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Chapter 1: What are the implications of the new compulsory KiwiSaver plans?
Tough on power, sharp on insight. The Mike Hosking Breakfast. With Bailey's Real Estate. Your local experts with national and global reach. News Talk ZB. Morning and welcome. Today, tax and savings. The ideas are flowing in the campaign of 26. Starmer is about to walk. Ricky Herbert is in on the football. The lad's in the commentary box after eight. The PM is in for Monday.
Of course, Richard Arnold, Steve Price, they do the business as well. Hosking. Welcome to the week.
Chapter 2: How does the Prime Minister justify the KiwiSaver policy changes?
Hard work, I reckon. What was the highlight of the Warriors yesterday? I mean, what really was the highlight? Was it the stadium? The crowd so close? The noise so clear? Was it those aerial shots of Christchurch as they went to the break? Surely one of the great-looking New Zealand cities. Was it the halftime show? Ehrlich and Williams and co. with the classics and the crowd going off? Or, or...
Was it the loss to the Titans for the Panthers, which prevented the top of the table getting an uncomfortable gap between them and us? See, our loss to the Panthers the other week was hardly a thing, I thought, given it was only a couple of points.
But if the Panthers had run away with the competition, it would have cemented in many people's minds, I thought to myself, that although we may well be there at the end of the season, the chances of us winning would be diminished.
Chapter 3: What are the All Whites' chances against Egypt in the World Cup?
So the Titans took care of that. You see, we were reminded once again, any side in the NRL can fall at any stage. But back to the game. Was there any doubt? I mean, we had a mile of ball. Yes, the Cowboys could look good, but then we looked good more often, didn't we? The gap at halftime was fair, I thought. A couple of conversions, once again, missed.
Means the gap wasn't as good as it could have been. But then, as so often happens these days, what was building in the first half gets played out in the second. The better side comes to the surface and the result becomes inevitable. Part of that story is the consistency. I mean, the warriors of old are well and truly gone.
What you see is what you get, and you pretty much get it for the whole 80 these days. And you're pretty much seeing it week in, week out these days as well.
Chapter 4: What insights do Jason Pine and Andrew Saville provide on sports performances?
Nicol Klokstad out Zalesniak, Zalesniak until Dallin joined in. Some of them might want to rethink their hairstyles, given the hair pulling that was going on. That was weird, wasn't it? And of course... If it didn't look inevitable anyway, by the time they sent Tamalolo to the bin, it was pretty much over. So we march on.
Even the half-decent sides like the Cowboys clearly aren't really in it anymore. A day to remember, a good game, and a packed house in what looks to me like the best facility for sport in the country. This, without getting too far ahead of ourselves, is our year.
This is our year!
News of the world in 90 seconds. Well, if you formed an attachment to Keir Starmer, then the news is not great. Having told us Friday he wasn't going anywhere, it's very likely he's about to quit.
I've spoken with him that both of us are reflecting in our own ways about what putting country first means at a moment like this.
What a random thing to say.
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Chapter 5: How do recent government policies affect retirement savings?
Certainly his old mate Donald's going to miss him.
He said Keir Starmer will resign as Prime Minister of the United Kingdom. He failed badly on two very important subjects, immigration and energy.
And before he's gone, there are no shortage of Labourites talking up this King of the North Andy bloke. I think he's said an awful lot of very interesting and important things about how we need to get Parliament and Westminster working better for the country. So I think he'll be ready to go. Elsewhere, specifically Switzerland, J.D. 's working his tail off.
If they are willing to give up nuclear weapons ambitions for the long term, then the United States is willing to fundamentally transform our relationship with that country. That is certainly our goal. We've already made great progress over just the last few hours. Now, part of the problem is those pesky Israelis keep insisting Lebanon isn't part of the deal.
The peace agreement between Israel and Lebanon cannot be reached if Iran has so much leverage and they're trying to squeeze themselves into this conflict in Lebanon. Iran should not be involved at all in the crisis in Lebanon.
Now, Switzerland, like a lot of Europe right now, is hot.
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Chapter 6: What are the current political dynamics regarding the Labour Party?
JD was dealing with 34 degrees today. Back in Britain, warnings are out.
This time round, we're seeing those temperatures edging up into the mid to late 30s with humidity, which is around 25%. So that is what is going to make it feel so unpleasantly muggy and warm. And it's not just during the days either.
No. France also has heat. 75% of the population facing at least 40 this week. Outdoor sporting events have been canned. They've banned booze at music festivals. And what everyone needs in a heat wave, of course, is a government crisis meeting. They had one of those, and I don't know what happened because... Nothing happens in the crisis meeting. Could be worse, though.
They could be Spain, who are looking to about 44 by midweek.
Chapter 7: How does the episode analyze the economic situation in New Zealand?
News of the world of weather in 90. Democracy Africa styles for you. The Ethiopian prime minister, who's a bloke called Ahmed, he's won, won well, retained his overwhelming parliamentary majority. Was there some conflict? Yes. Were there accusations of repression? Yes. Was there little participation from opposition parties? You bet. But his prosperity party ended up winning 438 of the 501 seats.
12 past six. Hello, darling.
Are you in Prisma? I'm here. Thank you.
Chapter 8: What are the latest updates in international relations and their impact?
Japan's interesting at the moment. Yen's in trouble again. 40-year low against the dollar, and they're talking about intervention. But another one of these inflation stories, which seem to be sweeping the world at the moment. In other words, there's not as much inflation as they thought. Latest number for May came in line with expectations. Core-core eased slightly as well. So I just wonder...
if globally we're not going to get the hit the um from the war that we thought we were 15 past six now from generate greg smith a good monday morning to you good morning mike so kiwi save is back in a big way eh that's right we said become a major political focus in the election so we have it so uh yeah the proposal is pretty clear isn't it obviously there's some familiarity with uh other proposals but uh yeah lift it and
employee-employee contributions to 6% by 2032 and make it compulsory, and obviously the baby bonus. But look, you know, aiming for 6 plus 6, that's actually something we've been calling for, mentioned that a few times, and yeah, that's going to be key to achieving better retirement outcomes.
Another good way of looking at it, Mike, you know, it took Australia 33 years to get to 12%, so we will have done it in about 25 years if that's... But, yeah, just other points on that. I think, you know, contribution rates are only part of the equation, a significant part, but, you know, fund choice also matters.
I think a lot of New Zealanders spend too long on conservative funds or default settings. They might not be wholly appropriate. And, yeah, the reality, cold reality is that, you know, New Zealand Super is a foundation, but, you know, not a complete retirement plan. So there's going to be a shortfall for many.
You know, Massey University's research shows that a Metro couple needs around about a million bucks at 65 to live a comfortable retirement. So... Compulsion, you know, it's worked better in countries which have that rather than voluntary systems. And you look at that government contribution for parental leave and employer contributions over 65, that makes a lot of sense.
But yeah, KiwiSaver at birth, you know, a lot of merit, obviously $1,500, that's what we're talking about. But yeah, that's a meaningful amount. So you look at compounding at 7%, that's $122,000 by age 65, but... I'd say that's a seed, not a forest. Long-term outcomes are going to be driven by decades of regular contributions. And, of course, Mike, we have been here before.
We had that $1,000 kickstart. That was removed in 2015. And the number of 18 KiwiSaver members since then have fallen quite a bit. So it's all about engagement as much as enrollment as well. But, yeah, look, support the direction. High contribution rates for sure. KiwiSaver at birth has a lot of merit. But like anything, Mike, devil's in the detail, including the design and the funding.
And the biggest challenge, I think, at KiwiSaver from birth is not the concept. It is the execution.
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