Over $1 billion allocated for KiwiRail's planned network investments in the Budget means “all the things we want to upgrade are going to happen”, Rail Minister Winston Peters says. 

He told Mike Hosking they have not asked for more than they should get. 

Peters says it’s based on the fact that it’s a business or industry that’s been turned around rapidly where it’s going to make a greater profit. 

The Rail Minister says getting that funding was a “great thrill” but it was common sense to fund rail, which was 2.5 times more fuel efficient than road transport. 

And on the subject of the Middle East, Peters says the Iranian regime 'somewhat' knows what it's doing.  

US sources report US and Iranian negotiators have agreed to a deal which would extend their ceasefire for 60 days, begin nuclear talks, and open the Strait of Hormuz. 

It's understood the new agreement hasn't yet been approved by the leadership of either country. 

The Foreign Minister spoke with the Iranian Foreign Minister on Wednesday. 

Peters told Hosking Abbas Araghchi laid out details in the memorandum of understanding.  

He says all the details were included except denuclearisation.  

LISTEN ABOVE 

Over $1 billion allocated for KiwiRail's planned network investments in the Budget means “all the things we want to upgrade are going to happen”, Rail Minister Winston Peters says.&nbsp;
He told Mike Hosking they have not asked for more than they should get.&nbsp;
Peters says it’s based on the fact that it’s a business or industry that’s been turned around rapidly where it’s going to make a greater profit.&nbsp;
The Rail Minister says getting that funding was a “great thrill” but it was common sense to fund rail, which was 2.5 times more fuel efficient than road transport.&nbsp;
And on the subject of the Middle East, Peters says the Iranian regime 'somewhat' knows what it's doing. &nbsp;
US sources report US and Iranian negotiators have agreed to a deal which would extend their ceasefire for 60 days, begin nuclear talks, and open the Strait of Hormuz.&nbsp;
It's understood the new agreement hasn't yet been approved by the leadership of either country.&nbsp;
The Foreign Minister spoke with the Iranian Foreign Minister on Wednesday.&nbsp;
Peters told Hosking Abbas Araghchi laid out details in the memorandum of understanding. &nbsp;
He says all the details were included except denuclearisation. &nbsp;
LISTEN ABOVE&nbsp;

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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

Winston Peters: Minister for Rail and Foreign Affairs on what he got across the line in the Budget, the situation in the Middle East

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/1bcbf7a1-5e13-4401-b11f-b458014c2068/transcript

Most households may not see any immediate direct benefit from the Budget. 

It shows a return to surplus in the 2028/29 financial year, a year sooner than previously forecast. The forecast uses the OBEGALx measure, which excludes ACC.    

Infometrics Economist Brad Olsen says it might be a tad optimistic, given the state of the world, but we could maybe use some optimism. 

The Budget includes significant investment in education and training, which Olsen says should boost productivity. 

He told Mike Hosking it's an unusual Budget for an election year. 

Olsen says most households won't see anything directly, as the money's going on structural things that should make the economy stronger in the long run. 

LISTEN ABOVE 

Most households may not see any immediate direct benefit from the Budget.&nbsp;
It shows a return to surplus in the 2028/29 financial year, a year sooner than previously forecast. The forecast uses the OBEGALx measure, which excludes ACC. &nbsp; &nbsp;
Infometrics Economist Brad Olsen says it might be a tad optimistic, given the state of the world, but we could maybe use some optimism.&nbsp;
The Budget includes significant investment in education and training, which Olsen says should boost productivity.&nbsp;
He told Mike Hosking it's an unusual Budget for an election year.&nbsp;
Olsen says most households won't see anything directly, as the money's going on structural things that should make the economy stronger in the long run.&nbsp;
LISTEN ABOVE&nbsp;

Brad Olsen: Infometrics Principal Economist on Budget 2026, return to surplus coming a year earlier than expected

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/af10fda5-f338-4d13-932d-b4580153bacc/transcript

Finance Minister Nicola Willis hopes her Budget will convince voters to re-elect the Government in November. 

It includes significant investment in infrastructure and health. 

It also shows a return to surplus in the 2028/29 financial year – a year sooner than previously forecast. The forecast uses the OBEGALx measure, which excludes ACC.  

Willis told Mike Hosking her message is simple. 

She says the Opposition would borrow and spend more, which would put the country's future at risk. 

The Finance Minister is also defending the new 1% levy on banks, insurers, and other financial market participants, which would be used to regulate the sector. 

Willis yesterday directed banks not to pass on the cost of the levy to their customers, saying they’re the most profitable companies in the country and do very well for themselves. 

Asked by Hosking why she didn’t increase tax on high-earning individuals like himself using the same logic, Willis said she didn’t want him “flying off overseas”. 

She says that the idea that taxing high-earners more and they’ll be more inclined to invest in New Zealand doesn’t make sense, but when it comes to banks, it’s a tiny, tiny levy relative to their bottom line.  

The move brings New Zealand into line with other countries like Australia and the UK, Willis says. 

LISTEN ABOVE 

Finance Minister Nicola Willis hopes her Budget will convince voters to re-elect the Government in November.&nbsp;
It includes significant investment in infrastructure and health.&nbsp;
It also shows a return to surplus in the 2028/29 financial year – a year sooner than previously forecast. The forecast uses the OBEGALx measure, which excludes ACC. &nbsp;
Willis told Mike Hosking her message is simple.&nbsp;
She says the Opposition would borrow and spend more, which would put the country's future at risk.&nbsp;
The Finance Minister is also defending the new 1% levy on banks, insurers, and other financial market participants, which would be used to regulate the sector.&nbsp;
Willis yesterday directed banks not to pass on the cost of the levy to their customers, saying they’re the most profitable companies in the country and do very well for themselves.&nbsp;
Asked by Hosking why she didn’t increase tax on high-earning individuals like himself using the same logic, Willis said she didn’t want him “flying off overseas”.&nbsp;
She says that the idea that taxing high-earners more and they’ll be more inclined to invest in New Zealand doesn’t make sense, but when it comes to banks, it’s a tiny, tiny levy relative to their bottom line. &nbsp;
The move brings New Zealand into line with other countries like Australia and the UK, Willis says.&nbsp;
LISTEN ABOVE&nbsp;

Nicola Willis: Finance Minister on the reaction to Budget 2026, the levy on banks

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/183ee7ff-f9be-4659-844c-b45801514d4c/transcript

I'm immeasurably uplifted by some Trade Me data. 

Could it be we are finally getting the message on rural or provincial New Zealand? 

Job data increasingly shows we're looking to the regions for work. 

More people (68%) are prepared to move, supposedly. Always be careful of surveys because what people say versus what they do doesn’t always equate. 

But at least some of the 68% must actually pull the trigger. 

There has been a 12% month-on-month search increase in job ads. 

The likes of New Plymouth is up 40%, Invercargill is up 37%, and Palmerston North is 23%. 

I have said for years, if you can do what you do anywhere, why would you do it in a place you can't afford to live in? 

A lack of money makes life miserable. It limits choices, makes us stressed, and closes financial doors. 

Too many people are stuck in places like Auckland. Auckland is disproportionately large and the salaries that this country pays, on average, do not support a decent life in a place like Auckland, or Queenstown, or possibly even a large slice of the Bay of Plenty. 

But there are a lot of jobs where the wage is the same no matter what the location. 

In fact, one of the most glaring pieces of intel is your average wage and it's broadly the same in most places in the country. It's a little higher in Wellington because of the public service, but overall, between $70,000-80,000 is where we sit on average. 

You don’t need to be a rocket scientist to know that if, as a couple, you earn two lots of $70,000-ish a year, $140,000-ish together, it goes a hell of a lot of further in Nelson than it does in Auckland or Queenstown. 

The house on the West Coast is nothing like the north of the country. This land is festooned with amazing provincial cities that have a lot of the big city access and choices. 

Even Christchurch, which is booming, is still comparatively affordable and by the time you get to small town New Zealand you are rolling in it in your $500,000 house, no commute, later get-up, less stress, and all the while doing the same job. 

So I hope the stats are real and the move is on. There is a lot of New Zealand that has never been fully utilised or appreciated. 

If your lot is too hard, move. You won't know yourself. 

I'm immeasurably uplifted by some Trade Me data.&nbsp;
Could it be we are finally getting the message on rural or provincial New Zealand?&nbsp;
Job data increasingly shows we're looking to the regions for work.&nbsp;
More people (68%) are prepared to move, supposedly. Always be careful of surveys because what people say versus what they do doesn’t always equate.&nbsp;
But at least some of the 68% must actually pull the trigger.&nbsp;
There has been a 12% month-on-month search increase in job ads.&nbsp;
The likes of New Plymouth is up 40%, Invercargill is up 37%, and Palmerston North is 23%.&nbsp;
I have said for years, if you can do what you do anywhere, why would you do it in a place you can't afford to live in?&nbsp;
A lack of money makes life miserable. It limits choices, makes us stressed, and closes financial doors.&nbsp;
Too many people are stuck in places like Auckland. Auckland is disproportionately large and the salaries that this country pays, on average, do not support a decent life in a place like Auckland, or Queenstown, or possibly even a large slice of the Bay of Plenty.&nbsp;
But there are a lot of jobs where the wage is the same no matter what the location.&nbsp;
In fact, one of the most glaring pieces of intel is your average wage and it's broadly the same in most places in the country. It's a little higher in Wellington because of the public service, but overall, between $70,000-80,000 is where we sit on average.&nbsp;
You don’t need to be a rocket scientist to know that if, as a couple, you earn two lots of $70,000-ish a year, $140,000-ish together, it goes a hell of a lot of further in Nelson than it does in Auckland or Queenstown.&nbsp;
The house on the West Coast is nothing like the north of the country. This land is festooned with amazing provincial cities that have a lot of the big city access and choices.&nbsp;
Even Christchurch, which is booming, is still comparatively affordable and by the time you get to small town New Zealand you are rolling in it in your $500,000 house, no commute, later get-up, less stress, and all the while doing the same job.&nbsp;
So I hope the stats are real and the move is on. There is a lot of New Zealand that has never been fully utilised or appreciated.&nbsp;
If your lot is too hard, move. You won't know yourself.&nbsp;

Mike's Minute: We are finally utilising the whole country

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/f7f59b21-0891-47fc-a3a7-b4570167b18e/transcript

Winston Peters: Minister for Rail and Foreign Affairs on what he got across the line in the Budget, the situation in the Middle East

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