The Mike Hosking Breakfast

On the Mike Hosking Breakfast Full Show Podcast for Wednesday 27th of August, we have good economic news: a new Westpac report says our growth is set to outpace Australia over the next few years. Does that stop the brain drain?  Erica Stanford has another new visa up for grabs to get entrepreneurs in and spending.  Mark Mitchell joins from Queenstown and Ginny Andersen joins from Fiji to discuss four year terms, burner phones, and the Tamaki Makaurau by-election.  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.

A new pitch has been made for a two-hour ferry link between the North and South Islands.  The ‘North South Express’ would see a new port built at Clifford Bay, near Blenheim, through a public-private partnership.  The plan proposes a multi-use terminal, with no speed restrictions, and boosted logistics productivity.  CB Port Limited Spokesperson Dr Stephen Grice told Mike Hosking they can have the port up and running by 2029 – potentially even earlier.   He says they’re bringing new engineering and capabilities to the project so the port with a floating wharf can be developed and designed overseas.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

There’s hope the horticulture sector will see a massive boost over the next decade.  A roadmap has been unveiled to double farmgate returns by 2035.   Actions aimed at increasing value include building consumer understanding, mapping domestic supply chain vulnerabilities, and establishing an online horticulture library.   HortNZ Chief Executive Kate Scott says they're in a strong position to succeed.   She told Mike Hosking the value of having a really broad and ambitious goal is it gives a sense of purpose to the sector.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealand's on track for stronger economic growth but it could take a while to flow through to house prices.  Westpac is forecasting New Zealand will outpace Australia's growth over the next few years.  But New Zealand will still face a higher unemployment rate and lower wage growth, and the recovery's likely to be felt in some regions much sooner than others.  Former Finance Minister Steven Joyce told Mike Hosking property will be the last sector to see a turnaround.  He says New Zealand saw property prices go up 40% during the boom, compared to a 30% rise in Australia.  Joyce says it’ll be an export-led recovery – something we haven't had for a while.  He says with an export-led recovery, Auckland feels it later than other regions, which is what we're seeing now.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

The number of people coming in on the Government's new Business Investor Visa could be limited.    It'll fast track residency for any foreign investors who put $2 million or more into a Kiwi business.  If a business is worth $2 million, the applicant will have to buy it, and they'll have to invest at least a quarter of its total value if it's worth more than that.  Immigration Minister Erica Stanford told Mike Hosking she thinks around 100 of these visas will be granted in the first year.  She said this isn’t an Oprah-style “everyone gets a visa” situation.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

A view that new migrant tax rules will put us on par with other countries.  The Government's proposing a bill to stop migrants being taxed on estimated overseas income and instead, only what they actually earn.  Independent tax expert Geof Nightingale told Mike Hosking the current settings are a problem for high-value migrants, particularly now we have the Active Investor Plus scheme.   He says these people usually have a portfolio of shares of other things around the world but we tax them on an annual basis, no matter if they sell.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Britain is facing a financial crisis, with the country potentially heading towards a bailout from the International Monetary Fund (IMF).  Economists are warning that they’re headed towards a 1970s-style debt crisis, with one saying the UK’s borrowing costs are higher than in Greece – which has the highest debt in the euro zone.  UK Correspondent Enda Brady told Mike Hosking that financially the UK is “screwed”, and Chancellor Rachel Reeves is in significant trouble.  He says there was a $120 billion black hole in the Government’s books last month, and an awful lot of wealthy people have left the country, concerned about high taxes.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Has the penny dropped?  There was no shortage of headlines and news coverage yesterday out of our interview with the Prime Minister on the Reserve Bank.  In a nutshell, Luxon suggested Christian Hawkesby blew it and should have/could have moved faster on the cash rate.  This is news, but not because the Prime Minister is right. We all know he is right.  But there is a convention whereby because the Reserve Bank is independent you don’t bag them, especially if you are a politician, far less the most influential politician.  But here is why Luxon was right and deserves recognition for what he said: there comes a time when you've got to say what you've got to say.  You can't dance around convention without becoming convention's victim.  There is too much of that. People who can't have a go at judges is another example.  By tiptoeing around the truth, we invite complacency and accountability becomes woefully lacking.  The cold, hard politics are at play as well. Christian Hawkesby and his gang of monetary committee wonks aren't up for re-election next year.  Believe me, if Luxon wanders the countryside telling us he wished the cash rate was lowered faster, he's not getting any sympathy.  The extreme of course is Trump, where you call for sackings and, occasionally, actually do some sacking. We don’t need to be that unhinged.  But it is unfairly restrictive for a government to cut spending, cut red tape, change rules and laws, trim jobs, cap councils, upend the RMA, and get the fast track going. Or in other words, work their butts off pulling every lever they can to fire the joint up.  But in the meantime, the old dump de dos on the terrace can't see a contraction when it smacks them in the face and they stall the economy through ineptitude.  Also, quite apart from anything, we like strong leadership. We like people telling it like it is.  If Luxon has had a weakness it might just be he has been a bit corporate, a bit beige, a bit polite and a bit nice.  Hopefully yesterday was the start of something new and more strident and with it a few more people are held to open, public account. See omnystudio.com/listener for privacy information.

A new use for “ugly” fruit, with two Kiwi dads turning a hobby into a business.  Fruit Cru makes use of seconds, the ugly fruit from local orchards that doesn’t make it to export, turning it into organic wine.   Since starting in 2021, they now produce about 10,000 bottles each year, and have signed a deal with Foodstuffs to stock their beverages in five supermarkets in the Wellington region.  Co-founder Cosmo Hawke told Mike Hosking there’s a shortage of fruit for traditional wine, but at the same time things like cherries, apples, and feijoas were going unpicked.  He says as far as they can tell, they’re the only ones making a beverage in this way, and it could only be done in New Zealand.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Motorsport fans are getting a look inside the career of one of the more recognisable names in Supercars.  After 21 years, last year saw Mark Winterbottom retire from full time driving.   His career included a championship win in 2015 in his infamous Ford at the height of the Ford v Holden rivalry, a Bathurst win, and 39 wins overall.  Although he may have retired from full time driving, Winterbottom has signed on to be a mentor and co-driver for Tickford Driving – partnering with Cam Waters.  He’s also taken the time to write a memoir, ‘Frosty - The incredible true story of the boy from Blacktown who became a Bathurst king’.  Winterbottom comes from a working class background and his introduction to the world of motorsport came at a young age.  “I sort of started motorsport at eight years old,” he told Mike Hosking.  “And at 44 now, I love it more than I ever have.”  “I’ve always thought of it as a privilege to race cars, but when you have that taken away from you, or your time stops, I think you appreciate it even more.”   LISTEN ABOVE See omnystudio.com/listener for privacy information.