Latest / Best of Business / Barry Soper: Newstalk ZB senior political correspondent on the Government hiking the OCR to 2.75 percent

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Barry Soper: Newstalk ZB senior political correspondent on the Government hiking the OCR to 2.75 percent · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from Newstalk ZB. Follow this
• 0:13
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• 0:16
  Speaker 2: Barry Soap is with us. Hello, Barry.
• 0:18
  Speaker 1: Good afternoon, Heather.
• 0:19
  Speaker 3: OCR rise?
• 0:20
  Speaker 1: Yeah, it's a consensus view, which is interesting, isn't it?
• 0:24
  Speaker 1: I mean, obviously a rise is going to slow the
• 0:28
  Speaker 1: economy to some extent. I mean, the feeling is, the
• 0:32
  Speaker 1: economists that I've read, is that you won't see interest
• 0:36
  Speaker 1: rates at the bank, mortgage interest rates rising, although floating
• 0:40
  Speaker 1: rates may move, but a lot of people are still
• 0:43
  Speaker 1: on fixed rates. But, yeah, the floating, the OCR increase,
• 0:48
  Speaker 1: it will have, I think, an immediate effect on retailers
• 0:53
  Speaker 1: and other ones that you have to be concerned about
• 0:56
  Speaker 1: when something like this happens. It's like a great vacuum
• 0:59
  Speaker 1: cleaner sucking up money out of the economy, meaning that
• 1:02
  Speaker 1: people don't have money in their back pockets to go
• 1:05
  Speaker 1: into shops and spend it. And that's going to be tough,
• 1:08
  Speaker 1: I think, for retail, who are already finding it tough.
• 1:11
  Speaker 3: At the moment. So.
• 1:12
  Speaker 1: Yeah, it's going to slow it. They argue that it'll
• 1:16
  Speaker 1: mean there won't have to be more hikes, but there's
• 1:21
  Speaker 1: expected to be two more hikes before the end of
• 1:24
  Speaker 1: the year. But you'd have to say, you know, for
• 1:27
  Speaker 1: it being an election year, it's a tough one for
• 1:30
  Speaker 1: the government. I mean, you've had, you know, Donald Trump
• 1:33
  Speaker 1: with his tariffs. You've had the Iranian thing, the war.
• 1:37
  Speaker 1: and the effect that that's had on petrol prices. Now
• 1:40
  Speaker 1: you've got the Reserve Bank, just as things were starting
• 1:42
  Speaker 1: to look as though they might be improving, slowing, putting
• 1:46
  Speaker 1: the old brake on a bit again. So it's a
• 1:49
  Speaker 1: tough election year.
• 1:50
  Speaker 2: Yeah, the Nats won't be happy about it. I died
• 1:53
  Speaker 2: a bit inside for Ginny Anderson this morning, did you?
• 1:55
  Speaker 3: No.
• 1:55
  Speaker 2: When she was saying it, she was saying it, and
• 1:57
  Speaker 2: she was so adamant, and I just died for her.
• 2:00
  Speaker 1: Well, she got her wires crossed again. On her regular
• 2:03
  Speaker 1: slot you're talking about, she has on the Hosking show
• 2:06
  Speaker 1: with the Nats Mark Mitchell. She was laying down the
• 2:10
  Speaker 1: law she was on what effect the delay in petrol
• 2:14
  Speaker 1: taxes would have, clearly without knowing what the law was.
• 2:17
  Speaker 1: Here's the exchange.
• 2:19
  Speaker 2: When we came into government, there were potholes everywhere.
• 2:21
  Speaker 1: There was no maintenance being done. Now what they've said
• 2:23
  Speaker 1: is they've.
• 2:24
  Speaker 2: Got the zero... It's not even that.
• 2:25
  Speaker 1: Budget, Mark.
• 2:25
  Speaker 2: That's a different budget.
• 2:26
  Speaker 4: So you don't even know what you're talking about.
• 2:28
  Speaker 1: No, no, that money, that excise money is useless. on maintenance.
• 2:33
  Speaker 1: Do you not understand that?
• 2:34
  Speaker 2: No, it's not. It's not. It's a separate fund. You
• 2:36
  Speaker 2: need to go check that. It's a separate fund.
• 2:38
  Speaker 1: 100% it is used on maintenance.
• 2:39
  Speaker 2: The Land Transport Fund is for building roads. There's a
• 2:42
  Speaker 2: separate fund for road maintenance. And if you don't know
• 2:44
  Speaker 2: that and you want to be credible on financial things,
• 2:46
  Speaker 2: then you're really kidding me.
• 2:48
  Speaker 4: No, you are wrong.
• 2:49
  Speaker 1: Politics Wednesday, 16 past eight.
• 2:51
  Speaker 2: Ginny, do you want the bad news or the bad news? Yeah,
• 2:53
  Speaker 2: I just checked that. Let's go for the bad news. Yeah,
• 2:57
  Speaker 2: the bad news is it would appear you're wrong. Sorry,
• 2:59
  Speaker 2: I take that. I got it wrong.
• 3:01
  Speaker 1: Yeah, well, then it moved into the debating chamber this afternoon.
• 3:05
  Speaker 1: The Finance Minister took the proverbial out of Ginny Anderson,
• 3:10
  Speaker 1: who herself wasn't about to pull back, though. Here's Nicola
• 3:13
  Speaker 1: Willis's view of Anderson's performance on radio this morning, and
• 3:17
  Speaker 1: here's the Labour MP refusing to back down.
• 3:20
  Speaker 3: You know what you're talking about before you make up
• 3:22
  Speaker 3: policy on the fly.
• 3:23
  Speaker 4: Supplementary change.
• 3:26
  Speaker 3: I have confidence because I haven't had to correct statements
• 3:30
  Speaker 3: made on Newstalk ZB this morning after misleading people.
• 3:33
  Speaker 2: Is she really that out of touch that she thinks...
• 3:41
  Speaker 2: New Zealanders are leaving our country by choice.
• 3:45
  Speaker 3: Just to add salt to the wound of that member's
• 3:49
  Speaker 3: ignorance on the radio this morning, no, there is no
• 3:52
  Speaker 3: government law requiring people to leave the country against their will.
• 3:56
  Speaker 3: I think it's time that that member backtracked after yet
• 4:00
  Speaker 3: another incorrect claim.
• 4:02
  Speaker 2: I seek leave for the Honourable Ginny Anderson to have
• 4:03
  Speaker 2: an additional supplementary question in light of how well.
• 4:05
  Speaker 3: This one's going.
• 4:08
  Speaker 2: Has he done any recent polling in Hutt South lately? No, no, no.
• 4:14
  Speaker 1: Good from both of them. I've got to say, yeah,
• 4:16
  Speaker 1: she retrieved herself to some extent. And of course, that
• 4:19
  Speaker 1: was Chris Bishop. He runs against her in Hutt South.
• 4:23
  Speaker 1: He won the seat at the last election, but it's
• 4:26
  Speaker 1: not a foregone conclusion in that seat. So the polling
• 4:30
  Speaker 1: she got in. So Yes, she did. After a dreadful
• 4:34
  Speaker 1: day for her yet again, she pulled it back a bit.
• 4:38
  Speaker 4: What about Tamitha Paul, though?
• 4:40
  Speaker 1: Oh, goodness gracious me. Well, nobody's about to tell her
• 4:44
  Speaker 1: to calm the farm, it seems. She's certainly not being
• 4:48
  Speaker 1: pulled back by her political bosses. She may be wrong
• 4:51
  Speaker 1: about MPs buying houses and renting them out and having
• 4:56
  Speaker 1: the mortgage paid by the taxpayer. But have a listen
• 4:59
  Speaker 1: to part of her social media post and you'll understand
• 5:03
  Speaker 1: the politics behind all this.
• 5:05
  Speaker 4: There is a very small group of people, including the
• 5:08
  Speaker 4: government MPs, who are richer than they have ever been.
• 5:12
  Speaker 4: In fact, there is more wealth in this country than
• 5:15
  Speaker 4: there has ever been. And that's because there are a
• 5:18
  Speaker 4: very small number of people who are getting richer than
• 5:22
  Speaker 4: ever and changing the law to personally line their own
• 5:26
  Speaker 4: pockets and while the rest of New Zealanders are suffering
• 5:31
  Speaker 4: more than they ever have before. I want you to
• 5:34
  Speaker 4: understand that the government MPs are not like us. They
• 5:38
  Speaker 4: are not like us. They are super wealthy and they
• 5:42
  Speaker 4: represent the super wealthy.
• 5:44
  Speaker 1: Well, certainly the government MPs are not like her, but
• 5:48
  Speaker 1: she would want to be a government MP. After November
• 5:51
  Speaker 1: the 7th.
• 5:52
  Speaker 2: And she'll probably buy herself some rentals.
• 5:54
  Speaker 1: She will be richer herself than she's ever been before
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  Speaker 1: as well.
• 5:58
  Speaker 4: Barry, thanks very much. Barry Soper, Senior Political Correspondent, eight
• 6:01
  Speaker 4: away from five.