd of July, Finance Minister Nicola Willis responds to the latest IMF report, which seems to have good economic news for us. L.A.B are launching their own festival in a sector where most are losing money or shutting down. So, do they have the magic? CNN anchor Richard Quest talks everything from oil, to the war in the Middle East, to AI, and the fascinating world we live in right now. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Nicola Willis and Carmel Sepuloni joined Morning Report this morning for the Weekly Political Panel.

Oil prices have plunged with the shaky ceasefire between the US and Iran, and it's sparked discussion about what's going to happen next. It's bringing consumers some ease at the pump, with 91 dipping below $3 a litre. Finance Minister Nicola Willis says she's 'pleased' to see prices coming down, but prices need to stay below the $3 limit for four weeks in a row before they end the fuel support package. "If that oil prices spikes up again in response to events in the Middle East, you might see that the petrol price at the pump bump up again. But we're all crossing our fingers...and hoping it stays low." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Nicola Willis and Carmel Sepuloni joined Morning Report for the Weekly Political Panel.

Weekly interview with opposition leader, Chris Hipkins; Nicola Willis answers listeners questions on KiwiSaver policy; BBC's Rob Watson discusses Starmer's resignation, Mayors call for cross-party support over bed tax; Author compiles Southern Hemisphere's greatest novels

The National Party has outlined numerous changes to KiwiSaver they would enact if re-elected. National's finance spokesperson Nicola Willis spoke to John Campbell.

Almost all New Zealanders chose to not opt out of increasing their KiwiSaver payments. Minimum contributions increased from 3 percent in April to 3.5, although people could remain at 3 percent if they wished. Finance Minister Nicola Willis says it's important the Government set out their direction to increase contributions further." "Setting the direction out now makes it clear where we're going, it gives everyone time to adjust." LISTEN ABOVESee omnystudio.com/listener for privacy information.

On the Mike Hosking Breakfast Full Show Podcast for Friday 19th of June, Finance Minister Nicola Willis talks the state of the economy after the Q1 GDP number and makes a comment about Shane Jones' trip. Wellington's Chamber of Commerce celebrates the cancellation of the Golden Mile project but still wants something to be done about Courtenay Place. We preview the Super Rugby Final with the Hurricanes' Malcolm Gillies and Chiefs' Simon Graafhuis and celebrate yet another Warriors sellout —this time in Christchurch— with Cameron George. Tim Wilson and Kate Hawkesby Wrap the Week – discussing the holiday and the new business that's popped up near Newstalk ZB. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Nicola Willis says the Government's focused on the country's long-term economic outlook. GDP's risen 0.8% in the March quarter. The Economic Growth Minister says the June quarter won't be as sunny, as many businesses and households have been hit hard by the Iran war and fuel crisis. But she told Mike Hosking the global oil prices are tracking lower than Treasury had forecast. She says there's every reason to believe that flows through to lower prices at the pump, lower inflation, and better prospects for the economy overall. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Nicola Willis and Carmel Sepuloni joined Morning Report this morning for the Weekly Political Panel.

On the Mike Hosking Breakfast Full Show Podcast for Tuesday 16th of June, International Security Expert Matthew Schmidt unpacks the reported peace deal between the US and Iran. Finance Minister Nicola Willis discusses the impact the deal could have on New Zealand's economy. The All Whites are set to play their first match of the FIFA World Cup against Iran this afternoon – Football NZ CEO Andrew Pragnell previews the match. And Neuroscientist Kerry Spackman explains how to succeed in his new book ‘The Winner's Formula'. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Finance Minister says it's still too early to say whether we're seeing the beginning of the end of the fuel crisis. Prices have already fallen significantly since the US-Iran peace deal was announced. Traders on prediction market Kalshi are now picking the Strait of Hormuz to reopen and be fully back to normal by August. But Nicola Willis told Mike Hosking while the deal is clearly good news, she's waiting to see how the situation develops. She says it's still fragile and we've had breakthroughs in the past only to go backwards, so she's not counting her chickens just yet. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Nicola Willis goes on the offensive to smoke Labour out over a massive $18.2 billion fiscal hole. We pull apart their shaky new public transport policy after a painful interview exposed numbers that simply do not stack up. Plus, former lawyer Christopher Harder joins us ahead of Wednesday to break down shocking allegations of a top-level conspiracy and doctored documents over Pike River. Learn more about your ad choices. Visit megaphone.fm/adchoices

News of a peace agreement to be signed this between Iran and the US is prompting optimism about fuel prices and the global economy, but the Finance Minister is staying cautious. Both sides have agreed a deal, to be formally signed in Switzerland on Friday - and it's understood the the Strait of Hormuz will reopen and 60 days of nuclear negotiations will commence. Nicola Willis says there's been breakthroughs followed by backsliding over the last few months as the conflict continued. "I'm steeled for possibly bad news, but hopeful this is going to stick because we've already seen the global oil price come down pretty significantly as a result, and I'd love to see it keep coming down." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Okay, so we've had the first little parry of the election campaign, with Nicola Willis calling a news conference to accuse Labour of numbers that don't add up, and then Barbara Edmonds responding. I'm going to call this - by the slimmest of margins - for Edmonds. I think she actually won this exchange purely by holding her ground, sounding confident and pointing out that she doesn't actually have to have public numbers that add up just yet. It's June. The election is five months away. Labour hasn't announced all its policies yet - heck, it's only announced about three or four. They are entitled to have a little bit of time to roll out the full suite of policies and the full fiscal plan in the next few months. Now, this is not to say that Willis is wrong in her assertion. I think, in time, she's going to be proven right that Labour's numbers don't add up. That $20-a-week public transport policy has been hugely under-costed. Reinstating pay equity will cost billions of dollars Labour doesn't have; they're just going to have to put that on the debt. The capital gains tax is not going to bring in the amount of money that Labour says it will. So Willis is right - Labour hasn't got the money - but her timing is wrong. She has gone too hard, too early. But Willis also has a significant side issue of her own here, which is that she doesn't hold the economic high ground. She doesn't have the money either for what the National Party has promised, particularly regarding the Roads of National Significance. They promised 17 of them. We are not going to get 17 of them while these guys are in power. These roads are now being downgraded - as in the case of Mill Road and one other - or they're being delayed to the point that we only had one of these roads delivered in the latest Budget. Now, obviously, an early parry doesn't win an election. I think this is a case of Labour having - yep, sure - won an early battle but they're still going to lose the war. But what this should tell you is that Edmonds is maybe just a little bit better than some people would estimate her to be. And timing, as they say, is everything. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Tonight on The Huddle, Trish Sherson from Sherson Willis PR and Child Fund CEO Josie Pagani joined in on a discussion about the following issues of the day - and more! Matthew Hooton has been appointed the new editor of The Post - what do we think of this? Nicola Willis has raised concerns over Labour's plans for public transport - but was her timing wrong? Could she have handled this better? LISTEN ABOVESee omnystudio.com/listener for privacy information.

National's finance spokesperson Nicola Willis says she's done Labour's homework for them, laying out a list of opposition policy pledges she says are unfunded. Labour's finance spokesperson Barbara Edmonds spoke to John Campbell.

On the Mike Hosking Breakfast Full Show Podcast for Monday the 15th of June, Barbara Edmonds defends the Labour Party against Nicola Willis' claim of an 18 billion dollar "hidden bill." Mike also talks to the Prime Minister about Labour's spending and whether the government will bring in a bed tax. We find out whether a peace deal between the US and Iran is imminent. Mike's also back from his holiday - and tells us about the joy of seeing your children spreading their wings and living their dreams. The Commentary Box talks the Football World Cup, the upcoming Super Rugby Final and how the Warriors need to bounce back after back-to-back losses. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.See omnystudio.com/listener for privacy information.

Nicola Willis and Carmel Sepuloni joined Morning Report this morning for the Weekly Political Panel.

So the LNG power plant is set to go ahead to protect us when renewables run low. The Government must be satisfied that the business case stacks up, because that's what they said they would consider. At the same time, the Government will be cracking down on power companies during dry-year shortages. Fines for failing to secure enough backup electricity could jump from $2 million to as much as $10 million, or 10 percent of turnover. That's a hefty fine The Electricity Authority will also get stronger powers to monitor supply risks. Energy Minister Simeon Brown says New Zealand's renewable boom still needs reliable backup when hydro lakes are low and wind and solar can't meet demand. He argues that LNG is the fastest and most practical short-term solution to avoid blackouts, soaring prices and business shutdowns during dry years. But of course, the fly in the ointment is: who's going to pay for it? The Government certainly doesn't want to. They've scrapped plans for a levy on power bills to fund the billion-dollar terminal. People argued that would effectively become a gas tax for consumers - and we know this Government does not want to be associated with new taxes. So Brown says the electricity sector will instead help fund the project, with two companies now shortlisted to build it - and there's the rub. If it's a gentailer - if the gentailers foot the bill - they are the electricity sector. So how can the Government prevent them from passing on the cost? It's the same pickle they got into with the levy on banks. Nicola Willis was adamant that banks would not pass those costs on to New Zealanders. But when pressed in an interview on Q+A, she couldn't give a reason why they wouldn't - other than the goodness of their hearts. The Government can't force a private company to, you know, absorb costs within its structure. There's an aversion to increasing taxes but at the moment all they're doing is passing the job on to private companies, which will - of course - factor these costs into their pricing. That includes the cost of the LNG terminal. So call it whatever you like - the result is the same. We all end up paying for it, one way or another. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Government has quietly set aside $1 billion from next year's Budget but is refusing to say where it'll go. It amounts to 22 million dollars in 2027/28, before ramping up over a four-year period. Infometrics principal economist Brad Olsen told Heather du Plessis-Allan that this is not a common occurance. "That is just a little bit of an odd approach," he said. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Now, I can't imagine Labour's woken up feeling awesome this morning about how that reset is going. What do you think? This is a reset – you do realise that. After months of saying nothing, having no new policy and generating headlines for Ayesha Verrall singing weird songs about ducks, they started this week with a classic reset move. They got themselves a story in the Herald on Monday, claiming Nicola Willis tried to hide secret spending in the Budget. Then they followed it up really quickly with a list announcement, unveiling the policeman candidate. And then tomorrow they were supposed to have their big, substantive policy announcement – something they haven't done in months. It was meant to be this run of good news. Unfortunately for them, it's gone a little bit pear-shaped, hasn't it? The “secret money” has turned out to actually just be an accounting provision. The list announcement got derailed by Greg O'Connor taking a crack at them. Then the new guy for one of the Māori seats revealed there's some tax relief policy coming – which he wasn't supposed to say. Then Chippy got busted for using his government KiwiSaver to buy a bach, and the policeman didn't tell his bosses early enough that he was off to join the Labour Party. All of this is not a good look for Labour, because they can hardly expect to convince voters they're ready to govern if they can't even get 24 hours' worth of announcements to go to plan without being derailed by four or five different issues. But to be fair to Labour, the last 24–48 hours is really not the end of the world. A lot of this is pretty beltway stuff – at least the parts involving the policeman are. In five months' time, when the election rolls around, no one but the biggest political nerds in this country will remember any of it. Five months gives them plenty of time to fix all of this, but they really do have to get on and fix it, because this is the same problem, just repeated – the same problem as the Ayesha Verrall duck-song situation. It looks like a party unable to get its act together and just do one thing properly. See omnystudio.com/listener for privacy information.

The Finance Minister is promising more detail is coming regarding a billion dollar pre-Budget allocation. The funding's been labelled 'secret spending' by Labour. Nicola Willis says this reflects the Government's provision for a potential capital to operating forecast change in transport spend - that can be subject to future decisions. "That is literally what it is, and we will be taking policy decisions on that over the next few weeks and months." LISTEN ABOVESee omnystudio.com/listener for privacy information.

Secretly, I think Nicola Willis and Winston Peters are enjoying their performative scrap against each other. Their war of words highlights the differences between each party and their philosophies and that's handy in an election year. Nicola's warnings over superannuation reinforce her credentials as the representative of fiscal prudence - the guardian of our economy. Winston's refusal to change super in any way, shape or form reinforces his credentials as a defender of the rights of the elderly. But it also reinforces something we should never forget about Winston Peters. He's in this Government and is being seen, along with his coalition partners, as a warrior against excessive Government spending. Yet his track record suggests otherwise. I mean, who can forget his Provincial Growth Fund - that $3 billion lolly scramble that was criticised by the Audit Office for a lack of oversight? Even in this coalition Government, he has continued to have a slush fund for regional development. The New Zealand First Regional Fund is a $1.2 billion capital fund established in the coalition agreement. And now, his Ministry of Foreign Affairs and Trade has been revealed to be a major funder of the Moana Pasifika rugby side since its inception. There is also talk he is willing to mount some sort of salvage campaign, again using taxpayers' money. I think it's important to remind ourselves that, in some respects, Winston Peters is an old-fashioned conservative -but he also resembles an old-fashioned socialist who believes in the primacy of Government and in the paternalistic splashing around of public money to curry favour. These are all things to remember if you are abandoning National for New Zealand First under the false belief that Winston will introduce greater financial rigour than already exists. It also serves as a reminder of why Winston went with Labour back in 2017 in the first place. LISTEN ABOVESee omnystudio.com/listener for privacy information.

TSB and Heartland Bank are looking to join forces by the end of the year. TSB owner Toi Foundation's seeking feedback on the plan to join with Heartland Bank, to the tune of $620 million. Finance Minister Nicola Willis welcomes this decision to team up and take on the big Australian banks. "That's positive, and good for the state of banking competition." LISTEN ABOVESee omnystudio.com/listener for privacy information.

The government wants us to think they are being caring but responsible with this budget, but the economists aren't buying it. We look past the 30 press releases to find out what this means for your back pocket. From a sneaky new banking tax on savers to kicking real savings down the road, we break down why the math just doesn't add up. Learn more about your ad choices. Visit megaphone.fm/adchoices

Return to surplus? Nicola Willis charts economic recovery Finance Minister Nicola Willis delivered her third and final Budget Day speech for the parliamentary term this week. A Budget delivering investment in health, infrastructure and defence, the Minister has described it as "responsible" - while Opposition voices have criticised the lack of stimulus for ordinary New Zealanders facing cost-of-living pressures. The big bonus is a forecast return to surplus in financial year 2028/29, one year earlier than previously forecast, using the government's favoured forecasting tool, OBEGALx. Five months out from the general election, Nicola Willis joins Jack Tame to discuss the government's record on economic stewardship, why the new bank tax won't be passed onto consumers, and US Secretary of War Pete Hegseth's "freeloaders" comment on New Zealand's defence spending. Children's Commissioner: The cost of child poverty In Budget 2026, Treasury published New Zealand's latest child poverty statistics. It's a grim picture, and one that isn't improving much: the number of households in material hardship is estimated to be 14 percent, with a 2028 target of six percent. Children's Commissioner Claire Achmad joins Jack Tame to lay out the cost of persistent child poverty and discusses the workability of a forthcoming ban of social media for under-16s. Why populist nationalism won't stop immigration Five months from the election, immigration is being framed by political parties as a critical election issue, with the Prime Minister warning the wrong policies could damage social cohesion. In New Zealand in 2026, migration is the main source of population growth, with the nation's fertility rate slumping to 1.6, below replacement levels. Is an immigration backlash the inevitable response to a globalising world? Jack Tame speaks to author and CEO of geospatial analytics company AlphaGeo Dr Parag Khanna. Join Jack Tame and the Q+A team and find the answers to the questions that matter. Made with the support of NZ on Air.

Keeping NZ super as it is, is a strike against intergenerational equity according to the Finance Minister Nicola Willis. Winston Peter's has described her comments as a "sad point". There were no changes to the super scheme in the Budget. But the finance minister took the opportunity to raise serious concerns about the cost of the universal benefit. Nicola Willis said super costs are rising sharply with the bill going from $20 billion in 2020 to a forecast $30 billion in 2030. NZ First Leader Winston Peters spoke to Lisa Owen.

On the Mike Hosking Breakfast Full Show Podcast for Friday 29th of May, we got the trades' reaction to the Budget and an economist's thoughts on what the books might look like in a couple years' time. Finance Minister Nicola Willis and Winston Peters both relay their wins from Budget Day. And Kate Hawkesby and Tim Wilson discuss Mike's holiday, the Music Awards, and Oura Rings. Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. LISTEN ABOVE See omnystudio.com/listener for privacy information.

Finance Minister Nicola Willis hopes her Budget will convince voters to re-elect the Government in November. It includes significant investment in infrastructure and health. It also shows a return to surplus in the 2028/29 financial year – a year sooner than previously forecast. The forecast uses the OBEGALx measure, which excludes ACC. Willis told Mike Hosking her message is simple. She says the Opposition would borrow and spend more, which would put the country's future at risk. The Finance Minister is also defending the new 1% levy on banks, insurers, and other financial market participants, which would be used to regulate the sector. Willis yesterday directed banks not to pass on the cost of the levy to their customers, saying they're the most profitable companies in the country and do very well for themselves. Asked by Hosking why she didn't increase tax on high-earning individuals like himself using the same logic, Willis said she didn't want him “flying off overseas”. She says that the idea that taxing high-earners more and they'll be more inclined to invest in New Zealand doesn't make sense, but when it comes to banks, it's a tiny, tiny levy relative to their bottom line. The move brings New Zealand into line with other countries like Australia and the UK, Willis says. LISTEN ABOVE See omnystudio.com/listener for privacy information.

I asked for the surplus to arrive sooner than previously forecast and, as though she was listening this time yesterday, the first words out of Nicola Willis' mouth were it will be a year ahead of schedule. You can't ask for more than that. That's not an election year lolly, but I'm increasingly of the belief that a growing number of New Zealanders have got the message. A growing number of us have been shaken into the cold, hard reality that $9 billion a year in debt servicing is absurd and it can't continue. We need to cut our cloth and that, in many respects, was what yesterday was about. It's probably brave in election year to run things this tight. But it's also the adult thing to do. So the message, politically, is stark. If you want free stuff the current Government aren't really for you. If you want grown-ups paying for life as they earn it then this may be the lot that gets your vote. I do worry about health. Yes, health was a big, multibillion dollar winner and the hardware, the facilities and the equipment need a spruce up and, yes, bits and parts are squeezed. But the health bill for five million people seems amazing to me and not in a good way. There has to be savings to be had there. $17,000 for every house is not right. I didn't use my $17,000 last year, so someone did. The roads improvements in the tricky bits of the country I like. Build them properly and deal to the future – don't patch it up. We already know about education. A revolution is on and we will all be better for it. You know I'm a trades fan. There were big wins for good, old fashioned, but increasingly important, jobs. Not every kid wants a BA and even if they did get one, it doesn't mean a job is waiting. The world will always want a sparky or a mechanic. There were the basics, the rational and the logic. There was a good message about three parties doing collegial work. There were wins for each of them, all mixed up with the overarching message that the madness, fiscally, has stopped and the reality has arrived. But, big picture, get it right. This is a place that has its best days ahead of it. I liked it. It's an easy 7/10. See omnystudio.com/listener for privacy information.

The finance minister said there'll be no surprises and no sugar hits in this year's Budget, as she picks up her pride and joy from the printer. Nicola Willis isn't giving it a nickname this year, but one of her coalition partners is calling it a tough love Budget. MPs are split on whether they should apply some of that tough love to themselves, as their perks and pay rises come into the spotlight. Political reporter Giles Dexter has more.

Nicola Willis and Carmel Sepuloni discuss tomorrow's Budget on Morning Report, for our Weekly Political Panel.

The funding feud between Nicola Willis and Winston Peters is continuing, amid revelations the Ministry for Foreign Affairs will not have to find savings in this year's Budget.

Winston Peters has come out on top in his funding feud with Nicola Willis, successfully saving his Ministry of Foreign Affairs from any cuts in this year's Budget. Deputy political editor Craig McCulloch spoke to John Campbell.

Nicola Willis and Carmel Sepuloni joined Morning Report this morning for the Weekly Political Panel.