It’s a battle of the banks after last week's Official Cash Rate cut.

Most banks dropped their advertised retail loan rates within minutes of last Wednesday's Reserve Bank announcement.

ANZ and Co-Operative Bank have now dropped their rates even further.

Co-Operative Chief Executive Mark Wilkshire told Mike Hosking things are getting competitive.

He says it's good news for homeowners out there, with rates coming down quite quickly.

LISTEN ABOVE

It’s a battle of the banks after last week's Official Cash Rate cut. 
Most banks dropped their advertised retail loan rates within minutes of last Wednesday's Reserve Bank announcement. 
ANZ and Co-Operative Bank have now dropped their rates even further. 
Co-Operative Chief Executive Mark Wilkshire told Mike Hosking things are getting competitive. 
He says it's good news for homeowners out there, with rates coming down quite quickly. 
LISTEN ABOVE

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more.

The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion,...

The Mike Hosking Breakfast

Mark Wilkshire: Co-Operative Bank CEO on banks dropping their rates after the OCR cut

As we enter yet another round of the superannuation debate, I note it was led off last week by a group that wanted what they termed a “top up“, i.e. a pay rise for those who couldn’t save.

You can see how fraught that concept is from the get go.

Why couldn’t you save? You had 40 years. Actually, that’s another aspect of this whole mess that’s changed.

Do you have 40 years? Or 50 years? People work longer so surely a chance to save more?

Superannuation fits an almost unique category of topics that is so entrenched it won't change.

It’s a futile exercise. A few bring it up, only to be beaten down by the time-honoured belief that, for whatever reason, if you get to 65 you are owed something by the state if you paid your taxes.

Of course, your taxes have been well and truly spent. For most people, whatever you handed over is long gone and in that is one of the great sadnesses of the New Zealand economic story.

We have very few net creditors, but a lot of net debtors.

People who actually pay more to the system than take from it are rare indeed.

When I started work in 1982, I took out a scheme whereby if you put a few dollars a week aside you would become a millionaire by the time you got to 60. I had completely forgotten about it, mainly because I stopped paying because I worked out it was bollocks.

I was reminded the other night when a text came through from an old girlfriend who had, when we were together, taken out her own but had stuck with it.

40 years later she was to collect $106,000.

Not quite a millionaire and not really a stunning return on investment.

But what I had worked out all those years ago was the Government were not to be part of my retirement. Why would they be?

Governments let you down. Governments change rules and have their own interests at heart, not yours.

So I sorted myself. Am I lucky? Not really.

Did I work hard? Yes.

Do I care what the retirement age is? No.

Do I care what the rules are? No.

That’s the value of charting your own course and not being beholden to overlords.

As we enter yet another round of the superannuation debate, I note it was led off last week by a group that wanted what they termed a “top up“, i.e. a pay rise for those who couldn’t save. 
You can see how fraught that concept is from the get go. 
Why couldn’t you save? You had 40 years. Actually, that’s another aspect of this whole mess that’s changed. 
Do you have 40 years? Or 50 years? People work longer so surely a chance to save more? 
Superannuation fits an almost unique category of topics that is so entrenched it won't change. 
It’s a futile exercise. A few bring it up, only to be beaten down by the time-honoured belief that, for whatever reason, if you get to 65 you are owed something by the state if you paid your taxes. 
Of course, your taxes have been well and truly spent. For most people, whatever you handed over is long gone and in that is one of the great sadnesses of the New Zealand economic story. 
We have very few net creditors, but a lot of net debtors. 
People who actually pay more to the system than take from it are rare indeed. 
When I started work in 1982, I took out a scheme whereby if you put a few dollars a week aside you would become a millionaire by the time you got to 60. I had completely forgotten about it, mainly because I stopped paying because I worked out it was bollocks. 
I was reminded the other night when a text came through from an old girlfriend who had, when we were together, taken out her own but had stuck with it. 
40 years later she was to collect $106,000. 
Not quite a millionaire and not really a stunning return on investment. 
But what I had worked out all those years ago was the Government were not to be part of my retirement. Why would they be? 
Governments let you down. Governments change rules and have their own interests at heart, not yours. 
So I sorted myself. Am I lucky? Not really. 
Did I work hard? Yes. 
Do I care what the retirement age is? No. 
Do I care what the rules are? No. 
That’s the value of charting your own course and not being beholden to overlords.

Mike's Minute: The super debate is fraught

Briscoes' endless sales are continuing to pay off.

The group, which also includes Rebel Sport, made a net profit of $33 million in the half year to July.

Their success stems from their long-time merchandise proposition of getting famous brand names and putting them out at the right price, the group’s Managing Director says.

Rod Duke told Mike Hosking that the proposition just seems to resonate with customers.

LISTEN ABOVE

Briscoes' endless sales are continuing to pay off. 
The group, which also includes Rebel Sport, made a net profit of $33 million in the half year to July. 
Their success stems from their long-time merchandise proposition of getting famous brand names and putting them out at the right price, the group’s Managing Director says. 
Rod Duke told Mike Hosking that the proposition just seems to resonate with customers. 
LISTEN ABOVE

Rod Duke: Briscoe Group Managing Director on the company's net profit of $33m in the half year to July

On the Mike Hosking Breakfast Full Show Podcast for Thursday 12th of September, did the Trump vs Harris debate move the needle? Marco Rubio's main man Matt Terrill gives us his thoughts.

Mike has been trying to convince Kate to buy a house on Highlands in Cromwell. Turns out the owner wants him to buy it too!

Buckle up - we fact check the 34+ false claims from the debate.  

Our favourite talk show host Graham Norton is back on the show to talk the new season and writing his fifth book.

Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.

LISTEN ABOVE

On the Mike Hosking Breakfast Full Show Podcast for Thursday 12th of September, did the Trump vs Harris debate move the needle? Marco Rubio's main man <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/matt-terrill-former-chief-of-staff-to-marco-rubio-says-kamala-harris-needs-to-up-the-ante-on-inflation-and-the-economy/">Matt Terrill</a> gives us his thoughts. 
Mike has been trying to convince Kate to buy a house on Highlands in Cromwell. Turns out the owner wants him to buy it too! 
Buckle up - we fact check the 34+ false claims from the debate.   
Our favourite talk show host <a href="https://www.newstalkzb.co.nz/on-air/mike-hosking-breakfast/audio/graham-norton-tv-host-and-comedian-on-the-new-season-of-his-talk-show-and-his-new-book-frankie/">Graham Norton</a> is back on the show to talk the new season and writing his fifth book. 
Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts. 
LISTEN ABOVE

Mark Wilkshire: Co-Operative Bank CEO on banks dropping their rates after the OCR cut

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