I'm hi. I'm Liam Dan, New Zealand Herald Business Editor at Large, and welcome to this episode of Money Talks. This is a podcast about money, but we're not going to tell you how to get rich, and we're not going to try and pick the next interest rate move. In this series, I'll be talking to interesting New Zealanders about how money has shaped their lives and what they've learned over the years. For today's podcast, I'm joined by the CEO of ASB Bank and the country's highest paid female CEO, Vittoria short Kuda Vittoria, Welcome to Money Talks. Sure lamb that highest paid title. We threw it in the intro there. You know, is that something that bothers you or do you feel sort of proud to have achieved that?

I'm hi. I'm Liam Dan, New Zealand Herald Business Editor at Large, and welcome to this episode of Money Talks. This is a podcast about money, but we're not going to tell you how to get rich, and we're not going to try and pick the next interest rate move. In this series, I'll be talking to interesting New Zealanders about how money has shaped their lives and what they've learned over the years. For today's podcast, I'm joined by the CEO of ASB Bank and the country's highest paid female CEO, Vittoria short Kuda Vittoria, Welcome to Money Talks. Sure lamb that highest paid title. We threw it in the intro there. You know, is that something that bothers you or do you feel sort of proud to have achieved that?

It's definitely not something I think about actually a lot, or even if at all. You know, the days are just filled with other things that just feel important and so I don't tend to think about that. But the only thing I would say is, you know, there's a lot of commentary around women and women in leadership positions, and it's certainly nice to have some of my female colleagues, you know, reach out and sort of recognize it as a positive thing.

It's definitely not something I think about actually a lot, or even if at all. You know, the days are just filled with other things that just feel important and so I don't tend to think about that. But the only thing I would say is, you know, there's a lot of commentary around women and women in leadership positions, and it's certainly nice to have some of my female colleagues, you know, reach out and sort of recognize it as a positive thing.

So yeah, yea, yeah, absolutely.

So yeah, yea, yeah, absolutely.

I mean it's an unusual thing when you get to a certain level of success in business, something that we don't usually talk about. Suddenly you're you know, it's published to material, isn't it.

I mean it's an unusual thing when you get to a certain level of success in business, something that we don't usually talk about. Suddenly you're you know, it's published to material, isn't it.

Yeah?

Yeah?

Yeah, Look, let's let's jump back a bit and talk a bit more about money growing up. What were the first memories you have of money and holding money in your hand?

Yeah, Look, let's let's jump back a bit and talk a bit more about money growing up. What were the first memories you have of money and holding money in your hand?

Hmm okay, so this is going to sound like a plug for a SB but it is not. It's just I do remember taking my little ASB Savings book to Coe Primary School, rowent with my five or ten cents, depending on I don't know how good I'd been, I guess for the week and depositing money, and that is my earliest memory of cash physically in my hands. And also it came with lot of advice from my mother.

Hmm okay, so this is going to sound like a plug for a SB but it is not. It's just I do remember taking my little ASB Savings book to Coe Primary School, rowent with my five or ten cents, depending on I don't know how good I'd been, I guess for the week and depositing money, and that is my earliest memory of cash physically in my hands. And also it came with lot of advice from my mother.

Ah yeah yeah yeah.

Ah yeah yeah yeah.

So do you think you know you've had that sort of sense of being a savor instilled in you from me?

So do you think you know you've had that sort of sense of being a savor instilled in you from me?

Absolutely? Mum. You know, we had a lot of we had a lot of financial difficulty in my family and Mum was very focused on saving money, so she encouraged us really early on to basically do two things, work and save wow. And so yeah, so first job at ten never looked back.

Absolutely? Mum. You know, we had a lot of we had a lot of financial difficulty in my family and Mum was very focused on saving money, so she encouraged us really early on to basically do two things, work and save wow. And so yeah, so first job at ten never looked back.

Yeah. So what did your parents do growing up?

Yeah. So what did your parents do growing up?

Yeah, so a mum was a teacher and my dad had a small business, right, and it was the small business side of things that was really problematic and difficult.

Yeah, so a mum was a teacher and my dad had a small business, right, and it was the small business side of things that was really problematic and difficult.

Yeah.

Yeah.

And was that through the economic challenges the time kind of thing, or there's a good changes in New Zealand and all that sort of stuff.

And was that through the economic challenges the time kind of thing, or there's a good changes in New Zealand and all that sort of stuff.

It's kind of hard to know when you're young and growing up exactly what causes what you know, you listen to your parents talk around the kitchen table, I guess, and sometimes it's hard to make heads or tails of it. But the thing that I really learned pretty qui is how destabilizing it is and how much emotional pressure and stress from money decisions and the things that kind of went from there that happened in our family. And so really early on it was less about what was going on in the economy or the environment or the business, and it was a lot more around the emotional.

It's kind of hard to know when you're young and growing up exactly what causes what you know, you listen to your parents talk around the kitchen table, I guess, and sometimes it's hard to make heads or tails of it. But the thing that I really learned pretty qui is how destabilizing it is and how much emotional pressure and stress from money decisions and the things that kind of went from there that happened in our family. And so really early on it was less about what was going on in the economy or the environment or the business, and it was a lot more around the emotional.

As a child.

As a child.

As a child, Yeah, and so you're growing up in the whitehadow.

As a child, Yeah, and so you're growing up in the whitehadow.

No, actually I was in Auckland, but went to university in Waco.

No, actually I was in Auckland, but went to university in Waco.

I see that.

I see that.

Yeah, of course, yes, did you have one of those little yellow yellowplants?

Yeah, of course, yes, did you have one of those little yellow yellowplants?

I did. Yeah, we had a few, and I possibly could have tucked into them from time to time when I shouldn't have been. You know, that was half the fun of how many money bugs?

I did. Yeah, we had a few, and I possibly could have tucked into them from time to time when I shouldn't have been. You know, that was half the fun of how many money bugs?

Yeah, did you get pocket money or are you working for the pocket money?

Yeah, did you get pocket money or are you working for the pocket money?

Working? So so we didn't tend to I think, you know, the family had a belief that everyone just had to pitch in and you don't get paid for pitching in. Not in my household growing up, So we sort of divide and conquering all the jobs and get those done. And yeah, I started working when I was ten with my brother and we shared a paper round. So it was more saving from money that we earned than anything else.

Working? So so we didn't tend to I think, you know, the family had a belief that everyone just had to pitch in and you don't get paid for pitching in. Not in my household growing up, So we sort of divide and conquering all the jobs and get those done. And yeah, I started working when I was ten with my brother and we shared a paper round. So it was more saving from money that we earned than anything else.

Yeah, and obviously you're saving some of that by the sound of it. But were the things you saved up for?

Yeah, and obviously you're saving some of that by the sound of it. But were the things you saved up for?

What were you interested in to spend it on in those days?

What were you interested in to spend it on in those days?

Yeah? Interesting, So again you influence from my mum was in the spend half save half mode, and so we didn't earn that much, so that the spending typically because we picked our papers up from the local dairy. The spending typically went into Lolly's at the dairy, and the saving it was actually I was never ever saving for anything in particular. I was always saving because financial independence mattered more to me than anything else, just because of the family situation.

Yeah? Interesting, So again you influence from my mum was in the spend half save half mode, and so we didn't earn that much, so that the spending typically because we picked our papers up from the local dairy. The spending typically went into Lolly's at the dairy, and the saving it was actually I was never ever saving for anything in particular. I was always saving because financial independence mattered more to me than anything else, just because of the family situation.

So having that buffer, knowing the money absolutely freedom yep.

So having that buffer, knowing the money absolutely freedom yep.

Sure yeah.

Sure yeah.

And so at school did that sort of I guess understanding of money and finances and where your career has now gone. Did that affect choices at school? Did you study economics and things?

And so at school did that sort of I guess understanding of money and finances and where your career has now gone. Did that affect choices at school? Did you study economics and things?

Yeah? So money never impacted my subject selection. What impacted that more than anything else is what I enjoyed, right, And I'm sort of a believer. And the more you enjoy something, the more you work at it. The more you work at it, the better you get. The better you get, the more you enjoy it, and it just sort of becomes a bit of a filling prophecy. And so the subjects that that I was good at were economics and accounting.

Yeah? So money never impacted my subject selection. What impacted that more than anything else is what I enjoyed, right, And I'm sort of a believer. And the more you enjoy something, the more you work at it. The more you work at it, the better you get. The better you get, the more you enjoy it, and it just sort of becomes a bit of a filling prophecy. And so the subjects that that I was good at were economics and accounting.

Right, so leaned into them I did.

Right, so leaned into them I did.

Yeah.

Yeah.

Were there other things that like hobbies and things that could have been a different pathway.

Were there other things that like hobbies and things that could have been a different pathway.

So I've shared this story before. If I wasn't a bankrut be a farmer, right? I love the outdoors, and I just think that's one of New Zealand's one of the beautiful parts about the country. There are so many mountains to hike, beaches to enjoy, you know, it's a big part of I think kiwis and who we are and what we do.

So I've shared this story before. If I wasn't a bankrut be a farmer, right? I love the outdoors, and I just think that's one of New Zealand's one of the beautiful parts about the country. There are so many mountains to hike, beaches to enjoy, you know, it's a big part of I think kiwis and who we are and what we do.

Yeah.

Yeah.

But at university, you did a Bachelor of Management Studies, Is that right, with accounting finance? So you really were immersed in that world from the get go.

But at university, you did a Bachelor of Management Studies, Is that right, with accounting finance? So you really were immersed in that world from the get go.

Yes. And how I sort of started down that path actually was Dad's influence. He sort of looked at my grades and what I was enjoying at school, and he made a couple of suggestions around, you know, what I might want to study. And one of those things that he said to me that I kind of grabbed onto was if you choose accounting, you can work anywhere in the world. And I thought that sounds exciting. So that sort of started me off down an accounting path. But interestingly, I started with accounting, then I did my first finance paper. I loved the finance paper, so I kept doing more of those. Then I did a strategy paper. Loved that, so I kept from going down, picking up a whole lot more strategy papers and Weirdly, my career started to mirror that, right, it started work. So it's all about following the things that yeah are doing. Was your first job out of UNI, was that Deloitte, that's right, doing auditing? Yeah, yes, and so that was that was the more of the accounting, absolutely, and the travel the world out of thinking that's right, which I didn't do.

Yes. And how I sort of started down that path actually was Dad's influence. He sort of looked at my grades and what I was enjoying at school, and he made a couple of suggestions around, you know, what I might want to study. And one of those things that he said to me that I kind of grabbed onto was if you choose accounting, you can work anywhere in the world. And I thought that sounds exciting. So that sort of started me off down an accounting path. But interestingly, I started with accounting, then I did my first finance paper. I loved the finance paper, so I kept doing more of those. Then I did a strategy paper. Loved that, so I kept from going down, picking up a whole lot more strategy papers and Weirdly, my career started to mirror that, right, it started work. So it's all about following the things that yeah are doing. Was your first job out of UNI, was that Deloitte, that's right, doing auditing? Yeah, yes, and so that was that was the more of the accounting, absolutely, and the travel the world out of thinking that's right, which I didn't do.

Right, So you didn't didn't get a post in Singapore or whatever.

Right, So you didn't didn't get a post in Singapore or whatever.

I didn't. Actually, I was really enjoying the work that I was doing in New Zealand. So I stayed in New Zealand for quite some time in my early career.

I didn't. Actually, I was really enjoying the work that I was doing in New Zealand. So I stayed in New Zealand for quite some time in my early career.

Yeah.

Yeah.

You know, sometimes I asked people who go into Deloitt to one of the Big four, you know, you weren't tempted to sort of you can build a whole career through those that they look after people and they carry them right through. You weren't sort of sucked into the machine of the of the accounting world like that.

You know, sometimes I asked people who go into Deloitt to one of the Big four, you know, you weren't tempted to sort of you can build a whole career through those that they look after people and they carry them right through. You weren't sort of sucked into the machine of the of the accounting world like that.

Well what happened was first off, fantastic firm, incredible opportunities, and so one of those was I quite quickly moved into the corporate finance team. Really enjoyed that work. So at the time we were doing commercial litigations, expert evidence for commercial litigation, due diligence, valuations of businesses and so M and A kind of activity. And I loved the M and A work I was doing, and that's when I decided to go in house M and A for Carter Hot Harvey.

Well what happened was first off, fantastic firm, incredible opportunities, and so one of those was I quite quickly moved into the corporate finance team. Really enjoyed that work. So at the time we were doing commercial litigations, expert evidence for commercial litigation, due diligence, valuations of businesses and so M and A kind of activity. And I loved the M and A work I was doing, and that's when I decided to go in house M and A for Carter Hot Harvey.

Right.

Right.

So again I was just sort of following my nose in terms of the work that I most enjoyed.

So again I was just sort of following my nose in terms of the work that I most enjoyed.

Yeah, that's an interesting company.

Yeah, that's an interesting company.

What era of Carter Holt were you in.

What era of Carter Holt were you in.

Chris Ladell was to sell yeah, yeah, and so when did.

Chris Ladell was to sell yeah, yeah, and so when did.

I'm just trying to think when Graham Heart got involved? Was he I had left by the time, right, and that was sort of a would have been a will when hitting at that point, that's right.

I'm just trying to think when Graham Heart got involved? Was he I had left by the time, right, and that was sort of a would have been a will when hitting at that point, that's right.

So I think that was because I left card Holt in two thousand and two, that's when I went to Australia, so I think Graham came, yeah, not long after that.

So I think that was because I left card Holt in two thousand and two, that's when I went to Australia, so I think Graham came, yeah, not long after that.

Yeah, but I remember Chris the deal. We were dealing with a wall of wood, and yes, you know, there was a lot of challenges even then, you know, and just getting getting the mix.

Yeah, but I remember Chris the deal. We were dealing with a wall of wood, and yes, you know, there was a lot of challenges even then, you know, and just getting getting the mix.

Right, that's right.

Right, that's right.

So I guess that's that's a very real world, kind of gritty sort of thing to keep your teeth and fantastic.

So I guess that's that's a very real world, kind of gritty sort of thing to keep your teeth and fantastic.

So I started doing as I say in house M and A. So that the buying and the selling of the businesses, and there was quite a lot of that occurring at that time under Cross's leadership. But then I I always wanted to stay on and see how those businesses went. So I always became fascinated in the strategy behind the merger or the divestment, and so I wanted to get more into rather than buying and selling businesses, I wanted to get more into understanding how they ran. So I asked if I could get out of the M and A team, and I went into the swam milling division and terrific role there. It's as great as you get. And you know, it's deconstruction manufacturing that's really challenging work. And you know, and also saw that sort of the ups and the downs, the periods of making cash losses, making difficult decisions like shutting down plants which could be the only main employer in a small town. I saw how people led through that. So it was my first foray into business business decisions.

So I started doing as I say in house M and A. So that the buying and the selling of the businesses, and there was quite a lot of that occurring at that time under Cross's leadership. But then I I always wanted to stay on and see how those businesses went. So I always became fascinated in the strategy behind the merger or the divestment, and so I wanted to get more into rather than buying and selling businesses, I wanted to get more into understanding how they ran. So I asked if I could get out of the M and A team, and I went into the swam milling division and terrific role there. It's as great as you get. And you know, it's deconstruction manufacturing that's really challenging work. And you know, and also saw that sort of the ups and the downs, the periods of making cash losses, making difficult decisions like shutting down plants which could be the only main employer in a small town. I saw how people led through that. So it was my first foray into business business decisions.

High level, I mean, you know, management at the reasonably high level. There where you're actually having to make big calls.

High level, I mean, you know, management at the reasonably high level. There where you're actually having to make big calls.

Absolutely, and it really a lot of fire.

Absolutely, and it really a lot of fire.

Yeah.

Yeah.

Yeah, So how long did you stay before you moved into banking?

Yeah, So how long did you stay before you moved into banking?

So that was I'm going to say two thousand and I'm gonna give my dates right a wee while back, So two thousand and two. I stayed there until then. And then my husband, he's a Kiwi, he's off a farm down south of Auckland, and he had finished what he was doing, sold his business and we decided that we'd go to Australia. And when we got to Australia, he was running a business over there and I honestly was looking through ads thinking, I know, I don't want to go back into m and A. I want to stay in business, and there was just an ad for the Commonwealth Bank of Australia. They were looking for someone who had my skill set, and I thought, well, it's a big company, it's got lots of different divisions, lots of opportunities, and so I'll give it a go.

So that was I'm going to say two thousand and I'm gonna give my dates right a wee while back, So two thousand and two. I stayed there until then. And then my husband, he's a Kiwi, he's off a farm down south of Auckland, and he had finished what he was doing, sold his business and we decided that we'd go to Australia. And when we got to Australia, he was running a business over there and I honestly was looking through ads thinking, I know, I don't want to go back into m and A. I want to stay in business, and there was just an ad for the Commonwealth Bank of Australia. They were looking for someone who had my skill set, and I thought, well, it's a big company, it's got lots of different divisions, lots of opportunities, and so I'll give it a go.

Yeah, and it's obviously worked out. You've stayed a long time in banking, then you know it must be must be twenty years, more more than many years, and to have that sort of success in the banking sector. Something's obviously gelled. You know, what would you say is the reason for your success in that particular industry.

Yeah, and it's obviously worked out. You've stayed a long time in banking, then you know it must be must be twenty years, more more than many years, and to have that sort of success in the banking sector. Something's obviously gelled. You know, what would you say is the reason for your success in that particular industry.

You've got to love what you do. I think that's the starting point with everything. And then people sometimes look at you a bit sideways. It's like, you love banking and I do genuinely likes people.

You've got to love what you do. I think that's the starting point with everything. And then people sometimes look at you a bit sideways. It's like, you love banking and I do genuinely likes people.

The reputation is it might be a bit gray, you know.

The reputation is it might be a bit gray, you know.

It's not that at all. It's firstly, I just think about the impact that we can have and you know, powering up economies, helping businesses, helping people through the difficult times, you know, is really important. It's not always you know, about the easy times, bringing new exciting innovations to market, working with technology. You know, there's just so many different skill sets in a bank.

It's not that at all. It's firstly, I just think about the impact that we can have and you know, powering up economies, helping businesses, helping people through the difficult times, you know, is really important. It's not always you know, about the easy times, bringing new exciting innovations to market, working with technology. You know, there's just so many different skill sets in a bank.

Yeah, I mean, if you just look, there's a lot, always a lot going on there is. We don't need to get tour into it. But you're involved at the political end as well.

Yeah, I mean, if you just look, there's a lot, always a lot going on there is. We don't need to get tour into it. But you're involved at the political end as well.

That's right.

That's right.

Certainly there's plenty going on in New Zealand, but in Australia. I always sort of make this observation that they're actually even tougher on the banks over there. I think in terms of the way the media gets stuck into banks and the robustness of the debate over there is pretty intense.

Certainly there's plenty going on in New Zealand, but in Australia. I always sort of make this observation that they're actually even tougher on the banks over there. I think in terms of the way the media gets stuck into banks and the robustness of the debate over there is pretty intense.

How did you find all that?

How did you find all that?

I think I think that's Australia generally, to be honest, I don't think that's specific to the banking sector. I think there's a lot of scrutiny in Australia the media. I mean, you've got some pretty famous mastheads over in Australia, owned by some pretty famous people, and the scrutiny is high. And would I would say most industries would say that the scrutiny is high on them, not just banking.

I think I think that's Australia generally, to be honest, I don't think that's specific to the banking sector. I think there's a lot of scrutiny in Australia the media. I mean, you've got some pretty famous mastheads over in Australia, owned by some pretty famous people, and the scrutiny is high. And would I would say most industries would say that the scrutiny is high on them, not just banking.

Yeah.

Yeah.

Sure, I wanted to ask because you'd had that experience in Australia. You know, do you think Australians have a different attitude to money than Kiwi's. You know, we've seen as fairly similar personalities, but maybe Australians are a bit bolder and brasher.

Sure, I wanted to ask because you'd had that experience in Australia. You know, do you think Australians have a different attitude to money than Kiwi's. You know, we've seen as fairly similar personalities, but maybe Australians are a bit bolder and brasher.

And yeah, I think there's some similarities. I think one thing that I'm really envious of though, when I think about Australia is the superannu right part of that system. I think the ability to help people save for their futures, and then the ability of those organizations to invest those moneies. You know, well, boy, I think that's really setting up the country for success. So I would call out that as being something that's very positive about the Australian system.

And yeah, I think there's some similarities. I think one thing that I'm really envious of though, when I think about Australia is the superannu right part of that system. I think the ability to help people save for their futures, and then the ability of those organizations to invest those moneies. You know, well, boy, I think that's really setting up the country for success. So I would call out that as being something that's very positive about the Australian system.

Yeah.

Yeah.

I mean often New Zealanders are looking across the Tasman looking at higher wages, higher productivity, and you know, feeling a bit jealous. We can look at the iron ore or whatever. But you know, it seems to me that that strength and the financial sector, which is sort of underpinned by that savings regime, must be a huge factor in Australia's ability to sort of weather some of the ups and downs a bit better than you.

I mean often New Zealanders are looking across the Tasman looking at higher wages, higher productivity, and you know, feeling a bit jealous. We can look at the iron ore or whatever. But you know, it seems to me that that strength and the financial sector, which is sort of underpinned by that savings regime, must be a huge factor in Australia's ability to sort of weather some of the ups and downs a bit better than you.

I mean, it's a bigger economy, you know, it's got those sort of and it has natural advantages obviously that are really important for powering up the economy. But you know a lot of my friends will say, oh, you know, these great wages over there, there's a lot of tax over there too, I don't think, and I think that's a very important dynamic. A lot of New Zealanders want the benefits of the infrastructure that they see in Australia, but they don't like the idea of the tax that actually has to pay for that. Yeah, so you know when you go over there and you're paying stamp duty on a lot of things. Yeah, so you can't have your cake and eat it too. You have to decide there.

I mean, it's a bigger economy, you know, it's got those sort of and it has natural advantages obviously that are really important for powering up the economy. But you know a lot of my friends will say, oh, you know, these great wages over there, there's a lot of tax over there too, I don't think, and I think that's a very important dynamic. A lot of New Zealanders want the benefits of the infrastructure that they see in Australia, but they don't like the idea of the tax that actually has to pay for that. Yeah, so you know when you go over there and you're paying stamp duty on a lot of things. Yeah, so you can't have your cake and eat it too. You have to decide there.

And obviously it's a hard call to make for someone about a compulsory souper. I think Paul Keating did it in Australia. But it's it's saying well, no, you're going to pay a bit more now, and businesses are going to pay a bit more now and it might hurt, but we'll have some trillions yes later on.

And obviously it's a hard call to make for someone about a compulsory souper. I think Paul Keating did it in Australia. But it's it's saying well, no, you're going to pay a bit more now, and businesses are going to pay a bit more now and it might hurt, but we'll have some trillions yes later on.

Yes, I agree, it is a very difficult thing to introduce. But again, you know, you can't move forward without making some of these, you know, the tougher decisions that set you up for the future.

Yes, I agree, it is a very difficult thing to introduce. But again, you know, you can't move forward without making some of these, you know, the tougher decisions that set you up for the future.

Yeah.

Yeah.

I suppose I better ask this because I'll get in trouble if I don't. But do you think New Zealand is well served by the Australian owned banks? What do you make of the sort of controversy around the idea that we don't have enough competition or that we don't have enough control of our own banking sector.

I suppose I better ask this because I'll get in trouble if I don't. But do you think New Zealand is well served by the Australian owned banks? What do you make of the sort of controversy around the idea that we don't have enough competition or that we don't have enough control of our own banking sector.

Look, I think there's some absolute benefits for being owned by large Australian banks, and I think those are not well understood, and I try and explain them as much as I can. Firstly, you know, access in capital markets, and because you know New Zealanders like to borrow more than they save, ASP's going to go offshore and raise billions of dollars in the open markets. And you know, having the Australian owned banks behind you is an important dynamic there and that adds real value to the New Zealand marketplace. In my mind. The other things would be just the level of investment that the larger banks can make in Australia means that we get huge benefits of things like cybersecurity, for example, so we're able to tap into the technological amazing capability again that I believe has real value. So a lot of benefits, I would say, but bring on the competition.

Look, I think there's some absolute benefits for being owned by large Australian banks, and I think those are not well understood, and I try and explain them as much as I can. Firstly, you know, access in capital markets, and because you know New Zealanders like to borrow more than they save, ASP's going to go offshore and raise billions of dollars in the open markets. And you know, having the Australian owned banks behind you is an important dynamic there and that adds real value to the New Zealand marketplace. In my mind. The other things would be just the level of investment that the larger banks can make in Australia means that we get huge benefits of things like cybersecurity, for example, so we're able to tap into the technological amazing capability again that I believe has real value. So a lot of benefits, I would say, but bring on the competition.

Sure, okay, I've got a few sort of quick fire questions here. What would you say, is the poorest you ever been?

Sure, okay, I've got a few sort of quick fire questions here. What would you say, is the poorest you ever been?

I think, as I sort of alluded to growing up at home, we were in a real financial difficulty.

I think, as I sort of alluded to growing up at home, we were in a real financial difficulty.

Yeah, yeah, So that was a sense of knowing that maybe other kids had some more money going on in the household.

Yeah, yeah, So that was a sense of knowing that maybe other kids had some more money going on in the household.

I was I remember going up to the dairy. Didn't have any food in the house, and we had a whole bunch of bottles and you know how you could go and take has shown my age could take glass bottles up to the dairy and you could stop them out for something.

I was I remember going up to the dairy. Didn't have any food in the house, and we had a whole bunch of bottles and you know how you could go and take has shown my age could take glass bottles up to the dairy and you could stop them out for something.

Yeah.

Yeah.

Well yeah, no, So I remember dinner that night was taking the glass bottles up to the deery and getting some sausages and the other bits and bobs, and it was dinner.

Well yeah, no, So I remember dinner that night was taking the glass bottles up to the deery and getting some sausages and the other bits and bobs, and it was dinner.

Wow.

Wow.

Yeah.

Yeah.

Yeah.

Yeah.

So that is pretty close to the line, isn't it.

So that is pretty close to the line, isn't it.

Tricky times?

Tricky times?

Yeah, yeah, tough.

Yeah, yeah, tough.

You've already answered really this spind are you're a spender or a saver, But do you sort of feel like you're naturally good with money or is it?

You've already answered really this spind are you're a spender or a saver, But do you sort of feel like you're naturally good with money or is it?

I guess that's as you say.

I guess that's as you say.

Come from that background, I would say mum's early focus on saving was really positive. But I would say understanding more about financial how to manage your financial affairs through being in a bank absolutely has been beneficial. So you know, when I went into banking over in Australia and I learned this whole thing about compulsory super I'm like, why was I not doing that earlier? You know, things like that, Yeah, shape you learn a lot part from being in a bank.

Come from that background, I would say mum's early focus on saving was really positive. But I would say understanding more about financial how to manage your financial affairs through being in a bank absolutely has been beneficial. So you know, when I went into banking over in Australia and I learned this whole thing about compulsory super I'm like, why was I not doing that earlier? You know, things like that, Yeah, shape you learn a lot part from being in a bank.

So if you had to pick a piece of advice to give people listening just to sort of have a better sense of finances and money, what would you be your top piece of advice for people?

So if you had to pick a piece of advice to give people listening just to sort of have a better sense of finances and money, what would you be your top piece of advice for people?

Yeah, get some advice actually, and there are so many places to get some great help for managing your financial affairs, and don't pick it all off at once. You can actually make some small, just small changes that can really make a difference. So, you know, we'll talk about at ASP. You know, our customers have saved millions and millions of dollars through Save the Change. It's a tiny way that you can create a good habit to start getting some money in a separate account.

Yeah, get some advice actually, and there are so many places to get some great help for managing your financial affairs, and don't pick it all off at once. You can actually make some small, just small changes that can really make a difference. So, you know, we'll talk about at ASP. You know, our customers have saved millions and millions of dollars through Save the Change. It's a tiny way that you can create a good habit to start getting some money in a separate account.

Sure.

Sure.

Yeah, I always sort of ask, what's what's the most indulgent purchase you've ever made?

Yeah, I always sort of ask, what's what's the most indulgent purchase you've ever made?

I feel like anything to do with a house. I think the house seems to be this emotional excuse for I don't know, creating a really nice home.

I feel like anything to do with a house. I think the house seems to be this emotional excuse for I don't know, creating a really nice home.

I think is a sack a lot of money.

I think is a sack a lot of money.

They do sack a lot of money, And so when you're doing a renovation and you can kind of choose between different things, I think homes are a really important place so sure.

They do sack a lot of money, And so when you're doing a renovation and you can kind of choose between different things, I think homes are a really important place so sure.

I mean, coming from a you know, that difficult background you talked about, when you got say into deloy To or into some of these management jobs, was there a moment where you finally thought, oh, I've actually got a bit of financial security and you felt like you could splash out of it.

I mean, coming from a you know, that difficult background you talked about, when you got say into deloy To or into some of these management jobs, was there a moment where you finally thought, oh, I've actually got a bit of financial security and you felt like you could splash out of it.

I felt like a millionaire when I started working my first job. I've saved my letter. Yeah, my first you know, I think it was my first proper job, and my salary was twenty three thy five hundred and I just thought i'd made it. Yeah, I really did, so, Yes, it came with some financial freedom. So the first thing that was on my list was a car. So yeah, nice, So you are a car person. I'm becoming less of a car person, I think.

I felt like a millionaire when I started working my first job. I've saved my letter. Yeah, my first you know, I think it was my first proper job, and my salary was twenty three thy five hundred and I just thought i'd made it. Yeah, I really did, so, Yes, it came with some financial freedom. So the first thing that was on my list was a car. So yeah, nice, So you are a car person. I'm becoming less of a car person, I think.

Yeah.

Yeah.

I mean, I'm just got my first EV so I'm really enjoying that.

I mean, I'm just got my first EV so I'm really enjoying that.

I have to say, yeah, you know, similar note, but other things that you still dream of buying but you just haven't got there for whatever reason, time or they're on your life goals purchase wise.

I have to say, yeah, you know, similar note, but other things that you still dream of buying but you just haven't got there for whatever reason, time or they're on your life goals purchase wise.

Yeah, I think. You know, we've got two young sons, and for me, family holidays they're the best, my best childhood memories, they're my best early adult memories. They're my best parenting memories if you like. And so at the top of my list for things A the home and then B travel sure travel.

Yeah, I think. You know, we've got two young sons, and for me, family holidays they're the best, my best childhood memories, they're my best early adult memories. They're my best parenting memories if you like. And so at the top of my list for things A the home and then B travel sure travel.

With them, yeah, just and then I guess that is finding the time to go for a decent length of time.

With them, yeah, just and then I guess that is finding the time to go for a decent length of time.

Absolutely, but you know, sometimes just small trips can be fun as well. We've had plenty of long weekends supporting the kids with sport or something that have been a lot of fun as well.

Absolutely, but you know, sometimes just small trips can be fun as well. We've had plenty of long weekends supporting the kids with sport or something that have been a lot of fun as well.

So yeah, yeah, it's sort of about I guess lifestyle.

So yeah, yeah, it's sort of about I guess lifestyle.

But Prome Minister Christopher Luxen sort of I think he slightly misunderstood the question personally, but he reckoned. He spent sixty dollars a week on groceries when he was asked last year in the election campaign, do you have a big grocery shop? What kind of grocery shopper are you?

But Prome Minister Christopher Luxen sort of I think he slightly misunderstood the question personally, but he reckoned. He spent sixty dollars a week on groceries when he was asked last year in the election campaign, do you have a big grocery shop? What kind of grocery shopper are you?

Okay, we spent a lot of money on food and a couple of things there. I've got a rower and a basketballer, so the bickeyball is six foot eight, rowers six foot five. Food in our house is a.

Okay, we spent a lot of money on food and a couple of things there. I've got a rower and a basketballer, so the bickeyball is six foot eight, rowers six foot five. Food in our house is a.

Very big deal and it probably doesn't last long.

Very big deal and it probably doesn't last long.

It doesn't last very long. It flies out, and so our food bill is I would just call it substantial. And now they may not be living at home, but we're still supporting them financially, so it's still substantial. But the only thing I would say, though, is the our food bill is coming down because we're eating just a little bit less meet actually right, Yes, there things.

It doesn't last very long. It flies out, and so our food bill is I would just call it substantial. And now they may not be living at home, but we're still supporting them financially, so it's still substantial. But the only thing I would say, though, is the our food bill is coming down because we're eating just a little bit less meet actually right, Yes, there things.

Up about lifestyle healthy. Yeah.

Up about lifestyle healthy. Yeah.

Do you ever still imagine winning lotto?

Do you ever still imagine winning lotto?

I used to dream about that as a child, I really did, and we used to watch it as a family on team actually buy tickets or just dream When I was young. Dad definitely did buy tickets, and I used to dream non stuff about what I would do with all that money. You know today I don't sort of dream about that anymore so, but you know what, we do buy a lot of tickets every now and then.

I used to dream about that as a child, I really did, and we used to watch it as a family on team actually buy tickets or just dream When I was young. Dad definitely did buy tickets, and I used to dream non stuff about what I would do with all that money. You know today I don't sort of dream about that anymore so, but you know what, we do buy a lot of tickets every now and then.

Yeah, that's for fun.

Yeah, that's for fun.

Yeah, I ask it because you know, sometimes I sort of imagine winning a smaller amount. I actually don't know if I want to win a hundred million dollars or something like that. It sort of kind of turns your life upside down.

Yeah, I ask it because you know, sometimes I sort of imagine winning a smaller amount. I actually don't know if I want to win a hundred million dollars or something like that. It sort of kind of turns your life upside down.

Yes, in any of those stories.

Yes, in any of those stories.

Look the question here and you sort of answered it through the other questions. But as making money important in itself, or has that been a byproduct of the success.

Look the question here and you sort of answered it through the other questions. But as making money important in itself, or has that been a byproduct of the success.

It's never about that, I think, and I always sort of, you know, provide whoever are if anyone ever asks me about that, I always go back to choose things that you're passionate about and that you love doing. Don't go and choose something because it pays. You know, you don't want to be getting lots of money and then hating your job every day, you know, so that that would be awful. So and actually interesting fact for you, learning good savings behaviors is five times more impactful than a pay increase.

It's never about that, I think, and I always sort of, you know, provide whoever are if anyone ever asks me about that, I always go back to choose things that you're passionate about and that you love doing. Don't go and choose something because it pays. You know, you don't want to be getting lots of money and then hating your job every day, you know, so that that would be awful. So and actually interesting fact for you, learning good savings behaviors is five times more impactful than a pay increase.

Wow. Yeah.

Wow. Yeah.

And the whole reason for that is because many people go and get a pay increase and then just spend that pay increase and so they're actually no better off than they were before. And so savings habits are actually the most important thing of all.

And the whole reason for that is because many people go and get a pay increase and then just spend that pay increase and so they're actually no better off than they were before. And so savings habits are actually the most important thing of all.

Yeah. I mean, if I could give you the power to be in charge of the country for the day, prime minister for a day, is this something that you would most want to do to sort of I guess, transform New Zealand, deal with some social inequity and all that sort of stuff.

Yeah. I mean, if I could give you the power to be in charge of the country for the day, prime minister for a day, is this something that you would most want to do to sort of I guess, transform New Zealand, deal with some social inequity and all that sort of stuff.

I mean, there's two very two long term things. You know. We need to get education right and we need to get housing rights. So those are two long term ones. But if I chose something that was near term, easier to do in my view and could really help with productivity, I think we could really lean into digital identity as a neighbor for the digital economy and to also to improve this safety because at the moment we've got a lot of issues with forwards and scams and you know, and cyber issues.

I mean, there's two very two long term things. You know. We need to get education right and we need to get housing rights. So those are two long term ones. But if I chose something that was near term, easier to do in my view and could really help with productivity, I think we could really lean into digital identity as a neighbor for the digital economy and to also to improve this safety because at the moment we've got a lot of issues with forwards and scams and you know, and cyber issues.

So digital identity, you mean, how we.

So digital identity, you mean, how we.

Having a safe way. It's having a safe way for people to have their information and then they can permission it for someone.

Having a safe way. It's having a safe way for people to have their information and then they can permission it for someone.

To use right.

To use right.

Yeah, and that would also get rid of at the moment for financial crime reasons. You know, everyone has to be I d inveed a million times over by lots of different businesses, and all of those businesses is a collecting information. They're storing that information, They've got people undertaking all of those activities. It's just really inefficient. So big productivity when big safety improvement, that would be something near term and practical.

Yeah, and that would also get rid of at the moment for financial crime reasons. You know, everyone has to be I d inveed a million times over by lots of different businesses, and all of those businesses is a collecting information. They're storing that information, They've got people undertaking all of those activities. It's just really inefficient. So big productivity when big safety improvement, that would be something near term and practical.

Yeah.

Yeah.

It's interesting how much anyone involved in banking I come across seems to have to have become a real techi these days. It really is at the cutting edge of so much of our tech DISCUSSI.

It's interesting how much anyone involved in banking I come across seems to have to have become a real techi these days. It really is at the cutting edge of so much of our tech DISCUSSI.

Absolutely, Yeah, it's you know, these days, if you're involved in a business like ours, you have to be you really have to understand technology and how to harness it.

Absolutely, Yeah, it's you know, these days, if you're involved in a business like ours, you have to be you really have to understand technology and how to harness it.

So yeah, I.

So yeah, I.

Mean, obviously, what we've been through in the last few years has created this cost of living squeeze. We've seen all this inflation has that created extra pressure on the banking system in terms of how people are looking at it, how concerned they are about what's going on. How do you view banking's role in this whole sort of economic cycle.

Mean, obviously, what we've been through in the last few years has created this cost of living squeeze. We've seen all this inflation has that created extra pressure on the banking system in terms of how people are looking at it, how concerned they are about what's going on. How do you view banking's role in this whole sort of economic cycle.

Yeah, some of the really interesting things Before we think about the recent cost of living pressures, one thing that's been really helpful for a lot of people in New Zealand is actually our debt levels have been more manageable, and also the government support during COVID really we saw a lot of balances and savings build up. So we monitor financial wellbeing in an aggregated way across all of our customers. And interestingly, if we have a look at where New Zealanders are now, we're still at higher levels than when we went into COVID, so we've got higher financial wellbeing generally than pre COVID. And another sort of interesting element I guess is that the majority of our customers are making big trade offs, by the way, So it's not that people aren't making sacrifices. They definitely are. But we were supporting around four hundred customers who need real help. But these days we've got so many different ways to help those customers. So we're actually surprised how well Kiwi's and Kiwi businesses are fairing right now.

Yeah, some of the really interesting things Before we think about the recent cost of living pressures, one thing that's been really helpful for a lot of people in New Zealand is actually our debt levels have been more manageable, and also the government support during COVID really we saw a lot of balances and savings build up. So we monitor financial wellbeing in an aggregated way across all of our customers. And interestingly, if we have a look at where New Zealanders are now, we're still at higher levels than when we went into COVID, so we've got higher financial wellbeing generally than pre COVID. And another sort of interesting element I guess is that the majority of our customers are making big trade offs, by the way, So it's not that people aren't making sacrifices. They definitely are. But we were supporting around four hundred customers who need real help. But these days we've got so many different ways to help those customers. So we're actually surprised how well Kiwi's and Kiwi businesses are fairing right now.

Yeah, we haven't seen the kind of like after the GFC there was a big rise in mortgage defaults and things like that. I mean, it's obviously tough. We're not saying it isn't and it's building, but you know, just finally, I guess, what, do you feel optimistic enough that New Zealand can get through this cycle, whether you know, whether it's November or February or next May or whenever we sort of can say that it's turned.

Yeah, we haven't seen the kind of like after the GFC there was a big rise in mortgage defaults and things like that. I mean, it's obviously tough. We're not saying it isn't and it's building, but you know, just finally, I guess, what, do you feel optimistic enough that New Zealand can get through this cycle, whether you know, whether it's November or February or next May or whenever we sort of can say that it's turned.

Yeah, I do feel optimistic about it. I mean, I'm an optimist by nature, by the way, But again, I feel optimistic why because I think we're working better together than ever before. Debt levels are lower, and I think that's really meant that there's more resilience in the system than there was leading into the GFC as an example. Yeah, and we've just got more ways of helping our customers. So you know, we've got an enormous balance sheet at ASBA, we've got a lot of runway in terms of supporting our customers. Throw and in Factor and COVID we grew a lot of market share and business lending because we decided that we wanted to really support businesses through that period. And so yeah, with a really strong balance sheet like what we've got, we can help people.

Yeah, I do feel optimistic about it. I mean, I'm an optimist by nature, by the way, But again, I feel optimistic why because I think we're working better together than ever before. Debt levels are lower, and I think that's really meant that there's more resilience in the system than there was leading into the GFC as an example. Yeah, and we've just got more ways of helping our customers. So you know, we've got an enormous balance sheet at ASBA, we've got a lot of runway in terms of supporting our customers. Throw and in Factor and COVID we grew a lot of market share and business lending because we decided that we wanted to really support businesses through that period. And so yeah, with a really strong balance sheet like what we've got, we can help people.

That's great, Victoria, thanks for that, and thanks for chatting on Money Talks.

That's great, Victoria, thanks for that, and thanks for chatting on Money Talks.

Ran.

Ran.

Thank you Lim, thanks for listening to this episode of Money Talks. If you want to get in touch, drop me a line at Liam dot Dan at zme dot co dot nz and you can read more from me at inzidherld dot co dot nz. Thanks to my producer Ethan Sills can sound engineer Lin McDonald. Follow Money Talks on iHeartRadio or wherever you get your podcasts, with new episodes available every Thursday.

Thank you Lim, thanks for listening to this episode of Money Talks. If you want to get in touch, drop me a line at Liam dot Dan at zme dot co dot nz and you can read more from me at inzidherld dot co dot nz. Thanks to my producer Ethan Sills can sound engineer Lin McDonald. Follow Money Talks on iHeartRadio or wherever you get your podcasts, with new episodes available every Thursday.