The Government is looking into ‘doing something simple’ to get cash into Kiwis' wallets as fuel prices increase, refined oil proving a challenge. 

Finance Minister Nicola Willis told Mike Hosking they need to balance the cost of living with the books. 

“We need to be conscious of debt and borrowing. 

“We need to look at working people in the low to middle income specifically and ask ‘what’s the way we could provide targeted relief’ without a blanket solution.” 

Willis said cutting wider costs like fuel excise tax could drive inflation up. 

“We are looking at doing something simple to get cash into bank accounts on time. Cash provides people flexibility.” 

She said her desire is for no paperwork to be involved. 

“I’m sorting advice from Treasury and IRD as we speak but I have a plan in front of me ready to go.” 

Willis said the challenge now is getting refined oil, with government in conversation with fuel suppliers. 

“We have shipment locked in for several weeks, but we are looking ahead to future challenges of how to actually source diesel, jet fuel and other things out of refineries. 

“This could create a limitation in the future.”   

LISTEN ABOVE 

The Government is looking into &lsquo;doing something simple&rsquo; to get cash into Kiwis' wallets as fuel prices increase, refined oil proving a challenge.&nbsp;
Finance Minister Nicola Willis told Mike Hosking they need to balance the cost of living with the books.&nbsp;
&ldquo;We need to be conscious of debt and borrowing.&nbsp;
&ldquo;We need to look at working people in the low to middle income specifically and ask &lsquo;what&rsquo;s the way we could provide targeted relief&rsquo; without a blanket solution.&rdquo;&nbsp;
Willis said cutting wider costs like fuel excise tax could drive inflation up.&nbsp;
&ldquo;We are looking at doing something simple to get cash into bank accounts on time. Cash provides people flexibility.&rdquo;&nbsp;
She said her desire is for no paperwork to be involved.&nbsp;
&ldquo;I&rsquo;m sorting advice from Treasury and IRD as we speak but I have a plan in front of me ready to go.&rdquo;&nbsp;
Willis said the challenge now is getting refined oil, with government in conversation with fuel suppliers.&nbsp;
&ldquo;We have shipment locked in for several weeks, but we are looking ahead to future challenges of how to actually source diesel, jet fuel and other things out of refineries.&nbsp;
&ldquo;This could create a limitation in the future.&rdquo; &nbsp;&nbsp;
LISTEN ABOVE&nbsp;

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Save time searching; subscribe to the SME Stream where you can listen to relevant, timely, business-related content today. 

 

Looking for actionable business insights all in one place? 
We're here to help you find a way with a curation of the &lsquo;best bits&rsquo; from top business podcasts. 
Save time searching; subscribe to the SME Stream where you can listen to relevant, timely, business-related content today.&nbsp;
&nbsp;

The SME Stream

Nicola Willis: Finance Minister on the state of fuel prices and reserves and the GDP rising by 0.2% in the December quarter

As business owners, you know how hard it is keeping up with your business, let alone the news. Join Wilhelmina O'Keeffe each week as she gives you a rundown of the biggest stories that could impact your business, so you can make informed decisions with expert advice. 


This week, GDP is up again but lower than expected - and that’s before the conflict in the middle east began, fuel and food prices keep climbing as the war rages, plus some positive news for retailers with consumers spending more at the checkout.

As business owners, you know how hard it is keeping up with your business, let alone the news. Join Wilhelmina O'Keeffe each week as she gives you a rundown of the biggest stories that could impact your business, so you can make informed decisions with expert advice.&nbsp;
 This week,&nbsp;GDP is up again but lower than expected - and that&rsquo;s before the conflict in the middle east began, fuel and food prices keep climbing as the war rages, plus some positive news for retailers with consumers spending more at the checkout.

The SME Stream Weekly Wrap - 19 March

Sir Rod Drury believes it's New Zealand's time to step up and make a big difference in the world. 

The Xero founder has been crowned the 2026 Kiwibank New Zealander of the Year. 

The judges noted in the ceremony last night his driving innovation, empowerment of Kiwi tech leaders, and his venture philanthropy. 

He's involved in multiple projects including pushing for expansion of renewable power and electrified transport. 

Drury told Mike Hosking the world is scary, and Kiwis need to stick together and use our values to contribute to the world. 

LISTEN ABOVE 

Sir Rod Drury believes it's New Zealand's time to step up and make a big difference in the world.&nbsp;
The Xero founder has been crowned the 2026 Kiwibank New Zealander of the Year.&nbsp;
The judges noted in the ceremony last night his driving innovation, empowerment of Kiwi tech leaders, and his venture philanthropy.&nbsp;
He's involved in multiple projects including pushing for expansion of renewable power and electrified transport.&nbsp;
Drury told Mike Hosking the world is scary, and Kiwis need to stick together and use our values to contribute to the world.&nbsp;
LISTEN ABOVE&nbsp;

Sir Rod Drury: Xero Founder on being named the 2026 Kiwibank New Zealander of the Year

Why do some places become tech powerhouses while others, just as smart and connected, stall out? 

In the latest episode of The Business of Tech, global innovation expert Mehran Gul, a former policy expert at the World Economic Forum, and the United Nations, dispels the myths about where breakthrough technology happens – and gives his take on what New Zealand should do to improve its innovation game.

Gul’s new book, The New Geography of Innovation: The Global Contest for Breakthrough Technologies, comes to a simple conclusion - there’s no fixed map of innovation. 

Silicon Valley, with its concentration of startups, tech talent and venture capital, remains an innovation powerhouse. But China went from being dismissed as a copycat to a genuine tech superpower in five to seven years. 

Canada, via one small lab at the University of Toronto, helped trigger the entire modern AI boom with AlexNet and a handful of researchers who went on to shape OpenAI and the wider industry. If they can bend the curve that fast, so can so-called “middle powers” and smaller countries like New Zealand – if they stop telling themselves they’re too small, too distant, or too late.

Tech makers, not tech takers

Gul explains how the ingredients of innovation look radically different from place to place. Silicon Valley has anchor universities, thick venture capital markets and a constant deal engine of big firms buying smaller ones. 

In China, the giant tech platforms came first, then research labs and world‑leading developments like ResNet, a neural network architecture. Singapore doesn’t have household‑name tech brands, yet it dominates venture capital in Southeast Asia.

Gul’s assessment of New Zealand is that the likes of Rocket Lab have demonstrated our ability to produce successful, innovative companies. It’s that we keep losing them, talent and listings included, to the United States and other major markets. He argues the real test is whether a country can hang on to its winners, build a startup “factory” around breakout successes, and use policy to push founders towards IPOs and broad employee ownership instead of early exits to US tech giants.

Why do some places become tech powerhouses while others, just as smart and connected, stall out?&nbsp;
In the latest episode of The Business of Tech, global innovation expert Mehran Gul, a former policy expert at the World Economic Forum, and the United Nations, dispels the myths about where breakthrough technology happens &ndash; and gives his take on what New Zealand should do to improve its innovation game.
Gul&rsquo;s new book, The New Geography of Innovation: <a href="https://www.harpercollins.co.nz/9780008327811/the-new-geography-of-innovation-the-global-contest-for-breakthrough-technologies/">The Global Contest for Breakthrough Technologies</a>, comes to a simple conclusion - there&rsquo;s no fixed map of innovation.&nbsp;
Silicon Valley, with its concentration of startups, tech talent and venture capital, remains an innovation powerhouse. But China went from being dismissed as a copycat to a genuine tech superpower in five to seven years.&nbsp;
Canada, via one small lab at the University of Toronto, helped trigger the entire modern AI boom with AlexNet and a handful of researchers who went on to shape OpenAI and the wider industry. If they can bend the curve that fast, so can so-called &ldquo;middle powers&rdquo; and smaller countries like New Zealand &ndash; if they stop telling themselves they&rsquo;re too small, too distant, or too late.
Tech makers, not tech takers
Gul explains how the ingredients of innovation look radically different from place to place. Silicon Valley has anchor universities, thick venture capital markets and a constant deal engine of big firms buying smaller ones.&nbsp;
In China, the giant tech platforms came first, then research labs and world‑leading developments like ResNet, a neural network architecture. Singapore doesn&rsquo;t have household‑name tech brands, yet it dominates venture capital in Southeast Asia.
Gul&rsquo;s assessment of New Zealand is that the likes of Rocket Lab have demonstrated our ability to produce successful, innovative companies. It&rsquo;s that we keep losing them, talent and listings included, to the United States and other major markets. He argues the real test is whether a country can hang on to its winners, build a startup &ldquo;factory&rdquo; around breakout successes, and use policy to push founders towards IPOs and broad employee ownership instead of early exits to US tech giants.

Nicola Willis: Finance Minister on the state of fuel prices and reserves and the GDP rising by 0.2% in the December quarter

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