The Mike Hosking Breakfast

There is a growing idea in economic circles in America that young people might never own anything.  It's based on the recent news that a new car average price cracked $50,000 for the first time.  It was added to by Trump's idea that we have 50-year mortgages.  In the US, 30 years is pretty standard, and they have the fixed interest rate that lasts decades.  Here it's completely different.  But all of it is based on the thinking that more and more people can't afford stuff and, if they can, they will need to borrow basically forever to do it.  The wisest piece of advice I ever got was when i was about 18. I was in the bank trying to sort a mortgage and we were tossing numbers about and the bloke behind the counter swung his computer screen around to face me.  On it were the numbers I would be paying – what I was borrowing, what the interest rate was and what the monthly bill would be.  And the killer was the bit that showed just how much in interest I would ultimately give the bank over the period of that debt.  Needless to say, it was more than the debt itself. Compound interest is either your friend if you're saving and you're enemy if you're in debt.  That pretty much changed my view on debt. But a 50-year mortgage is clearly designed to lull you into the idea that things are affordable. Just don’t worry about ever paying it off.  It's probably why they are putting mortgages into the school curriculum in Britain.  If every kid came out with just a basic idea of the way things work in the real world, we may solve ourselves a lot of long-term issues and a lot of personal heartache.  And that is before we get to the fact that a lot of this country's so-called prosperity is a perception and the perception is created by the idea that you have more money simply because someone told you your house was worth more.  Or, if you are in the market, Nvidia for no particularly specific reason just added another nine zeros to their market cap.  If more people understood debt, both its option, pitfalls, upsides and problems, we would see the idea of a 50-year mortgage for what it is.  But basically, the state of the world, both at personal and national level, is the way it is because we don’t. See omnystudio.com/listener for privacy information.

At the end of each week, Mike Hosking takes you through the big-ticket items and lets you know what he makes of it all.    Uber: 3/10  The Supreme Court may have read the law, which means the law needs changing, because what the four drivers wanted and won is not what the gig economy is all about.    Ferries: 6/10  Two ships, a big saving, and an improvement on what we have. Job done.    Tory Whanau: 2/10  She's moving to Melbourne. See? Not every loss is a loss.    The All Blacks: 3/10  Oh, how different this week could have been. Wales seems like such a lowlight.    Opportunity: 6/10  As in the political party. I admire their pluck and determination and staying power, I'm just not convinced there is 5% there to be had.    LISTEN ABOVE FOR MIKE HOSKING'S FULL WEEK IN REVIEW See omnystudio.com/listener for privacy information.

Would we be asking the questions of Police Commissioner Richard Chambers if we hadn't been dealing with McSkimming and Coster and Co.?  From my dealings with Chambers, he is exactly the sort of person who the Police need leading them.  He is one of those appointments that when it's made, you get it, unlike the Coster appointment.  When it was made you saw Ardern's fingerprints all over it and history shows how that all worked out.  From all Chambers' actions so far, he not only had to right the direction of the Police broadly, but tidy up a god-awful mess that, if you believe headlines, has shaken the public's faith in the entire force.  I don’t actually believe that for a moment. Police, at 15,000 strong, are not rotten, the same way the bad apple in a corporate doesn’t mean the whole business stinks.  But as a result of the mess, Chambers felt it necessary to share the speeding ticket news. He was going 112km/h, which as far as I know was actually 111km/h. Not that that excuses it, it just keeps getting misreported.  Then he's down Oriental Parade with Kash Patel having a dip while there is a tsunami warning. He thought it was lifted, but it wasn’t.  He rang the appropriate people and said sorry and then he was in front of the Parliamentary Select Committee having his minister, Mark Mitchell, heap praise on him, as well he might.  The point being, are we microanalysing people in public life?  And if we are, is it useful?  And if it isn't, which I doubt it is, do we put people off going for top jobs in the public service?  Can you be a decent operator and completely incident free? Are any of us completely incident free? Is 111km/h even a thing?  Mea culpa – I go 111km/h every weekend in the country, probably more. A lot of people do.  Do I take tsunami warnings seriously? Not really.  Do I take atmospheric rivers seriously? Not really.  New Zealand overreacts to most things, driven by the digital media who live for clicks.  So there you go. I doubt I'll make Police Commissioner.  What I also know is I can't be bothered with the myopic gawking over matters of little or no importance.  Chambers is clearly a more patient man than I am. But as I say, he seems the real deal and the man for the job.  How about we let him get on with it and give the nonsense a rest? See omnystudio.com/listener for privacy information.

Formula 1 is touching down in Vegas amid the bright lights of Sin City.  Lando Norris is currently in the lead, holding a 24-point buffer over McLaren teammate Oscar Piastri.  And Liam Lawson is preparing to roll the Formula 1 dice, unlikely to learn of his future before the season ends.    F1 Journalist Mick Akers told Mike Hosking the event is tracking towards selling out, with an announcement likely to come ahead of the race kicking off this weekend.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

It's Friday once again which means Kate Hawkesby and Tim Wilson are back with Mike Hosking to Wrap the Week that Was. They discussed the cost of living in the United States, the media, and Winston Peters' latest announcement about the Regulatory Standards Act. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Turners Automotive seems to be continuing to defy the odds, both with the economy and the second-hand market.  They’ve posted a record $21.9 million profit, up 13% for the six months to September.   The company is on track for a full year result of around $600 million, before tax.  CEO Todd Hunter told Mike Hosking the used car market is resilient and with their strong place in it, there’s plenty of opportunities for them.  He says the business has performed exceptionally well for more than a decade now, but they still feel like there’s a significant trajectory ahead.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

On the Mike Hosking Breakfast Full Show Podcast for Friday 21st of November, Justice Minister Paul Goldsmith discusses the drop in victims of violent crime and how the campaign against gangs is going one year in.   Winston Peters explains his changed stance on the Regulatory Standards Bill and what happens under MMP.  And Kate Hawkesby and Tim Wilson Wrap the Week, talking Winston and the media.  Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

George W. Bush has paid a fond farewell to his friend and former Vice President, Dick Cheney.  The former Republican President has spoken at Cheney's funeral at Washington's National Cathedral.  He was a divisive figure in American politics, both for his role as the driving force behind the Iraq War, and his scathing criticism of Donald Trump.  But Bush has told Cheney's family, many Americans are grieving Cheney's death.  US Correspondent Richard Arnold told Mike Hosking Trump did not take part in the funeral, and wasn’t invited.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

A revamped All Blacks side has been tasked with maintaining an almost 72-year unbeaten legacy against Wales on Sunday morning in Cardiff.  Three players —captain and lock Scott Barrett, flanker Simon Parker and Will Jordan, who shifts to the right wing— remain in the run-on side from last week's loss to England.  Ardie Savea and Codie Taylor are among the players rested...along with Cam Roigard and Beauden Barrett.  Newstalk ZB Rugby Commentator Elliott Smith told Mike Hosking much like the bronze medal match at the Rugby World Cup, no one really wants to play it.  He says it feels more like a box ticking exercise, but they’ve got to get through it, come home with a win, and then face what comes over the course of the summer.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

There’s a belief that the delay in investigating the Pike River mine disaster will influence the Crown's decision on charging those responsible.   Police believe they have sufficient evidence to lay manslaughter charges against officials involved.  This week marks 15 years since the 29 men never came home from the West Coast mine.   Criminal defence lawyer Nigel Hampton KC told Mike Hosking the investigation delay, the public interest, and the families’ memories will play a role in the decision.    He says he believes the Crown will do something, but it may not be all that is desired.   LISTEN ABOVE See omnystudio.com/listener for privacy information.

Winston Peters says the Coalition is doing just fine after his change of position on ACT's Regulatory Standards Bill.  The NZ First Leader says next year he will campaign on getting rid of the legislation, despite supporting it just last week.  ACT Leader David Seymour finds that worrying.   But Peters told Mike Hosking he rejects any claim the Coalition is crumbling.   He says their number one responsibility is providing a stable Government, which it is doing.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

The Justice Minister isn't resting on his laurels following optimistic new crime data.   The Crime and Victims Survey shows there were 147 thousand victims of serious violent crime in the year to August.   That’s 38 thousand fewer victims than when the coalition came into Government in 2023.   Paul Goldsmith told Mike Hosking the outcome is a result of the Government going after gangs and the three-strikes law.   He says it has also ended the last Government's culture of excuses.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Italian influencers are subject to new rules.  AGCOM, the Italian Communications Authority, has implemented a plan that forces relevant influencers to register and adhere to a code of conduct, or face fines.   The rules apply to those with 500,000 followers, or at least 1 million monthly views, or both, on social media such as Instagram, TikTok, YouTube, Facebook, or Twitch.  Italy Correspondent Jo McKenna told Mike Hosking the code of conduct is designed to stop exploitation and the publication of false information.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Five years after the release of her debut EP ‘Always Growing’, Paige Tapara’s music has taken her around the world.  She’s a big deal in Korea —‘Always Growing’ having gone Platinum there— and has just returned from performing her first headline show in Seoul, South Korea.  Her fame in Asia came as a little bit of a surprise, she confessed, as she, somewhat naively, thought music that wasn’t K-pop wasn’t popular.   “I’ve noticed that they like a bit of pop with a hint of soul/R&B, like neo-soul, and I guess because my music is that, it kind of works over there,” Tapara told Mike Hosking.  But there’s a big difference between streaming success and performing live concerts, she said.  “You can do streaming numbers, but that doesn’t necessarily translate to live, but it was cool that people came.”  “Being an artist is rewarding, but it’s also, there’s moments where it’s soul crushing as well,” Tapara told Hosking.  “I think going to Asia, ‘cause I went to Asia in 2023 as well, I think that felt really validating to me, kind of being like, oh, people really like the music.”  “It feels like it’s worth it.”   Stylistically, Tapara’s work hasn’t changed much in the last few years, still favouring a groovy R&B flavoured pop sound, but as she’s grown and aged, the content of her music has changed.   “My first EP ‘Always Growing’ was about kind of my early to late teen years, and now I’m near, like I’m heading towards 30,” she said.  “So I’m kind of experiencing more real-life stuff, so I think that’s really affected the songwriting.”   Her new EP, 'Paigesspace' was released last week.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

New Zealand's top cycle trails are pumping more than $1.2 billion a year into local economies.  New data shows visitor spend attributed to the country's 23 Great Rides jumped 35% compared to 2021.  Nights spent in nearby accommodations are up 25% at around 4.5 million.  Ngā Haerenga NZ Cycle Trails CEO Janet Purdey told Mike Hosking they’re marketing into Australia and the United States, and they plan to bring a lot more internationals into the country to do the trails.  She says the global market is estimated to be US$234 billion in 2030, and they want a piece of that.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

On the Mike Hosking Breakfast Full Show Podcast for Thursday 20th of November, Minister for Rail Winston Peters discusses the new ferry deal and whether the timeline will be stuck to.   The phone ban in schools is working, according to a new ERO report, but we need teachers to be enforcing it more.  Kiwi singer Paige has gone from strength to strength since she last joined the show in 2021, so she came back on for a song and a chat with the release of her new EP.  Get the Mike Hosking Breakfast Full Show Podcast every weekday morning on iHeartRadio, or wherever you get your podcasts.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Doctors in Health New Zealand's emergency departments could soon be saving precious time with the roll out of a helpful AI tool.  AI technology Heidi creates a written transcript of doctors' consultations and makes a medical note.  Country-wide trials show clinicians could see an extra patient per shift, while bringing down average documentation time from around 17 minutes to just over four per patient.  Heidi New Zealand Clinical Director Ben Condon told Mike Hosking the AI not only creates a written transcript, but can also use templates to create medical notes, discharge summaries, and referral letters, among other things.   He says doctors will still be responsible for reviewing the notes and letters for accuracy, but time will be saved by having them ready to review in real time.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Schools need more support from parents to get the most out a student phone ban.  A "phones away for the day" policy's been in place since Term Two last year.  An Education Review Office report shows two thirds of teachers saw a rise in student achievement, but only half of students are following the rules.  Head of ERO Education Evaluation Centre Ruth Shinoda told Mike Hosking the number one reason students contravene the ban is to contact family.  She says parents should phone the school office instead of their child, and shouldn't answer if their child calls.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

There’s encouraging evidence that the "cool" component of vaping among young people is shifting.   The 2024/25 New Zealand Health Survey shows smoking prevalence is at 6.8% – a slight decline on last year, with 12% of adult Kiwis vaping daily.  Associate Health Minister Casey Costello told Mike Hosking the Government's cracked down on enforcement for vaping that wasn't in place before.  She says the last two years have seen youth vaping coming down and the drive to keep under 18s out of the vaping environment is paying dividends.  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Minister for Rail Winston Peters believes the binned iRex ferry plan would have meant major infrastructure issues that are no longer a worry.  He's announced the two new Interislander ferries are expected to come in on time and under budget, for less than $2 billion.  Peters told Mike Hosking Tasmania is struggling with two new ferries and no infrastructure and he doesn't want to see the same problems here.  He said he got a really hard-nosed, tough, experienced team to sort out the ferry plan, and they’ve done a marvellous job.  “In less than 11 months they have put together a solution at all ends.”  LISTEN ABOVE See omnystudio.com/listener for privacy information.