The Hoon

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured co-hosts Bernard Hickey & Peter Bale talking with regular guests Cathrine Dyer and Robert Patman, along with special guests Auckland University Emeritus Professor Jane Kelsey and intensive care specialist Dr David Galler.

We talked about:

* Likely issues in Election 2026 due on November 7, including anti-migration comments from Shane Jones in the wake of protests against rockpool harvesting (RNZ) and the economy’s struggle to generate growth most can feel;

* This week’s extraordinary weather events made worse by unaddressed climate change, including this new UK paper on the environment and national security and the measures that should be taken to make Aotearoa more resilient;

* Trump’s latest rupturing of the global world order, including Mark Carney’s speech at Davos and Donald Trump’s latest threats to invade Greenland;

* How New Zealand adapts to the law of the jungle; and,

* What’s happening in our health system, and how to improve it, including discussions about this Andrea Black paper, this Deloitte paper and the launch this week of Kaitiaki Hauora, which is a national coalition of workers, iwi, union, and advocacy groups wanting to strengthen public health that includes David Galler.

Jane Kelsey has written these pieces for The Conversation on geopolitics so far this year:

* Trump is threatening more tariffs over access to critical minerals – will NZ be targeted?

* The World Trade Organization is on life support. Will Trump’s new rules finish it off?

Robert Patman has written this piece for The Conversation this year:

* As Trump rewrites the rules in Venezuela, NZ faces a foreign policy reckoning

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in last year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured co-hosts Bernard Hickey & Peter Bale talking with regular guests Cathrine Dyer and Robert Patman.

We talked about:

* US President Donald Trump’s attack on the US Federal Reserve’s independence and why it matters to us;

* RBNZ Governor Anna Breman’s defence of the Fed’s independence;

* NZ First Leader and Foreign Minister Winston Peters’ criticism of Breman, despite his votes in favour of central bank independence over the years;

* How Trump’s strike on Venezuela is upending ever more global norms;

* record-high sea temperatures and how climate change is already a major part of the affordability story; and,

* a rocky election year ahead of misinformation in the absence of 3News, Sunday, Fair Go and a larger number of climate journalists.

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in last year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured co-hosts Bernard Hickey & Peter Bale talking with regular guests Cathrine Dyer and Robert Patman.

Our special guests this week were Philippa Yasbek, who heads Gun Control NZ and Doyen: NZ Jews Against Occupation, and Lee Feinstein, former US ambassador to Warsaw and senior diplomat under Democratic administrations, Dean of the Hamilton Lugar School of Global and International Studies at Indiana University Bloomington, long-serving board member of the United States Holocaust Memorial Museum.

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in last year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured co-hosts Bernard Hickey & Peter Bale talking with regular guests Cathrine Dyer and Robert Patman and special guest Sanjana Hottotuwa about the importance and meaning of Donald Trump’s new US National Security Strategy document for Aotearoa and the world.

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in last year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

PS: Here’s a cookie recipe Peter recommends. Apropos of some good news.

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured Bernard Hickey talking with regular guest Cathrine Dyer and special guest Lawyers for Climate Change Executive Director Jessica Palairet about this weeks news on climate change.

Bernard also talked with tax policy expert and accountant Terry Baucher about the IRD’s announcement yesterday it wants to tax company loans to shareholders as dividends if they’re not repaid within a year. As of March 31, 2024, 119,000 companies are owed $28 billion by 165,000 shareholders. Terry has a podcast on Interest.co.nz.

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in last year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured co-hosts Bernard Hickey and Peter Bale talking with regular guests Cathrine Dyer and Robert Patman and a special guest about the economy, politics, geopolitics and climate change.

This week’s special guest was new leader of The Opportunity Party, Quilae Wong.

This week:

* Bernard and Peter talked with Quilae ‘Q’ Wong about The Opportunity Party’s name change, her background, her ambitions, the party’s land tax policy, the ‘Abundance’ agenda and the issue of wasted votes.

* Bernard and Peter talked with Robert about Donald Trump and Vladimir Putin’s latest attempt to railroad Ukraine into a capitulation, along with Europe’s reaction.

* Bernard and Peter talked with Cathrine about New Zealand giving up on phasing out fossil fuels (Marc Daalder’s piece in Newsroom), the abandonment of a big carbon capture scheme ( Kate Newton’s piece for RNZ), and Kirsty Johnston’s deep-dive for RNZ about the oil and gas industry capturing the Government’s climate policies.

* Bernard talked about the RBNZ’s rate cut and the economy’s outlook, along with the tragic loss of the first contributory pension scheme in 1975.

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in last year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured co-hosts Bernard Hickey and Peter Bale talking with regular guests Cathrine Dyer and Robert Patman and a special guest about the economy, politics, geopolitics and climate change.

This week’s special guest was Drive Electric Chair Kirsten Corson.

This week:

* Bernard and Peter talked about Peter’s work on a CEO profile special series of articles for BusinessDesk-$, including that Brian Roche’s favourite book was by Jo Nesbo.

* Bernard, Peter and Cathrine talked about the Government’s decision this week to slash penalties for importing high emissions vehicles to save buyers of double-cab utes hundreds of dollars.

* Peter and Robert talked about Donald Trump’s attacks on the rules of international law, referring to this article by Philippe Sands in The Guardian. They also talked about the latest secret peace deal for Ukraine agreed between the United States and Russia, but which didn’t include Ukraine or Europe.

* Bernard and Kirsten talked about the state of climate policy in the wake of the shredding of the clean car discount scheme.

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in last year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured co-hosts Bernard Hickey and Peter Bale talking with regular guest Cathrine Dyer, and a special guest about the economy, politics, geopolitics and climate change.

This week’s special guest was The IDEA Charitable Trust’s Max Rashbrooke

Our topics this week were:

* Bernard and Peter talked about the BBC’s crisis.

* Bernard, Peter & Cathrine talked about the COP30 conference and Cathrine’s article on it for The Conversation.

* Bernard, Peter and Max talked about IDEA’s proposal for a Kids Kiwisaver.

* Bernard, Peter and Max talked about Max’s column for The Spinoff this week on how the left’s arguments against the Government’s debt aversion aren’t working, and what ‘jujitsu’ tactic might work better.

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in this year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

The podcast above of the weekly ‘Hoon’ webinar for paying subscribers on Thursday night featured co-hosts Bernard Hickey and Peter Bale talking with regular guests Robert Patman and Cathrine Dyer, and a special guest about the economy, politics, geopolitics, climate change, New York’s new mayor Zohran Mamdani, the gutting of Aotearoa’s Zero Carbon Act this week and revelations the Government is ‘move-on order’ legislation to allow Police to move homeless people out of CBDs for a day.

This week’s special guest was Auckland City Missioner Helen Robinson.

Our topics this week were:

* Bernard, Peter & Robert talked about the election of New York Mayor Zohran Mamdani and what it means politically inside, and potentially outside, the United States.

* Bernard and Peter talked about this week’s climate change policy changes with Cathrine.

* Peter and Robert talked about the latest crisis in Sudan.

* Bernard, Peter and Helen talked about this week’s ‘move-on order’ news around homelessness in our CBDs.

The Hoon’s podcast version above was recorded on Thursday night during a live webinar for over 200 paying subscribers and was produced and edited by Simon Josey.

The Hoon won the silver award for best current affairs podcast in this year’s New Zealand Podcast awards.

(This is a sampler for all free subscribers and anyone else who stumbles on it. Thanks to the support of paying subscribers here, we’re able to spread my public interest journalism here about housing affordability, climate change and poverty reduction other public venues. Join the community supporting and contributing to this work with your ideas, feedback and comments, and by subscribing in full. Remember, all students and teachers who sign up for the free version with their .ac.nz and .school.nz email accounts are automatically upgraded to the paid version for free. Also, here’s a couple of special offers: $3/month or $30/year for under 30s & $6.50/month or $65/year for over 65s who rent.)

Ngā mihi nui.

Bernard

I spoke with Simplicity Co-Founder Sam Stubbs about plans announced this morning to launch InfraKiwi, an NZX-listed vehicle funded from KiwiSaver and borrowing to buy new and existing infrastructure such as water companies, lines companies, airports, ports, hospitals, roads, public transport operators and schools from the Government and councils.

Stubbs sees an oppotunity to use upwards of $295 billion of KiwiSaver funds available over the next 25 years to kick-start a ramping up of investment in building, rebuilding and properly maintaining the infrastructure needed for Aotearoa to grow.

The problem we’re trying to solve is how do we get all this KiwiSaver money into the infrastructure that we use and operate and get good risk-adjusted returns for investors, for KiwiSaver members, and the public generally. And how do you generate also economic growth and jobs and get the infrastructure built that we need? Simplicity Co-Founder Sam Stubbs.

InfraKiwi would be seeded by an investment from Simplicity, but open through the NZX for all New Zealand-based investors and funds to invest in a company buying and running infrastructure assets the Government and councils chose not to own or invest in over the long run. It would be able to borrow on its own behalf to buy existing assets, often shortly after they were built, and then own them over the long-run for stable dividends to investors.

In my view, it creates a pathway for the Government and Councils to solve the problem they currently believe they have, which is:

* they need to borrow and invest to build and properly run infrastructure to cater for still-fast population growth; but,

* they don’t want to take the debt onto the Crown’s or council balance sheets because they fear it will increase interest rates and leave future taxpayers vulnerable if there is a new financial or physical economic shock.

The solution pursued by both National-led and Labour-led Governments over the last 30 years is to try to get the private sector to fund the building and running of the assets, either by selling them individually in whole or partially to local investors or foreign investors (Air New Zealand, BNZ, Telecom, Genesis, Mighty River/Mercury, Meridian, Contact etc), or trying to structure Infrastructure Funding and Financing deals and Public Private Partnerships to get private funders to do the borrowing, investing, building and owning of the assets (Wiri Prison, Transmission Gully).

The trouble is, in my view, these deals are so complicated, slow, expensive and subject to political, market and technical risks that they don’t happen often fast enough or at the necessary scale to solve Aotearoa’s $30 billion-a-year infrastructure deficit.

InfraKiwi doesn’t want to take on the risks of initially funding or building new assets, but sees itself assuring any Government or Council it would buy the asset once built for a certain price, giving Governments, ratepayers and taxpayers some assurance that they wouldn’t be stuck with the long-term debt.

In my view, this process does solve a big current problem that funds building up in KiwiSaver, NZ SuperFund and ACC very fast are running out of things to buy in New Zealand, but New Zealand Governments feel they ‘can’t afford’ to build the infrastructure needed to grow and solve many of our deficits. I think it’s a solution that’s more expensive for taxpayers in the long run, but does reduce the risks of creating new dividend or interest cost streams and drains in our current account deficit from sales to foreign owners or borrowing internationally.

If Governments of both flavours persist, as they are now, in believing they have to constantly drive the size of Government/GDP and Debt/GDP back down below 30%, then this is better than the alternative of pretending or promising to invest to cope with population growth, climate change and ageing, but never actually doing it.

I have published this article and the video interview above for all to read and watch as part of my public interest mandate covering our political economy. Paying subscribers support this work. You can too by subscribing.

A lightly edited transcript of our conversation

This a lightly-edited and cut-down version of our 30 minute conversation above for brevity and clarity. A PDF of the presentation referred to in the conversation above is attached below.

I firstly asked Sam what InfraKiwi would be and what problem it was trying to solve.

“We have this massive infrastructure deficit in New Zealand. The Infrastructure Commission says it’s $210 billion. It’s a massive amount of money and a lot of work. And yet on the other side, we have already $130 billion worth of KiwiSaver money saved,” Sam said.

“And our economist, Shamabeel Eaqub, has calculated that in 25 years, if KiwiSaver managers keep their investments in New Zealand at 30%, we will have another $295 billion to invest in New Zealand. The problem with that is that there’s kind of nothing to invest in. It’s very hard to commit a lot of money in that way. So it tends to go overseas. And when it’s invested overseas, that’s fine. You still get the returns, but you don’t generate the jobs or the economic growth than if you have it invested domestically.”

NZ shareholders only and with a Golden Share

Sam said he and others had spent two years iterating 50 versions of the fund.

“We’ve landed on setting up a company called Infra Kiwi. So, Infra for infrastructure, Kiwi for KiwiSaver and Iwi. We’re trying to create a vehicle that makes it as easy as possible for all New Zealanders, KiwiSaver managers, individuals, to invest in infrastructure via this company,” he said.

“The intention is that it will be New Zealand-only shareholders. So foreign investors not required or offshore capital not required in this case, because there’s so much there. That will then allow Kiwi to buy what we would call sensitive assets that might otherwise be unavailable for sale to offshore owners and own and operate it for the long term.

“I don’t want a New Zealand where we’ve saved hundreds of billions of dollars in KiwiSaver and it’s building roads in Aussie. I want that money building roads and buying power stations and operating the water here in New Zealand and creating jobs here and creating growth here.” Sam Stubbs

Simplicity would start by making the initial seed investments and then once it got to a critical mass it would list on the stock exchange, be restricted to New Zealanders, and have a ‘Golden Share’ preventing it from being sold to single and/or foreign interests.

“That means it’s liquid. It means all KiwiSaver managers can invest in it. It means the nature and purpose of the company couldn’t change now you and I are old enough to know the Fay Richwhite issue, which is to slice and dice these assets for the benefit of few to the cost of many.

“The nature and purpose of the company remains the same over the long term. And then it invests in operating infrastructure. So it’s not interested in building the power station, but it might be interested in buying it once it’s built. And then it focuses on very long-term ownership and operational efficiency. And if it’s existing old infrastructure, additional capital will refurbish or maintain the infrastructure as well. But it’s all about owning.

“I’d like this to be the biggest and most boring company in the country. Which means that it’s really big. It addresses that huge pool of money that New Zealanders will have now to invest in what we need. And it just focuses on owning and operating these assets for the very, very long term.”

‘It won’t take big development risks’

Sam says InfraKiwi wants to own and operate assets, rather than develop them, to make it easier to value on the stock market.

“It’s not taking big development risk But the other thing it could do is go to governments and say if you build it, we’ll buy it, and that means it’ll actually get built, because it’ll be a contract between the government and the community to get this thing built.

I the…