Nicola Willis is defending her decision to seek answers from Fonterra about its prices. 

The price of butter has almost doubled in the past 14 months because Asia is demanding more, and Europe is producing less. 

Fonterra is ruling out selling butter to New Zealanders at a lower price than it makes overseas. 

But Willis told Mike Hosking she has no regrets about raising the issue with the dairy co-op in the first place. 

She says she can't dismiss an issue lots of New Zealanders are talking about. 

LISTEN ABOVE 

Nicola Willis is defending her decision to seek answers from Fonterra about its prices.&nbsp;
The price of butter has almost doubled in the past 14 months because Asia is demanding more, and Europe is producing less.&nbsp;
Fonterra is ruling out selling butter to New Zealanders at a lower price than it makes overseas.&nbsp;
But Willis told Mike Hosking she has no regrets about raising the issue with the dairy co-op in the first place.&nbsp;
She says she can't dismiss an issue lots of New Zealanders are talking about.&nbsp;
LISTEN ABOVE&nbsp;

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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

Nicola Willis: Finance Minister on the meeting with Fonterra over butter prices

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/5bdbeb28-0616-4b64-9399-b324014826a0/transcript

I don’t think there’s a scriptwriter in Hollywood who could out-dramatize real life right now.

It seems the show is back just in time for a year of… who knows what.

Venezuela - was it illegal? Probably. But the key question is: who is going to do anything about it? And if you protest, you look like you’re backing a dictator and a thug.

Greenland? I think a deal where NATO boosts resources should have been done years ago - remembering the thinking behind it: if America doesn’t plant a flag, China might.

Cuba? Colombia? Also linked to the China obsession Trump has. But they’re small fry - they’ll ultimately get settled and sorted.

Minnesota? Proof there’s angst locally as well as internationally.

Trump is rewriting the world. Note that Rubio keeps using the term 'Western Hemisphere' - that’s deliberate. It goes back to President Monroe in the 1800s.

All of this is fascinating - not necessarily good or bad, but gripping nonetheless. If you’re watching the new Night Manager season… the overthrow of a government - is it fiction or a documentary? You don’t know these days.

Locally… apart from being bored witless as local media obsessed over endless weather warnings and crime, we actually have a lot to look forward to. In case you forgot - this country is actually on a bit of a roll.

The pre Christmas GDP number - Q3, so July, August, September - was gangbusters. While so many moaned about our lot, we were in fact going and growing very nicely, thank you. And there’s no reason to believe Q4, when we get it, won’t be about as good.

So that sets the year up - an election year, with a Government that has delivered.

We haven’t even got to Iran, or the astonishing cock up Albanese managed to make of the Bondi tragedy.

The Supreme Court and tariffs - speaking of which, our India FTA came too late for the good news coverage it deserved.

Oh - and the Federal Reserve DOJ scandal that dragged our Reserve Bank Governor into the political world of Winston Peters.

You can’t make a lot of this stuff up - and yet it’s all happening.

It’s all changing. It’s all on.

What a year it’s going to be - awesome.

I don’t think there’s a scriptwriter in Hollywood who could out-dramatize real life right now.
It seems the show is back just in time for a year of… who knows what.
Venezuela - was it illegal? Probably. But the key question is: who is going to do anything about it? And if you protest, you look like you’re backing a dictator and a thug.
Greenland? I think a deal where NATO boosts resources should have been done years ago - remembering the thinking behind it: if America doesn’t plant a flag, China might.
Cuba? Colombia? Also linked to the China obsession Trump has. But they’re small fry - they’ll ultimately get settled and sorted.
Minnesota? Proof there’s angst locally as well as internationally.
Trump is rewriting the world. Note that Rubio keeps using the term 'Western Hemisphere' - that’s deliberate. It goes back to President Monroe in the 1800s.
All of this is fascinating - not necessarily good or bad, but gripping nonetheless. If you’re watching the new Night Manager season… the overthrow of a government - is it fiction or a documentary? You don’t know these days.
Locally… apart from being bored witless as local media obsessed over endless weather warnings and crime, we actually have a lot to look forward to. In case you forgot - this country is actually on a bit of a roll.
The pre Christmas GDP number - Q3, so July, August, September - was gangbusters. While so many moaned about our lot, we were in fact going and growing very nicely, thank you. And there’s no reason to believe Q4, when we get it, won’t be about as good.
So that sets the year up - an election year, with a Government that has delivered.
We haven’t even got to Iran, or the astonishing cock up Albanese managed to make of the Bondi tragedy.
The Supreme Court and tariffs - speaking of which, our India FTA came too late for the good news coverage it deserved.
Oh - and the Federal Reserve DOJ scandal that dragged our Reserve Bank Governor into the political world of Winston Peters.
You can’t make a lot of this stuff up - and yet it’s all happening.
It’s all changing. It’s all on.
What a year it’s going to be - awesome.

Mike Hosking: What a year 2026 is going to be

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/91083246-0100-4b97-98c2-b3d7011b2c62/transcript

On the Mike Hosking Breakfast Full Show Podcast for Monday the 19th of January, the Prime Minister joins Mike in studio to talk the state of the economy, the coalition and when the election date will be announced. 

We find out about the New Zealanders who are moving to Australia who are finding out the grass isn't always greener. 

The Commentary Box talks Scott Robertson's depature as All Blacks coach and the Blackcaps historic ODI series win in India. 

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

On the Mike Hosking Breakfast Full Show Podcast for Monday the 19th of January, the Prime Minister joins Mike in studio to talk the state of the economy, the coalition and when the election date will be announced.&nbsp;
We find out about the New Zealanders who are moving to Australia who are finding out the grass isn't always greener.&nbsp;
The Commentary Box talks Scott Robertson's depature as All Blacks coach and the Blackcaps historic ODI series win in India.&nbsp;
Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.

Full Show Podcast: 19 January 2026 

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/c37af394-d48e-4cfa-bc1b-b3d6014c9dda/transcript

I’m a bit exercised about Scott Robertson, because I like him and I thought he was a good coach. His record at Canterbury spoke for itself.

The trouble in this country is that we can’t have a sensible conversation about All Blacks coaches, because so many of us come to it with myopic, emotional views driven by idiocy like geography and personality expectations that have nothing to do with the actual job.

Hansen had pro and anti camps, as did Foster, and now Robertson. It all wastes too much energy.

Also, we might just be a bit too energised because we’re a small country with not a lot else to think about. In the NFL at the moment, there are nine head coach vacancies — after eight sackings and one resignation. Over a quarter of all jobs in the NFL are up for grabs, and that isn’t unusual.

As for the EPL, there’s a sacking every second day.

What I can’t quite work out is this: when David Kirk says we aren’t where we need to be at this point in the cycle, what does that even mean? Where specifically do we need to be?

Once upon a time, when the All Blacks won every test as of right, we still didn’t win the World Cup. So presumably, when we won everything, we must have felt in a good place.

Also, how is it that Robertson is banned from going elsewhere? Not good enough to coach us, but too dangerous to ply his trade offshore? Apart from paying him to not work… I wouldn’t have taken that deal.

I also can’t quite work out how much of this is player driven — and of that player feedback, how much is personal versus professional. How much responsibility does a player have for what happens on the field, as opposed to the coach?

Back to the NFL — a bloke called Vrabel was sacked from Tennessee because they weren’t winning. After he left, they still aren’t winning. But the team he went to, New England, were hopeless until this year… they might be in the Super Bowl. So was that him? Luck? Or other factors?

Someone always seems to have to pay the price whenever someone decides things aren’t right.

Which is the other weird bit: the All Blacks’ winning record, in an increasingly competitive world, wasn’t that bad. So why the panic?

Loyalty, consistency, and longevity are all traits of value. But you have to recognise them.

If you don’t, you tend to make mistakes by going around sacking people with no real, obvious next step in place.

LISTEN ABOVE

I’m a bit exercised about Scott Robertson, because I like him and I thought he was a good coach. His record at Canterbury spoke for itself.
The trouble in this country is that we can’t have a sensible conversation about All Blacks coaches, because so many of us come to it with myopic, emotional views driven by idiocy like geography and personality expectations that have nothing to do with the actual job.
Hansen had pro and anti camps, as did Foster, and now Robertson. It all wastes too much energy.
Also, we might just be a bit too energised because we’re a small country with not a lot else to think about. In the NFL at the moment, there are nine head coach vacancies — after eight sackings and one resignation. Over a quarter of all jobs in the NFL are up for grabs, and that isn’t unusual.
As for the EPL, there’s a sacking every second day.
What I can’t quite work out is this: when David Kirk says we aren’t where we need to be at this point in the cycle, what does that even mean? Where specifically do we need to be?
Once upon a time, when the All Blacks won every test as of right, we still didn’t win the World Cup. So presumably, when we won everything, we must have felt in a good place.
Also, how is it that Robertson is banned from going elsewhere? Not good enough to coach us, but too dangerous to ply his trade offshore? Apart from paying him to not work… I wouldn’t have taken that deal.
I also can’t quite work out how much of this is player driven — and of that player feedback, how much is personal versus professional. How much responsibility does a player have for what happens on the field, as opposed to the coach?
Back to the NFL — a bloke called Vrabel was sacked from Tennessee because they weren’t winning. After he left, they still aren’t winning. But the team he went to, New England, were hopeless until this year… they might be in the Super Bowl. So was that him? Luck? Or other factors?
Someone always seems to have to pay the price whenever someone decides things aren’t right.
Which is the other weird bit: the All Blacks’ winning record, in an increasingly competitive world, wasn’t that bad. So why the panic?
Loyalty, consistency, and longevity are all traits of value. But you have to recognise them.
If you don’t, you tend to make mistakes by going around sacking people with no real, obvious next step in place.
LISTEN ABOVE

Mike's Minute: I still have questions over Razor's departure

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/cd1eb81a-716a-48bd-8989-b3d6014d9fd8/transcript

Nicola Willis: Finance Minister on the meeting with Fonterra over butter prices

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