Nicola Willis: Finance Minister on the reaction to Budget 2026, the levy on banks
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What significant investments are included in Budget 2026?
A couple more numbers. Health got shed loads, $5.8 billion. Rail got a billion, as we've told you. Education, $240 million. The levy on the banks is interesting. Surplus is sooner than we thought.
How does the new bank levy impact financial institutions?
Nicola Willis, anyways, in charge of it all. She's with us. Morning. Good morning, Mike. You've laid down the gauntlet for the election, haven't you? If you like what we do, wear it.
What is Nicola Willis's message to voters ahead of the election?
If you like some free money, wear it. Is it that simple?
Yes. If you want to make a choice about this country on November 7, my message is the other guys don't have a plan. other than to go back to more borrowing, more spending, more debt. That will put you, your family and the future of our country at risk. Don't put it at risk. Stick with the team that are making progress. It's been tough, but we are delivering on our plan and that's going to get New Zealand ahead in the years that are following.
Do you worry about the quality of the health spend? I mean, you got more handed out yesterday. I'm just thinking $17,000 for every single house in this country. I think there must be some savings in there somewhere.
Well, we are investing heavily in health because we've got a growing and aging population and we are very focused on targets for that health system. You're right, it's not enough to just say we're putting more money in. That's why we've set the targets to have elective surgery waiting times coming down, the time you wait in the emergency room coming down, more specialist appointments. That's why we're doing preventative health things like investing in bowel screening because we are going to have to keep getting more bang out of the health buck, unquestionably. And look, Simeon Brown is working on that every day. It's not something where you solve it with one magic bullet one week, but he is constantly making improvements.
The billion for rail, are you convinced, or is that politics?
Yes, I am, because it is true that the rail network in the country is degraded. It does need repairs and upgrading. That is an essential piece of maintenance spending if we want to continue having a rail network. And rail does play an important role in terms of freight, but also for commuters in our urban areas. And so that's one of those investments that you just have to do if you want to be a country whose infrastructure works well.
The council money that Seymour wanted and got, you sold on that or is that politics?
Yeah, look, I think that that is a positive policy because what it's saying to councils is we want you consenting more homes so that housing is affordable in New Zealand. And we recognise that you need to have a reason for doing that because many of them are pretty slow on the old consenting. And that gives them a real financial incentive to get on with it. It's a bonus payment policy. for being a council that's consenting homes. I see David Seymour's logic. I'm pleased we're delivering on that coalition commitment. And I think a lot of councils will be positively behaving because of it.
How does the government plan to improve health spending efficiency?
The bank levy, I don't know how you can argue with a straight face. Your line was they do pretty well. I do pretty well. Why don't you text me more?
Well, I don't think that I want you flying off overseas, making different choices. When I look at talented people in this country, the idea that I'm going to tax them more and they'll be more inclined to invest in New Zealand, that doesn't make sense to me. When it comes to the banks, we're talking about a tiny, tiny, tiny levy relative to their bottom lines. Yeah, but it's the argument. And if something already happens, yeah, sure. It's the morals of the argument.
I can afford to pay 45 cents on the dollar.
Well, in this case, we're talking about a levy that is a zero point percentage point that already happens in Australia, the UK, other countries around the world. It's already the case that banks and financial institutions pay levies for their regulation through the Financial Markets Authority, through the Commerce Commission. This is just bringing us into line with that.
The rainy day fund, I get it, but you've already got calls to spend it.
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