Latest / Early Edition with Ryan Bridge / Full Show Podcast: 03 September 2026

Transcript

Full Show Podcast: 03 September 2026 · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: The issues, the interviews, and the insight. Ryan Fridge on
• 0:04
  Speaker 1: Early Edition with Spark for Business. Technology that keeps business moving.
• 0:09
  Speaker 1: Newstalk ZB.
• 0:10
  Speaker 2: Good morning. Great to have your company this Thursday. Methanex closing. 40%
• 0:14
  Speaker 2: of our gas demand. So what happens next? The co-op
• 0:16
  Speaker 2: bank boss with us on the OCR, the US and Iran.
• 0:19
  Speaker 2: There is more bombing. We'll get an update from New
• 0:21
  Speaker 2: York on that. Mower Point, what a shambles. Tiger Woods
• 0:24
  Speaker 2: gets a fine and Elbow loses it at the Pacific
• 0:27
  Speaker 2: Islands Forum. Thursday the 3rd of September, starting with NATO.
• 0:32
  Speaker 2: Remember how I told you Germany was blaming the Russians
• 0:35
  Speaker 2: for that drone attack at Leipzig airport? This is where
• 0:38
  Speaker 2: there was a Ukrainian cargo plane. Well, NATO and the
• 0:42
  Speaker 2: EU have had a wee corridor about this. We're meeting
• 0:44
  Speaker 2: about this and they say basically get used to it.
• 0:47
  Speaker 3: Europeans are faced with the hard truth that this.
• 0:51
  Speaker 4: Is the new normal.
• 0:52
  Speaker 3: We have to step up and that means being ready
• 0:55
  Speaker 3: to respond to Russia's recklessness faster.
• 0:59
  Speaker 5: And better.
• 0:59
  Speaker 3: We must treat our everyday infrastructure as frontline targets and
• 1:04
  Speaker 3: protect them accordingly. And we will support any member state
• 1:07
  Speaker 3: Russia targets.
• 1:08
  Speaker 2: Let's go to the UK because I'm quite enjoying Kimi
• 1:11
  Speaker 2: Badenoch and Burnham in the House of Commons.
• 1:14
  Speaker 6: Yesterday, the cost of government borrowing... rose to its highest
• 1:18
  Speaker 6: in 18 years. How does he plan to tackle the
• 1:22
  Speaker 6: government's rising debt costs?
• 1:24
  Speaker 7: They complain, Mr Speaker, but where are their ideas about growth?
• 1:28
  Speaker 7: When they were in government.
• 1:32
  Speaker 8: We saw.
• 1:32
  Speaker 6: 14 years of stagnant growth.
• 1:37
  Speaker 2: We saw 14 years of debt rising. Meanwhile, Nigel Farage
• 1:43
  Speaker 2: says everyone whinging about his funding and his donations are just, well, whingers.
• 1:47
  Speaker 9: I firmly believe I have broken no rules, done nothing wrong.
• 1:51
  Speaker 9: The point is, we live in a complainant society. If
• 1:54
  Speaker 9: you complain about me, automatically that triggers an investigation. There's
• 1:59
  Speaker 9: a big picture here. The old two-party system... that has dominated, frankly,
• 2:04
  Speaker 9: since the end of the First World War, feels for
• 2:07
  Speaker 9: the first time it faces an existential threat. So I
• 2:11
  Speaker 9: think what you're seeing is the establishment, in a very
• 2:13
  Speaker 9: coordinated way, fighting back.
• 2:16
  Speaker 2: Right, after more than nine months at sea, the USS
• 2:18
  Speaker 2: Abraham Lincoln finally docked. for a wee R & R
• 2:22
  Speaker 2: rest in Thailand. 5,000 crew have spent more than 250
• 2:26
  Speaker 2: days on board supporting the U.S. war against Iran.
• 2:29
  Speaker 10: We're very, very happy to be here in Pattaya Beach.
• 2:31
  Speaker 10: Thank you, Mr.
• 2:32
  Speaker 2: Mayor, for welcoming us.
• 2:34
  Speaker 1: It is a well-deserved break for all of the crew,
• 2:37
  Speaker 1: and we really look forward to our time here to
• 2:40
  Speaker 1: get a.
• 2:40
  Speaker 10: Little rest and a relaxation.
• 2:42
  Speaker 2: Good luck to the bars of Bangkok.
• 2:45
  Speaker 1: Before the news breaks, hear it first. Ryan Bridge on
• 2:48
  Speaker 1: early edition with Spark for Business, technology that keeps business moving.
• 2:53
  Speaker 11: News Talk ZB.
• 2:54
  Speaker 2: 9292 is the number to 6. Always love to hear
• 2:57
  Speaker 2: from you. So, Canadian methanol producer Methanex, we knew this
• 3:01
  Speaker 2: was going to happen. We've been talking about this on
• 3:03
  Speaker 2: the show, but we didn't know any of a new
• 3:05
  Speaker 2: when exactly it would happen. And they've basically announced they're
• 3:08
  Speaker 2: going to idle their plant in Taranaki. Now, it's 40%
• 3:11
  Speaker 2: or 37% of New Zealand's gas production is sucked up
• 3:15
  Speaker 2: by Methanex, employs 160 people. So the question then becomes,
• 3:19
  Speaker 2: what is going to happen with all the gas? Does
• 3:21
  Speaker 2: it mean that gas gets cheaper? Does it mean that
• 3:27
  Speaker 2: there'll be demand to meet that extra supply that'll come
• 3:29
  Speaker 2: onto the market? Well, good thing we need a bit
• 3:32
  Speaker 2: of gas. We need a bit of help when we
• 3:34
  Speaker 2: have a dry year, right? That's why the government's doing
• 3:36
  Speaker 2: the whole LNG project. And if you listen to the
• 3:39
  Speaker 2: news last night, Chloe Swarbrick and the Greens are saying,
• 3:43
  Speaker 2: there you go. There's your gas problem solved. The problem
• 3:46
  Speaker 2: is it's not enough. And when we have a dry year,
• 3:50
  Speaker 2: it's really dry. And the gas that will come on
• 3:53
  Speaker 2: stream from Methanex closing is not enough to fill the gap.
• 3:56
  Speaker 2: So that doesn't solve our problems. Hence why LNG is
• 3:59
  Speaker 2: still a live option. It was interesting reading a piece
• 4:01
  Speaker 2: yesterday in the Herald. It was a very good piece.
• 4:04
  Speaker 2: And it was written by Jamie Gray. And Jamie talks
• 4:07
  Speaker 2: about a Dunedin-based energy link and spoke to them and
• 4:12
  Speaker 2: they said, actually, you know, the energy market right now
• 4:14
  Speaker 2: is working pretty well. ASX futures prices coming down. We've
• 4:20
  Speaker 2: got more new generation projects coming on stream over the
• 4:24
  Speaker 2: next few years. That's good. That means prices should come
• 4:27
  Speaker 2: down because you have more supply. Plenty of projects in
• 4:31
  Speaker 2: the pipeline.
• 4:32
  Speaker 12: Good.
• 4:33
  Speaker 2: Wholesale prices low. If you look in Christchurch, the average
• 4:36
  Speaker 2: is $ 38 a megawatt hour on Monday. That's way down
• 4:40
  Speaker 2: from the $ 820 that it was during the crunch of 24.
• 4:45
  Speaker 2: But to stop us getting back to 24, you need
• 4:47
  Speaker 2: to have a contingency. Hence, LNG. We'll expect a decision
• 4:52
  Speaker 2: on that, by the way, by the election, 11 after 5.
• 4:56
  Speaker 2: News Talk ZB. Is anyone going swimming at Mull Point?
• 5:00
  Speaker 2: My family lives there, and my... I don't know whether
• 5:04
  Speaker 2: mum's sickness, she got a bit sick. Was it because
• 5:06
  Speaker 2: she goes swimming in the ocean? I told her it
• 5:08
  Speaker 2: probably is. But you don't know. That's the thing. And
• 5:11
  Speaker 2: no one trusts it as much as they used to.
• 5:13
  Speaker 2: I mean, surfers are always keen and surfers will always
• 5:15
  Speaker 2: go and surf. As sure as the sun will rise,
• 5:18
  Speaker 2: a surfer will surf. But what are you surfing in,
• 5:20
  Speaker 2: you know? Newstalk ZB, we'll talk about that next.
• 5:30
  Speaker 10: Hear it first.
• 5:32
  Speaker 1: Ryan Bridge on early edition with Spark for Business. Technology
• 5:36
  Speaker 1: that keeps business moving.
• 5:37
  Speaker 2: News Talk ZB. Thirteen after five, Tiger Woods popped a
• 5:40
  Speaker 2: couple of pills. They were prescription, he says, and he's
• 5:43
  Speaker 2: got his punishment. Driver's licence suspended for five years. The fine, $ 1, 500.
• 5:48
  Speaker 2: He pleaded no contest, which they took basically as not guilty.
• 5:51
  Speaker 2: So it's a misdemeanour. It's a lesser charge. Judge says,
• 5:55
  Speaker 2: for the safety, he was there with Vanessa Trump, the girlfriend,
• 5:58
  Speaker 2: she was there supporting him in court. It was all
• 5:59
  Speaker 2: televised because that's what the Americans like to do. Judge says,
• 6:03
  Speaker 2: for the safety of the public, if you drive again, Tiger,
• 6:06
  Speaker 2: you will immediately go back to jail. Doesn't get more
• 6:10
  Speaker 2: clear than that, does it?
• 6:11
  Speaker 10: Right.
• 6:12
  Speaker 2: We finally got some answers about what happened at Moor Point.
• 6:15
  Speaker 4: You have multiple organisations, you have multiple people trying to
• 6:19
  Speaker 4: get to grips with a complex asset, and so I
• 6:23
  Speaker 4: think things kind of fell through the cracks.
• 6:26
  Speaker 2: And no one really took responsibility for the whole thing,
• 6:28
  Speaker 2: which was the problem to begin with. Basically, they also
• 6:32
  Speaker 2: only ever built half the station, deferred the other half,
• 6:35
  Speaker 2: so when the site needed upgrades, it didn't have enough
• 6:37
  Speaker 2: backup to safely run, leading to the meltdown. Gillian Blyth
• 6:40
  Speaker 2: is Water New Zealand Chief Executive with us this morning.
• 6:43
  Speaker 2: The industry body. Gillian, good morning.
• 6:45
  Speaker 7: Good morning.
• 6:47
  Speaker 2: Are any of your members in this report?
• 6:50
  Speaker 10: Yes.
• 6:51
  Speaker 7: Yes, they are.
• 6:52
  Speaker 13: And I think the important thing that we need to
• 6:55
  Speaker 13: acknowledge for asset owners across New Zealand, and I don't
• 7:01
  Speaker 13: just mean water organisations or councils, I mean asset owners
• 7:05
  Speaker 13: full stop, is that there are lessons here.
• 7:08
  Speaker 14: There were lessons about.
• 7:09
  Speaker 13: The fact that there was, over decades, in relation to
• 7:13
  Speaker 13: the Moab Point plant, fragmented accountability and misaligned authority.
• 7:18
  Speaker 2: Are your members, you're talking about Veolia and Wellington Water,
• 7:23
  Speaker 2: the then Wellington Water?
• 7:25
  Speaker 13: And Wellington City Council.
• 7:30
  Speaker 2: How did none of them know who was in charge?
• 7:34
  Speaker 13: I think you have to go back that this was
• 7:36
  Speaker 13: something that had been created over, you know, ever since
• 7:40
  Speaker 13: I think it was 86 or something when the conversations
• 7:44
  Speaker 13: were being started about the Moab Point plant. And I
• 7:47
  Speaker 13: think what you end up seeing, and this is highlighted
• 7:49
  Speaker 13: in the report, is that you end up normalizing things.
• 7:55
  Speaker 13: When you've got that fragmented authority, fragmented accountability, and you're
• 7:59
  Speaker 13: not clear.
• 8:00
  Speaker 2: It's not fragmented, though, is it? It's not fragmented. The
• 8:02
  Speaker 2: report says very clearly who is in charge. There is
• 8:05
  Speaker 2: a company that has been set up to manage the assets.
• 8:10
  Speaker 13: I understand that there is a set of... There's an
• 8:15
  Speaker 13: asset owner, there's an asset operator, and there's a contractor.
• 8:19
  Speaker 13: All of those make absolute beautiful sense. But it's about
• 8:23
  Speaker 13: whether you are adopting international best practice in your models
• 8:27
  Speaker 13: for asset management and identification of risk. And if over
• 8:31
  Speaker 13: a number of years, and in this case we're talking decades,
• 8:34
  Speaker 13: you have had limited risk visibility and you have structural
• 8:41
  Speaker 13: underinvestment and you've had weak asset stewardship, then you end
• 8:45
  Speaker 13: up having problem on problem on problem.
• 8:47
  Speaker 2: But whose job is it? Okay, so there's three players here.
• 8:50
  Speaker 2: Whose job is it to warn about, oh, there could
• 8:52
  Speaker 2: be a flood? Do you think?
• 8:55
  Speaker 13: There will be, well, you've got to set, given that
• 9:00
  Speaker 13: you identified right at the beginning that the plant was
• 9:02
  Speaker 13: built not to its full capacity. So there is issues
• 9:07
  Speaker 13: that you would have had in terms of the asset
• 9:09
  Speaker 13: owner needed to understand that, the person who is operating it,
• 9:13
  Speaker 13: and then the contractor as well.
• 9:14
  Speaker 2: But this is part of the problem, Gillian. You're saying
• 9:16
  Speaker 2: everybody has responsibility for it, and the problem is that
• 9:20
  Speaker 2: therefore no one has responsibility for it.
• 9:23
  Speaker 13: And so what you need to be able to do,
• 9:25
  Speaker 13: and this is what's highlighted very much in this report,
• 9:28
  Speaker 13: and this is why I'm saying this has got relevance
• 9:30
  Speaker 13: for asset owners throughout the country, is that you have
• 9:33
  Speaker 13: to understand and move away from asset compliance-focused contract management.
• 9:39
  Speaker 13: You need to be able to ensure that you have
• 9:42
  Speaker 13: clear and appropriate enterprise and operational risk management so that
• 9:47
  Speaker 13: you understand your risk. You quantify them. You forecast them.
• 9:51
  Speaker 13: You link it to decision making. You make sure that
• 9:54
  Speaker 13: funding and service levels are there. And I guess one
• 9:58
  Speaker 13: of the things that I think is really important.
• 10:00
  Speaker 10: Here is that you've got to have.
• 10:02
  Speaker 2: Can I just be honest? You've just said a whole
• 10:03
  Speaker 2: bunch of things that have gone completely over my head.
• 10:06
  Speaker 2: I mean, and I think this is part of the problem.
• 10:08
  Speaker 2: You don't need to over... You just need to simplify things.
• 10:11
  Speaker 2: Who's in charge? Who's responsible for telling you something could flood?
• 10:16
  Speaker 2: That person tells that person and that person does something
• 10:18
  Speaker 2: about it. Quite simple, no?
• 10:20
  Speaker 13: So that is that, as you as you described so simply, yes.
• 10:27
  Speaker 14: But when I tell.
• 10:28
  Speaker 13: You that something is wrong, you need to, or if
• 10:33
  Speaker 13: I tell you something is okay, you need to quiz me.
• 10:37
  Speaker 13: You need to challenge and have that conversation. And then
• 10:40
  Speaker 13: you need to say, what's the action as a consequence
• 10:42
  Speaker 13: of that? Do we need to spend some money?
• 10:44
  Speaker 14: Do we need to.
• 10:47
  Speaker 13: Do a set of warnings? What is the service level
• 10:49
  Speaker 13: that we can expect?
• 10:50
  Speaker 2: Someone needs to ring an alarm. Gillian, we have to
• 10:56
  Speaker 2: leave it there. I appreciate your time this morning. Thank
• 10:58
  Speaker 2: you so much for being with me. Gillian Blythwater, New
• 10:59
  Speaker 2: Zealand Chief Executive. Time is 19 minutes after five. So
• 11:05
  Speaker 2: we had the OCR number yesterday. We will talk about
• 11:07
  Speaker 2: this just before six this morning. But basically it went
• 11:10
  Speaker 2: up as everybody thought it would. The interesting thing is
• 11:13
  Speaker 2: when will the hiking cycle end? Well, the OCR could
• 11:17
  Speaker 2: be at three and a half percent. We could be
• 11:19
  Speaker 2: at three by Christmas. probably they'll skip the pre-election increase
• 11:24
  Speaker 2: and go for one in December. And we will look at,
• 11:27
  Speaker 2: when we speak about this in about 20 minutes' time,
• 11:29
  Speaker 2: we'll look at what's happening to our earnings, because we've
• 11:31
  Speaker 2: got an update on that too, 19 after 5, Newstalk ZB.
• 11:42
  Speaker 1: The first word on the news of the day. Early
• 11:44
  Speaker 1: edition with Ryan Bridge and Spark for Business. Technology that
• 11:49
  Speaker 1: keeps business moving. Newstalk ZB.
• 11:51
  Speaker 2: 521 Newstalk ZB. We'll get to Mitch McCann stateside in
• 11:54
  Speaker 2: about 15 minutes time. First, though, we'll look at gas
• 11:58
  Speaker 2: user Methanex. They are idling their Taranaki plant. It's about 40%
• 12:02
  Speaker 2: of the gas demand in New Zealand that will go
• 12:05
  Speaker 2: with it. John Carnegie, Energy Resources Aotearoa CEO. John, good morning.
• 12:09
  Speaker 10: Yeah, good morning, Ryan.
• 12:10
  Speaker 2: Our first question is whether there will be, now that
• 12:12
  Speaker 2: there is more gas coming online, that will fill the
• 12:16
  Speaker 2: hole that we have in our dry year.
• 12:19
  Speaker 10: Well, no, look, first there isn't a surplus of gas.
• 12:22
  Speaker 10: New Zealand is already short of gas and production is
• 12:25
  Speaker 10: continuing to fall, unfortunately mirrored by industrial closures. But we're
• 12:31
  Speaker 10: in an energy deficit and Methanex stepping back means that
• 12:35
  Speaker 10: some of that scarce gas can now be used elsewhere
• 12:38
  Speaker 10: to benefit electricity users. And so the problem is we're
• 12:42
  Speaker 10: freeing up gas by losing a major manufacturer and exporter,
• 12:47
  Speaker 10: and it's a bit like the snake eating its tail.
• 12:50
  Speaker 2: Who's next?
• 12:53
  Speaker 10: Well, there are any number of other large gas users,
• 12:57
  Speaker 10: and I'd hate to speculate. I mean, we don't want
• 13:00
  Speaker 10: anyone to be next, Ryan.
• 13:02
  Speaker 2: Balance?
• 13:04
  Speaker 10: Well, that's quite possible, but, you know, it's hard to tell.
• 13:10
  Speaker 15: Yeah.
• 13:12
  Speaker 2: So in terms of the, you know, this is obviously
• 13:14
  Speaker 2: going to 160 jobs, all those sorts of things. Does
• 13:17
  Speaker 2: the LNG case change in your mind as a result
• 13:20
  Speaker 2: of this?
• 13:22
  Speaker 10: Well, first, official advice for LNG already excluded Metanex. And
• 13:28
  Speaker 10: as I've said, there's no net addition in our gas
• 13:31
  Speaker 10: availability from this reshuffling. And of course, you can only
• 13:34
  Speaker 10: use this gas once. So, for example, if any in
• 13:38
  Speaker 10: the next few years are dry, cold and calm, we'll
• 13:43
  Speaker 10: actually tear through it in preference to using coal and
• 13:46
  Speaker 10: diesel in our electricity system and our vulnerability will return.
• 13:51
  Speaker 10: So what LNG does is it gives the power generators
• 13:54
  Speaker 10: and industrial users another source of gas while our existing
• 13:59
  Speaker 10: fields continue to decline. So it can help bridge the
• 14:03
  Speaker 10: gap while New Zealand rebuilds domestic natural gas supply and,
• 14:08
  Speaker 10: of course, builds more intermittent weather-dependent renewables. We need that
• 14:14
  Speaker 10: bridge because new domestic gas can take a few years
• 14:18
  Speaker 10: to build, sorry, to find, appraise and bring to market, as,
• 14:23
  Speaker 10: of course, the new wind farms and solar farms are.
• 14:26
  Speaker 2: John Carnegie, Energy Resources, RTL TV, Executive Good TV on
• 14:29
  Speaker 2: the show this morning, 24 minutes after five. As for
• 14:32
  Speaker 2: Labour coming out yesterday and saying, oh, no, it's nothing
• 14:35
  Speaker 2: to do with us. It's nothing to do with our
• 14:36
  Speaker 2: oil and gas ban. Yes, it does take a long
• 14:39
  Speaker 2: time to find oil and gas. But here's a fact.
• 14:42
  Speaker 2: If you stop looking for it, you will not find it.
• 14:46
  Speaker 2: And you stopped them looking for it for the best
• 14:49
  Speaker 2: part of eight years. You don't know what you don't know,
• 14:54
  Speaker 2: and if you hold people's hands, tie people's hands behind
• 14:57
  Speaker 2: their back, they can't exactly go looking, can they? 25
• 15:00
  Speaker 2: After 5, Newstalk ZB. Newstalk ZB, it is 27 After 5.
• 15:04
  Speaker 2: There's an air of arrogance and butt-covering to the stench
• 15:07
  Speaker 2: that is Mower Point. Can you smell it? In a nutshell,
• 15:10
  Speaker 2: the council, the water management company, the contractor were all
• 15:14
  Speaker 2: a bit shit at their jobs. And Wellington South Coast
• 15:16
  Speaker 2: has been shat on. Guess how much? To be precise,
• 15:19
  Speaker 2: 14 billion litres of raw sewage. None of them took
• 15:24
  Speaker 2: charge of and ownership of the water treatment plant. They
• 15:27
  Speaker 2: didn't talk to each other or listen enough to some
• 15:30
  Speaker 2: quite critical information and warnings, it turns out. Anyone getting
• 15:32
  Speaker 2: Mount Maunganui vibes here? But the part that gets me most,
• 15:37
  Speaker 2: and should get us all, is the no-show from ratepayer-funded
• 15:41
  Speaker 2: bureaucrats ducking for cover. Council infrastructure leaders, who clearly are
• 15:46
  Speaker 2: leaders in job title only, did not meet with the
• 15:49
  Speaker 2: Crown review team to tell them about their role in
• 15:52
  Speaker 2: this shambles. They were asked for in-person meetings. They were
• 15:56
  Speaker 2: asked to sit down in front of somebody and explain themselves.
• 15:59
  Speaker 2: And they ran. They ducked. They gave written responses. 14
• 16:03
  Speaker 2: billion litres of Wellington's digested breakfasts on the beach deserves
• 16:07
  Speaker 2: more than written answers. It's like the politicians who dodged
• 16:11
  Speaker 2: the COVID inquiry. Why would you not front up in
• 16:14
  Speaker 2: person unless you had something to hide? Why would you
• 16:17
  Speaker 2: not speak in person unless you were worried about what
• 16:21
  Speaker 2: you'd say? Did lawyers and comm staff at ratepayers' expense
• 16:26
  Speaker 2: review all of these written responses before you hit send?
• 16:29
  Speaker 2: People don't necessarily lose trust in councils over mistakes. Mistakes
• 16:33
  Speaker 2: happen to us all. Cover-ups and accountability dodgers, they're the
• 16:38
  Speaker 2: ones who flush trust down the dunny.
• 16:42
  Speaker 1: Ryan Bridge.
• 16:44
  Speaker 2: 29 after 5. Text machine's going a bit nuts about
• 16:47
  Speaker 2: this one. Ryan, if they were farmers, they'd be in prison. Now,
• 16:52
  Speaker 2: growth slowing, and in Australia, growth's still growing, doing its thing.
• 16:57
  Speaker 2: They're showing and growing, but not quite as much as
• 16:59
  Speaker 2: perhaps they would have liked. So this is quarter two,
• 17:02
  Speaker 2: 26 economic activity out from Australia, up 0.4% for the quarter,
• 17:08
  Speaker 2: to be 2.1% in real terms from a year ago.
• 17:11
  Speaker 2: So that is going in the right direction, better than
• 17:13
  Speaker 2: the 1.8 expansion that was expected. However, if you look
• 17:17
  Speaker 2: at per capita, it's up 0.7%. and widely expected to
• 17:22
  Speaker 2: be slowing this year, but just the numbers kind of
• 17:25
  Speaker 2: proving it's not slowing as much. Although, as we mentioned yesterday,
• 17:29
  Speaker 2: their house prices have a long way to fall, don't they?
• 17:32
  Speaker 2: And what does that do to your growth? You're on
• 17:34
  Speaker 2: Newstalk ZB. We're going to Mitch McCann in the US
• 17:37
  Speaker 2: after news. Lots to talk about. Re-Iran. You're on ZB.
• 17:47
  Speaker 1: The Early Edition Probe Show podcast on iHeartRadio, powered by
• 17:52
  Speaker 1: Newstalk ZB. Get ahead of the headlines on Early Edition
• 17:58
  Speaker 1: with Ryan Bridge and Spark for Business, technology that keeps
• 18:02
  Speaker 1: business moving.
• 18:03
  Speaker 2: Newstalk ZB.
• 18:03
  Speaker 12: 24 away from 6, you're on Newstalk ZB.
• 18:13
  Speaker 2: Welcome to your Thursday morning. If you're just joining us,
• 18:16
  Speaker 2: great to have your company. We'll lead with the co-op
• 18:18
  Speaker 2: boss on the OCR this morning. In about 10 minutes,
• 18:21
  Speaker 2: we'll head to New York. The Americans accused of bombing
• 18:23
  Speaker 2: a wedding party in Iran. I know, not great. They
• 18:27
  Speaker 2: say we weren't targeting the wedding party, but there were
• 18:30
  Speaker 2: people there that we wanted to get. So Mitch will
• 18:32
  Speaker 2: fill us in on that. Now, we had an OCR
• 18:35
  Speaker 2: decision yesterday, and as expected, it was up from 2.5
• 18:38
  Speaker 2: to 2.75. We'll probably get three by Christmas. The question
• 18:42
  Speaker 2: is whether they pass that on as quickly for savers
• 18:47
  Speaker 2: as they do for borrowers. So, you know, yesterday we
• 18:50
  Speaker 2: had all the, well, most of the banks, ANZ kicked
• 18:53
  Speaker 2: us off, came out with the floating rate. That's going
• 18:55
  Speaker 2: up the full 25 basis points. Thank you very much.
• 18:58
  Speaker 2: The full quarter percent. And so that's all good. That's fine. Okay.
• 19:04
  Speaker 2: We'll pay more. We'll take it. But what about your
• 19:06
  Speaker 2: serious saver account? Well, your serious saver rate was also
• 19:10
  Speaker 2: increased by 25 basis points to 2.05%. However, that's all
• 19:16
  Speaker 2: in the bonus category. The base rate stays the same
• 19:19
  Speaker 2: at 0.05%. Now, if you look at over the 2025 year,
• 19:25
  Speaker 2: if you look at the rate cuts, most banks did
• 19:29
  Speaker 2: not pass on the full OCR rate deduction to savers,
• 19:36
  Speaker 2: to loans, I should say. So the Reserve Bank's basically
• 19:39
  Speaker 2: saying there's what they call limited pass-through. You are quick
• 19:45
  Speaker 2: to raise on your loans, not so quick. with your savings.
• 19:50
  Speaker 2: 22 to 6. Right, let's go to Dunedin Rosie Leishman. Rosie,
• 19:56
  Speaker 2: good morning.
• 19:57
  Speaker 16: Good morning, Ryan.
• 19:58
  Speaker 2: Dunedin City Council talking about climate change.
• 20:01
  Speaker 16: Yeah, so the council's looking at spending close to $ 12
• 20:04
  Speaker 16: million on climate resilience over the next decade. It declared
• 20:08
  Speaker 16: a climate emergency back in 2019, bringing its net zero
• 20:11
  Speaker 16: carbon target forward to 2030, but conceded last year that
• 20:16
  Speaker 16: the goal was just unlikely to be met. Councillors have
• 20:19
  Speaker 16: now agreed to explore two options, including more than a
• 20:22
  Speaker 16: $ 9 million balanced delivery approach, and then a more comprehensive option,
• 20:27
  Speaker 16: which is close to $ 12 million. A final funding decision
• 20:30
  Speaker 16: will go through the 2027 to 2037 long-term plan process
• 20:35
  Speaker 16: following public consultation.
• 20:36
  Speaker 2: All right. How's your weather, Rosie?
• 20:38
  Speaker 16: Fine spells today with light winds and a high of
• 20:41
  Speaker 16: 20 degrees.
• 20:42
  Speaker 10: All right.
• 20:43
  Speaker 2: Enjoy that. Thank you. It sounds like you're going to
• 20:44
  Speaker 2: Cape Ricard Christchurch. Good morning, Kate.
• 20:46
  Speaker 6: Morning, Ryan.
• 20:47
  Speaker 2: Works underway to find a home for the Mosque Attack Memorial. Yes,
• 20:51
  Speaker 2: that's right.
• 20:51
  Speaker 15: The National Memorial will honour all 51 people killed at
• 20:54
  Speaker 15: the Al Noor Mosque and Linwood Islamic Centre in 2019.
• 20:59
  Speaker 15: Mayor Phil Major says it will likely be a civic
• 21:01
  Speaker 15: space in central Christchurch that also recognises the injured, witnesses,
• 21:06
  Speaker 15: emergency responders and those who supported the Muslim community. He
• 21:10
  Speaker 15: says while Christchurch was a scene of tragedy, council wants
• 21:13
  Speaker 15: the memorial to be something beautiful that reflects the city's
• 21:16
  Speaker 15: shared values. Major says the families and survivors will have
• 21:19
  Speaker 15: a central voice in guiding its development.
• 21:21
  Speaker 2: All right, Kate, how's the weather?
• 21:22
  Speaker 8: Fine.
• 21:23
  Speaker 2: High cloud developing towards.
• 21:24
  Speaker 15: The evening and a high of 22 degrees.
• 21:26
  Speaker 2: You have a great day, Max in Wellington. Morning, Max.
• 21:29
  Speaker 5: Max.
• 21:30
  Speaker 13: Morning.
• 21:31
  Speaker 8: Max.
• 21:32
  Speaker 5: Morning.
• 21:33
  Speaker 2: Good morning. Hey, who's complaining now?
• 21:36
  Speaker 7: Schools about having to pay for teacher aides out of
• 21:39
  Speaker 7: their own budgets. Wellington's Mount Cook School is the latest,
• 21:42
  Speaker 7: having to divert $ 200, 000 from its operational budget this year.
• 21:47
  Speaker 7: There is an ongoing conversation about teacher aides at the moment,
• 21:50
  Speaker 7: a lack of hours, fixed-term contracts, of course, overall pay.
• 21:54
  Speaker 2: About five or.
• 21:55
  Speaker 7: Six percent of these teacher aides work 40 hours a week,
• 21:58
  Speaker 7: and they do often look after some very high-needs kids. NZEI,
• 22:02
  Speaker 7: the union, has been calling for one in every class,
• 22:04
  Speaker 7: but obviously that's not feasible. But this funding issue may
• 22:07
  Speaker 7: not be going away anytime soon. And another quick point
• 22:10
  Speaker 7: on Moa Point, Ryan. Yesterday, we were pretty surprised at
• 22:14
  Speaker 7: this stand-up featuring the mayor. Not to see the council's
• 22:18
  Speaker 7: chief executive or chief infrastructure officer fronting up the report,
• 22:21
  Speaker 7: probably the biggest report you'll see this year. Both are
• 22:23
  Speaker 7: on holiday, would you believe? Instead, we got an acting
• 22:26
  Speaker 7: CEO who used to be the marketing manager.
• 22:29
  Speaker 2: Oh, I didn't even know that bit, Max. Hey, nice
• 22:32
  Speaker 2: day for swimming at Lyle Bay today?
• 22:34
  Speaker 7: As nice as you'll get. Cloudy with stronger northerlies, 15
• 22:37
  Speaker 7: the high.
• 22:38
  Speaker 2: That's fine, thank you. Neva, good morning.
• 22:40
  Speaker 11: Good morning.
• 22:41
  Speaker 2: Auckland Council sold another property over unpaid rates.
• 22:43
  Speaker 9: Correct.
• 22:44
  Speaker 8: Now look, it's a former chicken farm, Pukakohe, being flogged
• 22:47
  Speaker 8: off on a forced sale by Auckland Council. Yes, over
• 22:50
  Speaker 8: unpaid rates. And this is despite an 11th hour financial
• 22:54
  Speaker 8: bid to avert the High Court action. So the owner,
• 22:57
  Speaker 8: this is Gerard Vanden Bogart. He's become the third owner
• 23:01
  Speaker 8: in the super city's history to forcibly lose a property
• 23:04
  Speaker 8: for refusing to pay council rates. So the property, this
• 23:08
  Speaker 8: was at auction yesterday. It was sold to a phone
• 23:11
  Speaker 8: bidder for $ 1. 435 million yesterday afternoon. That sale price was
• 23:16
  Speaker 8: about $ 765, 000 below the property's CV.
• 23:21
  Speaker 2: Goodness me. How's our weather?
• 23:22
  Speaker 8: OK, we've got cloudy periods, showers. That's happening mainly this morning.
• 23:27
  Speaker 8: Then it'll happen again at this evening. 18 is the high.
• 23:31
  Speaker 14: Here in Auckland.
• 23:31
  Speaker 2: Showers, morning, night. Hey, I got my tooth out. I
• 23:34
  Speaker 2: got a root canal done yesterday.
• 23:35
  Speaker 5: Did you?
• 23:37
  Speaker 2: I have to say, thank you to Dentist Grady and
• 23:40
  Speaker 2: the Tooth Company. I paid for it.
• 23:45
  Speaker 9: Was it sore?
• 23:46
  Speaker 10: Yes.
• 23:47
  Speaker 17: Yes.
• 23:47
  Speaker 2: And I've been taking drugs to try and get rid
• 23:50
  Speaker 2: of the pain. But yeah, it was sore. Have you
• 23:53
  Speaker 2: had one of those done before?
• 23:54
  Speaker 15: I have.
• 23:54
  Speaker 8: The last time I had a root canal, it probably
• 23:56
  Speaker 8: would have been about like 10 years ago.
• 23:58
  Speaker 2: It's actually called a polypotomy, I think is what he
• 24:01
  Speaker 2: called it. So it was a half root canal and
• 24:03
  Speaker 2: then they capped it off.
• 24:04
  Speaker 8: Is it right at the back?
• 24:05
  Speaker 2: In the middle here.
• 24:06
  Speaker 15: Oh.
• 24:07
  Speaker 10: Yeah.
• 24:07
  Speaker 2: But man, not a nice feeling having someone jimmying around
• 24:09
  Speaker 2: in your mouth for so long.
• 24:10
  Speaker 8: And the other thing with broadcasting and what we do,
• 24:13
  Speaker 8: you probably, you must have gone straight after, did you
• 24:15
  Speaker 8: go straight after nine?
• 24:15
  Speaker 11: Straight after work, yeah.
• 24:16
  Speaker 8: Because your mouth would have been out to here.
• 24:18
  Speaker 2: It was, yeah. I went to the supermarket trying to
• 24:20
  Speaker 2: buy something.
• 24:21
  Speaker 11: Oh, no change there. Get out of here.
• 24:27
  Speaker 2: 18-6 are in New York next. Newstalk ZB, it's quarter
• 24:32
  Speaker 2: to six. Great to have your company. We'll talk about
• 24:34
  Speaker 2: the OCR in just a second. We'll get to Mitch
• 24:35
  Speaker 2: McCann out of the US. But first, I want to
• 24:37
  Speaker 2: take you to the Pacific Islands Forum where Albanese has
• 24:40
  Speaker 2: touched down. Luxon touched down there last night in Palau.
• 24:44
  Speaker 2: But Albo not happy with a journalist. The journalist's name
• 24:48
  Speaker 2: is Josh Martin, Seven News reporter. He was asking about
• 24:52
  Speaker 2: the fact that they're spending $ 20 million, the Australian taxpayers,
• 24:56
  Speaker 2: $ 20 million on a climate change summit in Fiji. Is
• 25:01
  Speaker 2: that money well spent considering only five leaders are showing up?
• 25:05
  Speaker 17: Well, that's not true. With respect, you are being so
• 25:09
  Speaker 17: disrespectful to the Pacific leaders who are here.
• 25:12
  Speaker 10: That was what Fiji said.
• 25:14
  Speaker 17: Did they count Fiji? Did they count Australia?
• 25:17
  Speaker 6: Did they count.
• 25:18
  Speaker 17: No.
• 25:19
  Speaker 11: Well, you're being.
• 25:21
  Speaker 17: Very disrespectful here in the Pacific. Well, sorry, but we
• 25:29
  Speaker 17: need to actually have some respect for the process and
• 25:33
  Speaker 17: respect for our Pacific leaders.
• 25:36
  Speaker 2: Isn't that good? So what they're arguing over is how
• 25:39
  Speaker 2: many leaders are going, actually going, and how many leaders
• 25:42
  Speaker 2: outside of the Pacific, because it's $ 20 million. And actually,
• 25:47
  Speaker 2: the reporter's right. There are only five leaders outside of
• 25:50
  Speaker 2: the Pacific who have confirmed that they are going, including
• 25:53
  Speaker 2: the Maldives, Timor-Leste, Thailand, and two others, 14 to 6.
• 25:59
  Speaker 1: International Correspondence with NZI Insurance. Peace of mind for New
• 26:04
  Speaker 1: Zealand business.
• 26:06
  Speaker 2: Mitch McCann, stateside for us. Mitch, tell me about Iran
• 26:09
  Speaker 2: says the US has bombed a wedding party.
• 26:11
  Speaker 12: Did they?
• 26:14
  Speaker 14: Well, the U.S. is looking into it, Ryan. Donald Trump's
• 26:17
  Speaker 14: second term has been full of multiple allegations of attacks
• 26:20
  Speaker 14: on civilians, right? So there was the example. of the
• 26:23
  Speaker 14: fishermen in the Caribbean. Then there was the girls' school
• 26:25
  Speaker 14: that was hit during the opening of the Iran campaign.
• 26:28
  Speaker 14: But now there is a fresh allegation from Iran that
• 26:31
  Speaker 14: the U.S. military has bombed a wedding in Iran, killing
• 26:34
  Speaker 14: four people, including two children. This was alleged to have
• 26:37
  Speaker 14: happened early Wednesday Iranian time, and its foreign ministry says
• 26:41
  Speaker 14: this was a brutal attack. They've called it a war crime.
• 26:44
  Speaker 14: They also say more than 50 people were injured in
• 26:47
  Speaker 14: the attacks. The U.S. says It never targets civilians. It's
• 26:50
  Speaker 14: going to look into this. So a big development coming
• 26:52
  Speaker 14: out of that area this morning. But also in the
• 26:55
  Speaker 14: last short while, Donald Trump has been naming more things, Ryan.
• 26:59
  Speaker 14: He said that should we change the name of the
• 27:01
  Speaker 14: Hormuz Strait to the Trump Strait, like America itself, it
• 27:05
  Speaker 14: would be hotter than ever before. Thank you for your
• 27:08
  Speaker 14: attention to this matter. Donald Trump posting that in the
• 27:10
  Speaker 14: last short while.
• 27:12
  Speaker 2: The difference is he can't. Well, I suppose you can
• 27:14
  Speaker 2: name what he likes on and on an American map.
• 27:16
  Speaker 2: You can print what you like, can't you?
• 27:19
  Speaker 14: Well, that's right. He's tried to do the same thing
• 27:21
  Speaker 14: with Lake Ontario the other day. I think it's Lake
• 27:23
  Speaker 14: America now. And there's probably a few examples of this
• 27:26
  Speaker 14: sort of thing as well. So the Trump strike, perhaps.
• 27:29
  Speaker 2: That's good to have you on the show as always.
• 27:31
  Speaker 2: Our U.S. correspondent, Mitch McCann. Time is... 12 to 6.
• 27:35
  Speaker 2: As expected, the RBNZ hikes the OCR 25 basis points
• 27:40
  Speaker 2: to 2.75%. Now, inflation likely peaked. Recovery is underway. That's
• 27:45
  Speaker 2: all good stuff. Strong exports. Thank you very much.
• 27:48
  Speaker 5: What we have seen is that wholesale interest rates have
• 27:51
  Speaker 5: increased in anticipation. of the rate hike today. So in
• 27:56
  Speaker 5: terms of the most common tenures, like one to three years,
• 28:01
  Speaker 5: we don't expect much of an effect because there's already
• 28:04
  Speaker 5: been hikes from the banks.
• 28:07
  Speaker 2: Joining me this morning, Mark Wilkshire, Co-op Bank CEO. Mark,
• 28:10
  Speaker 2: nice to have you on the programme as always. Good morning.
• 28:13
  Speaker 14: Good morning, Ryan.
• 28:14
  Speaker 2: What are you guys doing with your rates after this? Anything?
• 28:17
  Speaker 18: Well, I think actually this is reasonably good news because
• 28:20
  Speaker 18: the Reserve Bank change was largely expected. So those rates
• 28:24
  Speaker 18: have been built in. And so we're not expecting to
• 28:27
  Speaker 18: see those rates come up as a result of this.
• 28:29
  Speaker 14: In fact, the.
• 28:31
  Speaker 18: Comments were what we'd call dovish. So they were basically
• 28:35
  Speaker 18: more supportive of the current track and they were not
• 28:39
  Speaker 18: indicating a lot of future rises. So relatively good news
• 28:42
  Speaker 18: for borrowers out there.
• 28:43
  Speaker 2: Some banks have already moved to like the I noticed
• 28:46
  Speaker 2: all the floatings have gone up by the 25 basis
• 28:49
  Speaker 2: points or a lot of them have anyway.
• 28:51
  Speaker 18: Yeah, I'll pass that through to those variable home loans.
• 28:54
  Speaker 18: So that'll all happen quite quickly. But largely this track
• 28:58
  Speaker 18: that they put out. So this was the first monetary
• 29:00
  Speaker 18: policy statement we've seen since May. And so the forecast
• 29:04
  Speaker 18: was what was really interesting about this update yesterday. And
• 29:08
  Speaker 18: they were saying perhaps one more to come by Christmas
• 29:12
  Speaker 18: and then potentially getting back that neutral rate around 325.
• 29:14
  Speaker 18: So that's actually better than some of the forecasts that
• 29:19
  Speaker 18: were built in previously. So that's why those fixed rates
• 29:22
  Speaker 18: haven't pushed up anymore.
• 29:24
  Speaker 2: Do you reckon they hold it just before the election
• 29:26
  Speaker 2: for whatever reason and then do the other one in December?
• 29:30
  Speaker 18: Yeah, we've seen two rises now, July and now September.
• 29:33
  Speaker 18: So I think it's quite likely you might skip October
• 29:36
  Speaker 18: and then my money would be on one more in December.
• 29:42
  Speaker 2: Does Bremen have a point when she says that the
• 29:45
  Speaker 2: banks are too slow to pass on the benefits and
• 29:48
  Speaker 2: too quick to put the rates up for the loans? No,
• 29:52
  Speaker 2: I don't think so.
• 29:53
  Speaker 18: I think if you look over the longer horizon there,
• 29:57
  Speaker 18: they've been pretty even-handed with passing those through. And in fact,
• 30:02
  Speaker 18: if anything, those fixed rates are pretty competitive out there
• 30:05
  Speaker 18: when you've got one-year rates at 499. So I think
• 30:10
  Speaker 18: they've been pretty responsible, actually.
• 30:12
  Speaker 2: Generally, SITREP, where we're at as an economy, things are
• 30:17
  Speaker 2: on the up.
• 30:19
  Speaker 18: Yeah, there was some good commentary here about overall, still
• 30:22
  Speaker 18: some uncertainties out there, a little bit mixed still, but
• 30:25
  Speaker 18: actually overall, economic growth is expected, and we are seeing
• 30:29
  Speaker 18: those signs of economic growth coming through.
• 30:32
  Speaker 2: So that is a positive. Good stuff. Mark, nice to
• 30:34
  Speaker 2: have you on the show as always. Mark Wilkshire, Co-operative
• 30:36
  Speaker 2: Bank CEO. Time is nine away from six. The final
• 30:40
  Speaker 2: thing that Putin answers questions from journalists, he's done it
• 30:43
  Speaker 2: for 45 minutes, and I had a look at some
• 30:45
  Speaker 2: of it. It's all translated, so it gets a bit boring,
• 30:47
  Speaker 2: but 45 minutes, he took questions from the press pack
• 30:51
  Speaker 2: in Russia. And he was very animated. He was gesticulating
• 30:57
  Speaker 2: and most animated when he was talking about the standoff
• 31:00
  Speaker 2: with the West and the war in Ukraine, even though
• 31:02
  Speaker 2: he's losing it at the moment. Now, he was also
• 31:06
  Speaker 2: asked one specific question, which caught my attention. Might you,
• 31:12
  Speaker 2: as they've been promising they will do, strike the U.K.?
• 31:16
  Speaker 2: And he said that's a secret, that's a military secret.
• 31:20
  Speaker 2: Deliberately ambiguous, isn't it? 8 to 6, Newstalk ZB, and
• 31:24
  Speaker 2: Mike's in the studio next.
• 31:26
  Speaker 1: On your radio and online on iHeart Radio, early edition
• 31:30
  Speaker 1: with Ryan Bridge and Spark for Business, technology that keeps
• 31:35
  Speaker 1: business moving.
• 31:35
  Speaker 2: Newstalk ZB. 6 to 6 on Newstalk ZB, great to
• 31:39
  Speaker 2: have your company and great to have Mike here as always.
• 31:41
  Speaker 2: Good morning, Mike.
• 31:41
  Speaker 11: Do you mean that?
• 31:43
  Speaker 2: Sometimes in radio, as you know, you've got to pretend
• 31:47
  Speaker 2: that you like something.
• 31:48
  Speaker 11: Hey, that wine I gave you yesterday.
• 31:49
  Speaker 10: Oh, yes.
• 31:50
  Speaker 2: Thank you very much.
• 31:51
  Speaker 7: Not at all.
• 31:51
  Speaker 11: Did you taste it?
• 31:52
  Speaker 2: No, I couldn't on a school night, but I plan
• 31:55
  Speaker 2: to on Friday afternoon to have a glass of it.
• 31:58
  Speaker 11: Are you with other people?
• 31:59
  Speaker 2: Yeah, but they don't drink. So I'll have one on
• 32:02
  Speaker 2: my own.
• 32:02
  Speaker 11: And then you'll have another one.
• 32:05
  Speaker 19: Well, it turns out now the reason I gave it
• 32:06
  Speaker 19: to you is because I already have some. And the
• 32:09
  Speaker 19: guy we've got on today, if you don't know about wine,
• 32:11
  Speaker 19: there's a guy called James Suckling.
• 32:13
  Speaker 2: Yes, the connoisseur.
• 32:14
  Speaker 11: He is one of.
• 32:16
  Speaker 19: The heavyweights of global wine. So he's a critic, has
• 32:19
  Speaker 19: been around for years. So you think about people who
• 32:21
  Speaker 19: are big in wine, Suckling, Jancis Robinson, Robert Parker, those
• 32:26
  Speaker 19: guys like global heavyweights.
• 32:27
  Speaker 11: Anyway, what I didn't know. is he's bought into New Zealand.
• 32:30
  Speaker 2: Which is what I'm drinking.
• 32:32
  Speaker 11: From his vineyard.
• 32:33
  Speaker 19: Now, what I also wasn't quite aware of is just
• 32:36
  Speaker 19: how expensive that wine is I gave you.
• 32:38
  Speaker 14: Oh, really?
• 32:38
  Speaker 19: How much is it? And how rare it is. So
• 32:41
  Speaker 19: he bought 1.8 hectares.
• 32:43
  Speaker 11: Yeah.
• 32:44
  Speaker 19: And he bought from a guy called Larry McKenna. Larry
• 32:46
  Speaker 19: McKenna is like a Pinot gold in New Zealand who
• 32:49
  Speaker 19: retired a while ago.
• 32:50
  Speaker 2: I'm just waiting for how much the wine costs.
• 32:51
  Speaker 11: And he was, it was a vineyard called.
• 32:53
  Speaker 2: Cut to the chase.
• 32:54
  Speaker 19: It was called Escarpment. And so if you ever heard
• 32:57
  Speaker 19: of Escarpment, anyway, it's a great Pinot. So it's from Martinborough,
• 33:00
  Speaker 19: which is the home of Pinot.
• 33:02
  Speaker 11: Okay, before we get the whole history of wine.
• 33:06
  Speaker 19: James Suckling, he's on holiday in New Zealand. He's never bought,
• 33:08
  Speaker 19: he always said, I'm never going to buy a vineyard.
• 33:11
  Speaker 2: Right, and then he does.
• 33:12
  Speaker 11: So he sees this for sale, he buys it.
• 33:14
  Speaker 2: Grows the vineyards.
• 33:14
  Speaker 11: So the next thing is he's.
• 33:16
  Speaker 19: Gone crazy on it and he's getting all the best
• 33:18
  Speaker 19: pruners in from around the world and stuff, $ 189.
• 33:20
  Speaker 2: Oh, that's my one, the one I'm drinking on Friday afternoon.
• 33:25
  Speaker 2: And to think I was going to have one glass
• 33:27
  Speaker 2: and maybe put it back in the pantry.
• 33:28
  Speaker 19: And so the next question, because it's such a good wine,
• 33:32
  Speaker 19: you might want to consider actually holding it.
• 33:34
  Speaker 11: Oh, really?
• 33:35
  Speaker 12: Yeah.
• 33:35
  Speaker 2: I thought you were going to say gifting it.
• 33:37
  Speaker 11: Well, you give it back to me.
• 33:39
  Speaker 19: But no, I would say fine line between opening it
• 33:42
  Speaker 19: and letting it sit there for a couple of years
• 33:45
  Speaker 19: and maybe get, yeah, exactly.
• 33:46
  Speaker 2: Here's a thought. You've got me thinking. Because I don't
• 33:49
  Speaker 2: have a lot in the cupboard. I've got an old
• 33:51
  Speaker 2: bottle of JK wine. Remember when John Key was PM?
• 33:54
  Speaker 10: Yes.
• 33:54
  Speaker 2: I've got one of those.
• 33:56
  Speaker 11: I'd open that.
• 33:58
  Speaker 2: Well, that'll be crap now.
• 33:59
  Speaker 19: And I'd let the suckling just sit for a couple
• 34:01
  Speaker 19: of years and become even better.
• 34:04
  Speaker 2: What am I going to do on Friday now?
• 34:05
  Speaker 11: Anyway, the aforementioned James Suckley, he's on the program this morning.
• 34:08
  Speaker 2: Fantastic.
• 34:08
  Speaker 11: So he's with us after eight.
• 34:10
  Speaker 2: All right, look forward to it. Mike Hosking next. Newstalk ZB.
• 34:20
  Speaker 1: For more from Early Edition with Ryan Bridge, listen live
• 34:23
  Speaker 1: to News Talk ZB from 5 a.m. weekdays or follow
• 34:27
  Speaker 1: the podcast on iHeartRadio.