MORENA, GOOD MORNING, AND WELCOME TO Q+A. I'M GREG BOYED. TODAY, FINANCE MINISTER BILL ENGLISH SITS DOWN WITH CORIN DANN FOR A WIDE-RANGING INTERVIEW ` IMMIGRATION, TAX CUTS AND HIS TAKE ON HOW A TRUMP PRESIDENCY WILL AFFECT US. INTEREST RATES STARTING TO RISE, I THINK, IS A HEALTHY SIGN OF NORMALISATION. WHENA OWEN LOOKS AT THE BATTLE FOR PHIL GOFF'S OLD SEAT, MT ROSKILL. IT'S A BATTLE OF THE RED AND BLUE, WITH A NEW MIGRANT PARTY THROWN INTO THE MIX, AND THE PUBLIC DEBATES HAVE BEEN GETTING HEATED. Phil Goff is one of the hardest working Mps. APPLAUSE THEN THE HEAD OF THE FMA, THE FINANCIAL MARKETS WATCHDOG, ON NEW REGULATIONS TO WEED OUT BAD OPERATORS AND GIVE INVESTORS MORE CONFIDENCE. WE'RE ALSO GOING TO TALK TO ROB EVERETT ABOUT KIWISAVER. DO YOU KNOW HOW MUCH YOU PAY IN KIWISAVER FEES? THE FMA IS ON A MISSION TO MAKE SURE YOU DON'T NEED A MATHS DEGREE TO WORK IT OUT. DUE TO THE LIVE NATURE OF Q+A, WE APOLOGISE FOR THE LACK OF CAPTIONS FOR SOME ITEMS. AND WE'LL HAVE ANALYSIS FROM OUR PANEL ` JOSIE PAGANI, WELLINGTON-BASED PUBLIC AFFAIRS SPECIALIST, DIRECTOR OF THE COUNCIL FOR INTERNATIONAL DEVELOPMENT; JOHN TAMIHERE, FORMER LABOUR MP, CEO OF THE WAIPAREIRA TRUST; AND CHLOE SWARBRICK, FORMER AUCKLAND MAYORAL CANDIDATE AND GREEN PARTY MEMBER. WE'LL HEAR FROM THEM ALL SHORTLY. BUT FIRST, THE SEARCH FOR THREE PEOPLE MISSING IN THE KAIPARA HARBOUR NORTH OF AUCKLAND WILL GET UNDERWAY THIS MORNING. FIVE PEOPLE DIED WHEN THEIR BOAT CAPSIZED. IT'S UNDERSTOOD THE BOAT GOT INTO TROUBLE TRYING TO CROSS THE BAR INTO KAIPARA HARBOUR YESTERDAY AFTERNOON. THREE OTHER PEOPLE WERE WINCHED TO SAFETY BY THE WESTPAC RESCUE HELICOPTER AND ARE IN HOSPITAL. POLICE BELIEVE 11 PEOPLE WERE ON BOARD. THEY SAY LIFE JACKETS WERE ON THE VESSEL, BUT ARE YET TO DETERMINE WHETHER THEY WERE BEING WORN. A SEVERE MAGNITUDE-5.1 EARTHQUAKE STRUCK THE HAWKE'S BAY LAST NIGHT. IT WAS CENTRED 35KM NORTH OF WAIROA, AND A MAGNITUDE-4.6 JOLT SHOOK WELLINGTON EARLY THIS MORNING. HIGH WINDS IN THE CAPITAL ARE DELAYING THE PLANNED DEMOLITION OF A 10-STOREY WELLINGTON OFFICE BLOCK ON MOLESWORTH ST. NOW HERE'S CORIN. THANKS, GREG. THIS MONTH'S MASSIVE KAIKOURA EARTHQUAKE IS TOP OF MIND FOR FINANCE MINISTER BILL ENGLISH AS HE LOOKS AHEAD TO HIS SPENDING PRIORITIES IN THE ELECTION YEAR. AND ONE OF THEM MAY BE TAX CUTS. LAST WEEK, WHILE IN LIMA, THE PRIME MINISTER TALKED ABOUT THE NEED TO RAISE LIVING STANDARDS OUTSIDE OF NORMAL WAGE GROWTH. AND WHILE TAX CUTS IS ONE WAY TO DO THAT, JOHN KEY SAID IT WASN'T ALWAYS THE BEST WAY, ESPECIALLY FOR LOW-INCOME FAMILIES. SO I ASKED BILL ENGLISH, WAS THAT AN ADMISSION THAT THE MARKET ECONOMY ISN'T DELIVERING GAINS FOR MIDDLE AND LOWER INCOME KIWIS? WELL, WE'VE GOT A MUCH MORE POSITIVE ENVIRONMENT TO MAKE THESE KIND OF CHOICES. US, UK, EUROPE ` OFTEN BIG FISCAL DEFICITS, HIGH LEVELS OF GOVERNMENT DEBT, ECONOMIES GROWING SLOWLY. AND THAT'S PART OF WHAT'S FRUSTRATING FOR THEM. DO YOU AGREE WITH HIM THAT YOU NEED TO LIFT NZERS' LIVING STANDARDS OUTSIDE OF WAGES, THAT THAT MECHANISM IS NOT ACTUALLY WORKING FOR SOME NZERS? WELL, I AGREE WE CAN DO THAT, BUT BECAUSE WE'VE GOT THE CHOICES AND THE CAPACITY` DO WE NEED TO DO THAT? WELL, THIS IS WHAT THE GOVERNMENT'S CONSIDERING RIGHT NOW. BUT MY POINT HERE IS WE HAVE A POSITIVE CONTEXT IN WHICH TO MAKE DECISIONS TO ENSURE THAT EVERYONE IN THE COMMUNITY GETS THE BENEFITS OF A STRONG GROWING ECONOMY. OVERSEAS IT'S A MUCH MORE DEFENSIVE CONTEXT WHERE GOVERNMENTS ARE WORRIED THEY CAN'T DELIVER TO PEOPLE WHO ARE STARTING TO GET FRUSTRATED. THIS IS AN ECONOMY THAT CAN DELIVER. SOME MIGHT THINK THAT THIS IS A DEFENSIVE MOVE BY YOUR GOVERNMENT, THAT YOU ARE SEEING THIS TREND AND YOU ARE RUSHING TO GIVE PEOPLE TAX CUTS TO DEFEND YOURSELF. WELL, LOOK, I THINK WE'RE PRETTY MINDFUL OF, PARTICULARLY FOR LOW AND MIDDLE INCOME FAMILIES. THERE'S BEEN 25% GROWTH IN THE AVERAGE WAGE OVER THE LAST SIX OR SEVEN YEARS THAT'S PUSHING SOME OF THEM INTO HIGHER TAX BRACKETS THAT MIGHT BE COMFORTABLE. PRESSURES OF HOUSING COST. WE HAVE A GROWING ECONOMY, BUDGET SURPLUSES, SO WE'RE JUST BEING PRETTY OPEN, ACTUALLY, ABOUT THE CHOICES WE HAVE. I DON'T WANT TO LABOUR THIS POINT, BUT ISN'T IT EXTRAORDINARY THAT YOU'VE GOT 3-4% GROWTH IN AN ECONOMY THAT IS EXPANDING AT A RAPID RATE, YET YOU'VE GOT THE PRIME MINISTER SAYING HE CAN'T LIFT LIVING STANDARDS FOR A BIG BUNCH OF NZERS WITHOUT GIVING THEM, EFFECTIVELY, A HAND-OUT. I DON'T THINK HE'S SAYING THAT. I MEAN, BENEFIT PAYMENTS ARE INCREASING, NATIONAL SUPER'S INCREASING IN LINE WITH WAGES, WAGES HAVE BEEN INCREASING MODERATELY BUT CONSISTENTLY, BECAUSE WE HAVE OUT AHEAD OF US GOVERNMENT SURPLUSES. DO YOU AGREE WITH THE PRIME MINISTER THAT YOU NEED TO LOOK AT A FAMILIES PACKAGE HERE AND NOT A TAX CUT, THAT IT MAY BE THAT YOU NEED TO LOOK AT ACCOMMODATION SUPPLEMENTS OR WORKING FOR FAMILIES AS THE BEST MECHANISM TO HELP THOSE PEOPLE? ALL OF THOSE OPTIONS ARE THERE. I FIND IT DIFFICULT TO IMAGINE YOU'D DO ONLY A PACKAGE THAT CONSISTED OF CHANGES IN TAX RATES AND THRESHOLDS, BECAUSE THAT CAN ACHIEVE SOME THINGS WITH INCOMES, BUT FOR A LOT OF LOWER INCOME PEOPLE, IT DOESN'T ACHIEVE MUCH. SOME PEOPLE WOULD SAY THAT'S JUST SPIN, THOUGH, BECAUSE THERE'S BEEN A LITTLE BIT OF A BACKLASH AGAINST TAX CUTS, PARTICULARLY IN THE WAKE OF THE KAIKOURA QUAKE, PRESSURES ON YOUR FINANCES, THAT YOU'RE JUST TRYING TO FIND A NEW TERM FOR THIS IN ORDER TO GIVE THAT ELECTION YEAR LOLLY SCRAMBLE. I WOULDN'T AGREE WITH THAT. I MEAN, THE GOVERNMENT'S DEVELOPED A RECORD OF ATTENDING TO THE ISSUES AROUND INCOMES, INCLUDING FOR THOSE ON THE LOWEST INCOMES, AS WE DID WITH OUR HARDSHIP PACKAGE A COUPLE OF BUDGETS AGO. WHAT ABOUT TIMEFRAMES? YOU'RE SAYING THERE'S A PACKAGE YOU'RE LOOKING AT. WHAT ARE THE TIMEFRAMES HERE? WOULD YOU ANNOUNCE THAT IN ELECTION YEAR FOR THE FOLLOWING YEAR, OR ARE YOU GOING TO HAVE TO PUSH IT OUT ANOTHER YEAR? THE EVENTS OF THE LAST COUPLE OF WEEKS, I THINK, HAVE SHOWN WHY YOU NEED TO BE A BIT FLEXIBLE. SO IF YOU'D ASKED ME THAT QUESTION THREE WEEKS AGO, THERE WAS AT LEAST A BILLION DOLLARS' MORE ROOM TO MOVE, POSSIBLE TWO OR THREE BILLION DOLLARS' MORE ROOM TO MOVE OVER THE NEXT THREE YEARS THAN THERE IS TODAY, BECAUSE THAT'S THE MONEY THE EARTHQUAKE'S GOING TO TAKE OUT OF THE SYSTEM; PROBABLY A BILLION JUST IN THE NEXT SIX MONTHS OR SO. SO WE'VE ALWAYS KEPT THAT PRETTY FLEXIBLE. WE'VE GOT A RANGE OF CHOICES. WE'VE GOT THINGS WE NEED TO DO ` INVESTMENT IN INFRASTRUCTURE TO SUPPORT THIS GROWING ECONOMY, SOME PRESSURES IN PARTS OF PUBLIC SERVICES. OUR TOP PRIORITY IS GETTING DEBT DOWN PRECISELY TO MAINTAIN OUR CAPACITY TO DEAL WITH THINGS LIKE LARGE EARTHQUAKES YOU DIDN'T EXPECT TO HAPPEN. AND SO ANY MOVEMENT ON FAMILY PACKAGE OR TAX REDUCTION HAS TO FIT IN THAT CONTEXT. BUT YOU'RE LOOKING AT $2B OR $3B IN QUAKE COSTS, YOU'RE LOOKING AT A BIG DEFENCE SPEND, YOU'VE GOT $2.5B YOU'VE GOT TO FIND FOR PRISONS OVER THE NEXT FEW YEARS, AND REALISTICALLY IN HEALTH, YOU'LL BE PUTTING IN ANOTHER $600M OR $700M, I'M SURE, IN THE NEXT BUDGET. WHERE DO TAX CUTS FIT INTO THAT, GIVEN THE PRIME MINISTER HAS SAID YOU REALLY NEED TO SPEND $3B ON TAX CUTS? WELL, LOOK, WE'LL MAKE PRUDENT CHOICES ABOUT IT. YOU'RE RIGHT ABOUT ALL THOSE PRESSURES. THOSE ARE ALL THERE. IF NONE OF THOSE EXISTED, THEN THERE'D CLEARLY BE ROOM TO SPREAD THE BENEFITS OF GROWTH, LIFT PEOPLE'S INCOMES. THE FACT THAT THOSE PRESSURES ARE THERE JUST MEANS THAT THERE'S TRADE-OFFS THAT HAVE TO BE MADE. BEING ABLE TO ACHIEVE ANY OF THEM REQUIRES ONGOING SENSIBLE FISCAL MANAGEMENT. SO THERE IS NO OPPORTUNITY FOR SPENDING LARGE AMOUNTS OF MONEY ON PROGRAMMES JUST TO FEEL GOOD THAT AREN'T GOING TO ACHIEVE ANYTHING. IF WE WANT TO BE ABLE TO DELIVER ON THAT LIST, INCLUDING IN LIFTING PEOPLE'S INCOMES, THEN WE'VE GOT TO MAINTAIN PRETTY TIGHT MANAGEMENT. OK, HERE'S THE THING. CAN YOU GIVE NZERS AN ABSOLUTE CAST-IRON ASSURANCE THAT YOU WILL NOT OFFER UP TAX CUTS AT THE SAME TIME AS INCREASING BORROWING ` IN YOUR TRACK, YOUR BORROWING TRACK? WELL, THAT'S VERY UNLIKELY THAT WE WOULD BE CONTINUING TO INCREASE BORROWING AT THE SAME TIME AS REDUCING TAXES. BUT THIS IS THE CRITICAL BIT, THOUGH, ISN'T IT? BECAUSE YOU CAN'T REALISTICALLY OFFER UP A FAMILIES PACKAGE OR A TAX CUT PACKAGE IF IT MEANS YOU HAVE TO BORROW MORE. SO CAN YOU TELL US ONCE AND FOR ALL NO EXTRA BORROWING, WHETHER IT BE CAPITAL OR OPERATING EXPENDITURE? WELL, AS I SAID, GIVEN THE EVENTS LIKE THE EARTHQUAKE, YOU CAN NEVER KNOW EXACTLY WHAT'S GOING TO HAPPEN, SO I WOULDN'T GIVE AN ABSOLUTE GUARANTEE, BECAUSE I JUST CAN'T PREDICT THE FUTURE ACCURATELY ENOUGH. JUST LOOKING AGAIN AT THE INTERNATIONAL PICTURE WITH DONALD TRUMP. WE'VE SEEN A BIT OF A SHIFT IN MARKETS OVER THE LAST MONTH OR SO WHERE MARKETS SEEM TO BE PREDICTING A MUCH STRONGER US ECONOMY, INFRASTRUCTURE SPENDING, AND INTEREST RATES HAVE CERTAINLY STARTED TO TURN AROUND. AND WE ARE SEEING THAT HERE WITH FIXED INTEREST RATES RISING IN NZ. ARE YOU WORRIED ABOUT THAT, IN THAT WE COULD EASILY SEE ANOTHER PER CENT ON THOSE FIXED RATES, PERHAPS, NEXT YEAR? YOU'VE GOT MILLION-DOLLAR MORTGAGES IN AUCKLAND. IS THAT GOING TO PUT KIWIS UNDER PRESSURE? IT MIGHT PUT A FEW UNDER PRESSURE WHO REALLY OVEREXTENDED THEMSELVES. BUT, LOOK, THE INTEREST RATES STARTING TO RISE, I THINK, IS A HEALTHY SIGN OF NORMALISATION IN THE GLOBAL ECONOMY AND HERE. I SEE THE NZ DOLLAR'S DROPPED BACK UNDER US 70C FOR THE FIRST TIME IN QUITE A WHILE. THAT WOULD BE A HEALTHY REBALANCING FOR OUR EXPORT SECTOR. SO, IN A SENSE, THE THING WE'VE BEEN WAITING FOR THREE OR FOUR YEARS ` THAT IS A US ECONOMY WITH ENOUGH STRENGTH TO LEAD TO A RISE IN INTEREST RATES ` IS STARTING TO HAPPEN. AND TRUMP HAS BEEN THE CATALYST? WELL, HE SEEMS TO HAVE SET OFF THE PROCESS, WHICH I THINK WAS UNDERWAY ANYWAY. BUT IT'S ONE THAT I THINK WILL WORK FOR NZ. WE COULD GET A REBALANCING OF THE EXCHANGE RATE FOR EXPORTERS. LET'S SEE IF THAT HAPPENS. THAT MEANS KIWIS ARE GOING TO PAY MORE FOR PETROL, THEY'RE GOING TO PAY MORE FOR IMPORTED GOODS, AND HOW IS THAT GOING TO HELP THOSE ON THE LOW INCOMES? WE COULD GET A BIT OF INFLATION, RIGHT? SO THE CRITICISM FOR THE LAST COUPLE OF YEARS HAS BEEN INFLATION TOO LOW. THIS IS WHAT I MEAN BY NORMALISING. IF INTEREST RATES COME UP A BIT, PEOPLE WILL GET A BIT MORE SENSIBLE ABOUT THE DEBT AND THE HOUSING MARKET. A BIT OF INFLATION IS ACTUALLY NOT A BAD THING IN AN ECONOMY. WE'VE PROBABLY HAD NOT QUITE ENOUGH. PEOPLE WILL BE COMPENSATED FOR THAT. THEY'LL PROBABLY SEE THEIR WAGE INCREASES COME UP A BIT. CERTAINLY, BENEFITS WOULD KEEP UP WITH INFLATION. AND DO YOU THINK`? LET'S GET TO THE HOUSING MARKET. THAT IS STILL CLEARLY RUNNING FAR TOO HOT FOR YOUR LIKING, I'M SURE. DO YOU THINK THAT A RISE IN INTEREST RATES NEXT YEAR WOULD BE ENOUGH TO PULL IT BACK, OR DO YOU STILL THINK YOU'RE GOING TO HAVE TO GIVE THE RESERVE BANK MORE TOOLS TO WHACK IT INTO SHAPE? WELL, LET'S SEE WHAT HAPPENS, BUT I'D SAY THAT THE FACT THAT RESERVE BANK'S CUT AND IT HADN'T PASSED THROUGH TO LOWER INTEREST RATES IS A PRETTY CLEAR SIGNAL TO BORROWERS AND HOUSEHOLDS WE'RE ON AN INTEREST RATE FLOOR AT THE VERY LEAST. AND WHEN THEY SEE RATES RISING, THAT DOES HAVE AN IMPACT. EVEN IF YOU KNOW THAT THEY'RE GOING TO RISE SOMETIME, IT'S STILL DIFFERENT WHEN IT ACTUALLY HAPPENS, AND THEY'LL BE RECALCULATING WHAT THEIR DEBT SERVICING IS GOING TO BE, AND I THINK IT'LL MAKE OUR HOUSING MARKET A BIT MORE SENSIBLE. WHAT ABOUT IMMIGRATION? DO YOU PERSONALLY THINK NZ CAN COPE WITH ANOTHER YEAR OF 70,000 NET MIGRATION? WELL, LOOK, IT WOULD BE UNPRECEDENTED. WE HAVEN'T SEEN THAT BEFORE. IT WOULD BE, BUT CAN WE COPE WITH THAT? WELL, I THINK WE CAN COPE. THE OTHER QUESTION, OF COURSE, IS CAN WE COPE WITHOUT IT WHEN WE'VE GOT SO MUCH DEMAND FOR THE SKILLS THAT COME WITH OUR MIGRANTS? SO THE GOVERNMENT'S TRYING TO GET THE BALANCE RIGHT HERE. WE MADE SOME CHANGES A COUPLE OF MONTHS AGO THAT ARE GOING TO HAVE THE EFFECT OF TIGHTENING UP THE FLOWS A BIT FOR MIGRATION. AS SOON AS WE'VE DONE THAT, WE'VE STARTED GETTING NOISE, COMPLAINTS` YOU CAN SEE THAT NZ'S LOOKING INCREASINGLY ` WHICH IS A COMPLIMENT TO NZ AND YOUR GOVERNMENT, I GUESS ` MORE AND MORE PEOPLE WANT TO COME HERE. WELL, THEY DO, AND FEWER NZERS ARE LEAVING, WHICH IS THE BIGGEST SINGLE CHANGE. BUT WE ARE NOW GETTING OUT OF THE BUSINESS COMMUNITY QUITE A LOT OF COMPLAINT ABOUT THE FACT THAT ANY TIGHTENING IN THE RULES IS GOING TO MAKE IT HARD FOR THEM TO GET THE LABOUR THEY NEED. BUT YOU MUST ALSO SEE THE POLITICAL CHALLENGE IN THIS IN THAT, AS WE'VE SEEN IN THE UK AND AS WE'VE SEEN IN THE US, PEOPLE WHO AREN'T PERHAPS GETTING AHEAD ARE CONCERNED AND LOOKING AT IMMIGRATION, AND THAT'S WHERE THEY'RE POINTING THE FINGER OF BLAME. WELL, AGAIN, BECAUSE WE'VE GOT THIS RELATIVELY UNIQUE POSITIVE ECONOMIC GROWTH, IT'S A DIFFERENT CONTEXT. SO IN THE UK AND IN THE US, THERE ARE SKILLED PEOPLE WHO JUST HAVEN'T BEEN ABLE TO GET WORK FOR A LONG TIME, AND IF THEY HAVE, THEIR INCOMES HAVE STAYED LOW FOR YEARS. IN NZ THAT'S NOT THE CASE. PEOPLE CAN GET JOBS. WE'VE GOT THE HIGHEST PARTICIPATION RATE IN THE LABOUR FORCE WE'VE EVER HAD, UNEMPLOYMENT HEADING DOWN UNDER 5%. YES, BUT COMING BACK TO WHERE WE STARTED, EVEN YOUR PRIME MINISTER'S SAYING YOU CAN'T RAISE THE LIVING STANDARDS OF THOSE VERY PEOPLE YOU'RE TALKING ABOUT WITHOUT GIVING THEM A TAX CUT OR INCREASING SOME SUPPLEMENTARY PAYMENT. I DON'T AGREE WITH YOU THAT THAT'S WHAT HE'S SAYING. WHAT HE'S SAYING THAT IN THIS POSITIVE` HE SAYS OUTSIDE OF WAGES. THE WAGES ARE RISING MODERATELY BUT CONSISTENTLY IN A GROWING ECONOMY. THE FACT IS THAT GROWING ECONOMY IS GOING TO PROVIDE THE GOVERNMENT WITH SOME SURPLUSES WHICH WOULD GIVE US THE OPPORTUNITY TO SPREAD THOSE BENEFITS AROUND IN ADDITION TO RISING WAGES. SO WE DON'T SEE IT AS A WAY OF OFFSETTING THE EFFECT FOR PEOPLE WHO HAVEN'T BEEN ABLE TO GET ANYWHERE. I SEEM TO RECALL WHEN LABOUR BROUGHT IN WORKING FOR FAMILIES, JOHN KEY WAS CALLING THAT COMMUNISM BY STEALTH, AND YET NOW, EIGHT YEARS ON, YOUR GOVERNMENT IS LOOKING AT INCREASING THOSE VERY TYPES OF SUPPLEMENTS. WELL, IT'S TURNED OUT TO BE A REASONABLY EFFECTIVE WAY OF REACHING THE FAMILIES WITH CHILDREN AND FAMILIES THAT ARE ON LOW INCOMES. SO HE WAS WRONG, THEN? WELL, THERE WAS A DEBATE ABOUT IT THEN. WE'VE BEEN HERE FOR EIGHT YEARS AND DIDN'T GET RID OF IT, SO WE'VE CLEARLY ACCEPTED THE REALITY OF WORKING FOR FAMILIES. JUST FINALLY ON THE ISSUE OF IMMIGRATION, WE SAW THE SEASONAL WORKERS QUOTA INCREASED BY ANOTHER THOUSAND. WE'RE NOT TALKING HUGELY HIGHLY SKILLED JOBS HERE. I MEAN, THERE ARE OBVIOUSLY SOME SKILLS INVOLVED. WHY CAN'T NZERS BE TRAINED TO DO THOSE JOBS? WHY ISN'T THERE THE SUPPLY OF NZERS TO DO THAT WHEN WE'VE GOT PLENTY OF UNEMPLOYED PEOPLE? WELL, NZERS WILL HAVE TO BE TRAINED, BECAUSE THAT DECISION IS MADE IN THE LIGHT OF ADVICE THAT SAID THEY NEED SOMETHING LIKE 2500 TO 3000 MORE WORKERS IN THOSE RELEVANT INDUSTRIES. AND THE GOVERNMENT HAS SAID, 'WE'RE NOT GOING TO USE THE RSE SCHEME TO FILL THAT GAP.' SO WE CAN LIFT IT A THOUSAND BECAUSE THE HORTICULTURAL INDUSTRIES ARE GROWING REALLY QUITE SUCCESSFULLY ` THEY'RE REALLY ON A BIT OF A BURN AT THE MOMENT, WHICH IS FANTASTIC. BUT THAT STILL LEAVES A SIGNIFICANT WORKFORCE WHICH THOSE EMPLOYERS WILL HAVE TO TAKE THE RESPONSIBILITY OF RECRUITING AND TRAINING AND RETAINING. NOW, THEY OFTEN HAVE COMPLAINTS THAT THE LOCALS DON'T STICK TO IT OR DON'T TURN UP TO WORK. THOSE ARE ISSUES` AND DO YOU THINK THAT THERE IS AN ELEMENT OF NZERS WHO WON'T DO THESE JOBS? I THINK IT'S PRETTY CLEAR CUT. IT'S NOT A MATTER OF WHAT I THINK. IT'S A MATTER OF WHAT YOU HEAR WHEN YOU GO AND TALK TO EMPLOYERS AND, ACTUALLY, THE PEOPLE WHO ARE ACTUALLY DOING THE WORK, BECAUSE THEY HAVE TO CARRY THE BURDEN OF SOMEONE WAS RECRUITED, WORKED HALF THE DAY AND TOOK OFF. THE PERSON THAT'S LEFT THERE HAS TO ACTUALLY PICK THE FRUIT. SO WHEN WINSTON PETERS AND OTHERS GET UP THERE AND ARGUE THAT YOU GUYS SHOULD BE DOING MORE TO GET KIWIS TO DO THESE JOBS, YOU'RE ARGUING THAT KIWIS DON'T WANT TO DO THEM? AND WHAT THAT MEANS IS WE HAVE TO WORK WITH THE EMPLOYERS. THEY HAVE TO TAKE RESPONSIBILITY, BECAUSE IN THE LONG RUN IT'S THEIR BUSINESS, THEY'VE GOT TO GET THEIR OWN FRUIT PICKED. WE'VE GOT TO LOOK ON THE WELFARE SIDE IN PARTICULAR, BECAUSE THERE'S DETAIL ABOUT HOW THE WELFARE SYSTEM WORKS THAT SEEMS TO MAKE IT A BIT EASY FOR, FOR INSTANCE, A 21-YEAR-OLD YOUNG GUY WHO MEETS THE REQUIREMENTS BY TURNING UP BUT HE DOESN'T HAVE TO STAY. AND SO THE ANECDOTAL EVIDENCE IS SOMETIMES THEY'LL TURN UP, AND THEN THEY'LL GO AWAY AGAIN. SEND US YOUR THOUGHTS. WE'RE ON TWITTER @NZQANDA. YOU CAN EMAIL US AT Q+A@TVNZ.CO.NZ OR TEXT YOUR THOUGHTS AND FIRST NAME TO 2211. KEEP THEM BRIEF ` EACH TEXT COSTS 50C. WE'LL BRING IN OUR PANEL AFTER THE BREAK. AND THEN WHENA OWEN LOOKS AT THE MT ROSKILL BY-ELECTION. IT'S OUR MOST MULTICULTURAL ELECTORATE ` WILL THAT MAKE ANY DIFFERENCE TO NEXT WEEKEND'S RESULT? LET'S BRING IN OUR PANEL, JOSIE PAGANI, WELLINGTON-BASED PUBLIC AFFAIRS SPECIALIST, DIRECTOR OF THE COUNCIL FOR INTERNATIONAL DEVELOPMENT; JOHN TAMIHERE, FORMER LABOUR MP; CHLOE SWARBRICK, FORMER AUCKLAND MAYORAL CANDIDATE AND GREEN PARTY MEMBER. If they missed the mark with lower income New Zealand? Yes. We have to put in handouts to close the gap. They have to move taxpayer dollars. They come in with dollar values that price point has outside of housing. A low-wage economy you can't enter the housing track. These problems are causing chokehold across the economy, and it will be interesting to see the package that comes across. Bill has been the Minister of everything that opens and shuts. He has the Southland style of disarming everyone in a conversation. He is a very difficult political target. Communism by stealth ` he just giggles and says we've still got it. There is a reason why this government is so enduring. We have the highest rates in the OECD. We're working longer than anyone else. We are the economic equivalent to waiting tables. This growth is driven by construction and retail, tourism, real estate ` the service industry. The other thing he doesn't deal with is debt. debt is the big problem. This is like Men in Black. They pulled out the little gizmo and said debt is not a problem any more. Debt is 30% now. There is not high globally but it is high enough. Upping allowances, what is the right way to go? I don't know. I need to look into the facts and figures. Anecdotally and talking to people around Auckland in New Zealand, People feel social mobility is decreasing. People feel no matter how hard they are working they cannot get up the ladder. I find it interesting. Bill deflected that, talking about inflation rising. We will see people get sensible about housing ` it's casting a shadow. He said 70,000 people possibly coming to live here next year. I can't be that bad. Governments have to calibrate immigration as a package. If everyone wanted to come to New Zealand signed up and ticked all the boxes, our demand to meet everything has not been hit. When you get new blood coming through with bigger bank balances, it celebrates the market. The business has got so much hold on this government, why not invest more themselves? He is right that immigration is good for our economy. It is a third of our economy. Immigrants contribute $1 billion a year. If you spend that surplus, pay off the debt and spend it on infrastructure. Schools are getting too big, traffic is getting bad, not enough houses. The infrastructure investment has not kept up. They will be getting the same focus group information in that the biggest focus for New Zealanders is inequality and poverty. It is funny that national are talking about a family package and targeting lower income families. People are recognising that if you lose your job and a coal mine, you will not grow a beard and work for a software company. People cannot keep up with the globalised economy. Labour is struggling. What would you do if you were there? I have given them some unsolicited advice. They don't have the capability n the team. They are in rebuild. They don't give me a reason to tick the box at the polling booth. Little is doing a good job, but they have to fire up more. They are paid to do that. Our constitution needs a robust opposition. Both Bernie Sanders and Donald Trump campaign on inequality. Why did Trump win? Trump had an aspirational message that played to working-class voters. The lesson for Labour is that you have to embrace innovation and change in the future. I want to jump ahead on the Donald Trump thing. There is the first time we have heard anyone from the government admitting he would be an influence. We're only talking about economic influence with Bill. There is an important thing to talk about. With regard to Trump tapping into the working class, the average Trump voter earned $72,000 a year, which is 20,000 more than the average Hillary voter. The working class is African American and Hispanic. You are treating your middle-class. You are working harder and things are getting tougher. You are not falling over, but you can't able to put enough petrol in the tank. The change will start to occur. His bark is worse than his bite. The reality is 'we will do very well.' We have had good stewards and finance. There is a silver lining in every cloud. The global economy is shifting towards Asia, and Asia hasn't got the same anti-globalisation movement that you have seen in the West. Developing countries are focused on growing. You will see more trade deals. The future for New Zealand in terms of dealing with a post-Trump trade environment is to throw it to Asia. AND AFTER THE BREAK ` THE BATTLE FOR PHIL GOFF'S OLD SEAT. HAS LABOUR GOT THIS? PHIL GOFF. WHOEVER HE SAYS, WE'LL VOTE FOR HIM. PHIL GOFF'S GOING TO HAVE MY VOTE. < PHIL GOFF'S THE MAYOR, THOUGH. YEAH, HE'S THE MAYOR. MICHAEL` MICHAEL WOOD. ADVANCE VOTING IS ALREADY UNDERWAY IN THE MT ROSKILL BY-ELECTION, TRIGGERED BY PHIL GOFF'S RESIGNATION TO BECOME AUCKLAND MAYOR. ELECTION DAY IS NEXT SATURDAY, AND IN THE LEAD UP, CANDIDATES HAVE BEEN RAMPING THEIR CAMPAIGNS UP A NOTCH. Q+A REPORTER WHENA OWEN JOINED THE MAIN CONTENDERS ON THEIR HUNT FOR VOTES. ORGAN PLAYS 'THIS LITTLE LIGHT OF MINE' OK, WELL, WE START OFF WITH GREEN. AND WE CHANGE TO ORANGE. LYNFIELD COMMUNITY CHURCH MEMBER IAN LITTLE CAN'T REMEMBER WHEN THE CHURCH FIRST STARTED HOSTING ELECTION DEBATES FOR MT ROSKILL CANDIDATES. THIS ONE IS DIFFERENT, THOUGH. THERE'S NO PHIL GOFF. IT'S A BY-ELECTION DEBATE. CHANGE TO RED. AND AT THE SAME TIME WE'VE GOT A BELL TOO. WE'D LIKE TO STRESS THAT WE ARE COMPLETELY APOLITICAL ON THIS. WE DON'T ENDORSE OR SUPPORT ANY PARTICULAR CANDIDATE. SEVEN CANDIDATES ARE STANDING ` NOT ALL HERE TONIGHT. NATIONAL LIST MP BASED IN MT ROSKILL PARMJEET PARMAR, LABOUR'S MICHAEL WOOD, ROSHAN NAUHRIA FROM THE NZ PEOPLE'S PARTY, THE CANNABIS PARTY AND, BLAST FROM THE PAST, SOCIAL CREDIT. THE PARTY'S CANDIDATE, ANDREW LEITCH, IS ALSO AN AIRLINE PILOT. DEPUTY LEADER, CHRIS LEITCH, WHO HAPPENS TO BE HIS DAD, IS STANDING IN FOR HIM TONIGHT. AT THE MOMENT HE'S IN THE AIR SOMEWHERE INTERNATIONALLY FLYING AS CREW ON A 787, SO HE COULDN'T BE HERE. TUA SCHUSTER IS AN INDEPENDENT, REPRESENTING, HE SAYS, THE MT ROSKILL POOR AND A GROUNDSWELL OF DISAFFECTED KIWIS. THE SIMPLE TRUTH IS THAT MOST OF US, IF WE FOLLOW POLITICS AROUND THE WORLD, THEN WE'VE SEEN SOME CHANGES. THAT'S THE SIMPLE TRUTH ` IS THE PEOPLE, LIKE HERE, ARE STARTING TO RISE UP. WITH NEXT YEAR'S GENERAL ELECTION IN MIND, CANDIDATES ARE CLEARLY TESTING THE WATERS. THE PEOPLE'S PARTY MAY SURPRISE, BUT THIS BY-ELECTION COMES DOWN TO A TWO-WAY BATTLE BETWEEN WOOD AND PARMAR. THIS TIME, IF YOU ELECT NATIONAL, YOU'RE SENDING OUT A CLEAR SIGNAL TO THE LABOUR PARTY THAT LABOUR CAN'T TAKE THIS SEAT FOR GRANTED. MAKE IT A SWING SEAT BY ELECTING A NATIONAL MEMBER OF PARLIAMENT ` ME. I THINK THAT FOR ANYONE TO SUGGEST THAT PHIL GOFF HAS TAKEN HIS WORK AS MP FOR THIS ELECTORATE FOR GRANTED OVER 35 YEARS HASN'T BEEN WATCHING THE WORK OF ONE OF THE MOST RESPECTED` AND THE YOUNG NATIONALS FROM THE EASTERN SUBURBS CAN LAUGH AT THAT. YOU'RE NOT ALLOWED TO SIT HERE AND ABUSE PEOPLE. THAT'S THE YOUNG NATS IN THE FRONT ROW GETTING TOLD OFF FROM A CHURCH ELDER. PUBLIC MEETINGS HAVE BEEN HEATED. APPLAUSE IT'S FAIR TO SAY THAT I'VE SEEN A FAIR BIT OF NEGATIVITY FROM THE PARMAR CAMPAIGN, BUT I THINK SOME PEOPLE IN THE COMMUNITY MIGHT TAKE THAT INTO CONSIDERATION WHEN THEY VOTE DO YOU KNOW PARMJEET? YES, WE'VE MET. OH, GOOD ON YA. THAT'S THE STORY. YOU CAN'T FORGET A FACE LIKE THAT. IT'S ON EVERY STREET CORNER. HEKIA: AND IT'S GORGEOUS AS WELL. WE'RE BLITZING THE PLACE. NATIONAL IS BLITZING THE PLACE. THE PRIME MINISTER AND MINISTERS HAVE BEEN A COMMON SIGHT AROUND THE MALLS OF MT ROSKILL. ANDREW LITTLE'S TAGGED ALONG WITH HIS CANDIDATE TOO. NATIONAL WON THE MT ROSKILL PARTY SEAT IN THE LAST ELECTION AND WANT TO FINISH THE JOB, BUT THEY'RE UP AGAINST THE GOFF FACTOR. PHIL GOFF, WHOEVER HE SAYS, WE'LL VOTE FOR HIM. I THINK PHIL GOFF IS GOING TO HAVE MY VOTE. PHIL GOFF'S THE MAYOR, THOUGH. YEAH, HE'S THE MAYOR. THEN MICHAEL WOOD. NOT PARMJEET PARMAR? SHE'S GOOD, BUT SHE'S NOT FROM HERE. WE WANT SOMEBODY WHO'S PART OF OUR COMMUNITY. PARMJEET PARMAR LIVES OUT IN EASTERN BEACH. IRRELEVANT, SHE SAYS. WHAT PEOPLE WANT TO SEE IS WHO IS ACTUALLY GOING TO WORK HARD FOR LOCALS HERE, AND I KNOW SOMETHING ABOUT HARD WORK. A CLAIM ROSHAN NAUHRIA HAS AN ISSUE WITH. AS THE FOUNDER OF THE BALMORAL TEMPLE, BUSINESSMAN AND PHILANTHROPIST, NAUHRIA PREDICTS HE'LL PICK UP THE ETHNIC VOTE. AS A POLITICIAN OR AS A LIST MP OF THE NATIONAL PARTY, SHE REALLY HASN'T PERFORMED THE JOB FOR THE INDIAN COMMUNITY OR THE ETHNIC PEOPLE. YEAH, YEP, THIS IS THE CAMPAIGN DETRITUS ON THE FRONT LAWN. AT HOME IN MT ROSKILL, YOU CAN'T MISS MICHAEL WOOD'S COLLECTIONS OF BILLBOARDS. PROBABLY A FEW OF PHIL'S ONES IN THERE. OUR LIFE IS A LITTLE BIT BASED AROUND ELECTION CAMPAIGNS SOMETIMES. AND THAT'S EVIDENCE, PARMAR SAYS, THAT WOOD IS NOT COMMITTED TO MT ROSKILL. HE'S STOOD FOR LABOUR IN PAKURANGA, BOTANY AND EPSOM. BUT TODAY HE WANTS TO INTRODUCE US TO HIS MT ROSKILL NEIGHBOURHOOD. LITERALLY EVERY DAY I DOOR-KNOCK. THERE ARE FAMILIES THAT ARE LIVING ON THE FLOOR OF THEIR RELATIVES BECAUSE THEY'VE BEEN ON A HOUSING NZ WAITING LIST FOR TWO OR THREE YEARS. WE'RE TALKING KIDS. JUST POP IN AND SAY GIDDAY TO MAHESH HERE AT THE DAIRY. OH, OK. MAHESH IS ONE OF THE MANY MT ROSKILL BUSINESS OWNERS CONCERNED ABOUT CRIME. COS YOU GOT RAM RAIDED HERE. THAT'S WHY YOU'VE GOT THE POLES OUT THE FRONT. WE SAW THOSE WHEN WE WALKED IN. GOOD, GOOD. THAT'S GOOD. ROSHAN NAUHRIA'S PEOPLE'S PARTY WAS BORN OUT OF CONCERNS OVER LAW AND ORDER ` A CONCERN SHARED BY THE PARTY'S CHINESE MEMBERS. THE PEOPLE'S PARTY WOULD LIKE TO IMPROVE THE SAFETY IN THIS SOCIETY SO A LOT OF CHINESE SUPPORT THAT. THANK YOU. ALL THE BEST TO YOU. NATIONAL IS ALSO REACHING OUT TO MT ROSKILL'S LARGE CHINESE COMMUNITY. I'M CHINESE. CHINESE? CHINESE. ENGLISH. SO I'LL JUST SHOW YOU THAT. WE HAVE CHINESE FLYERS. SO THEY'RE JUST COMING THERE. SO THEY'RE WRITTEN IN THEIR LANGUAGE. COMMUNICATION IS A CHALLENGE FOR ALL THE CANDIDATES. NEARLY 45% OF PEOPLE IN MT ROSKILL WERE BORN OVERSEAS. I'VE WORKED FOR PHIL GOFF. OH, GOOD MAN. WELL, YOU KNOW ABOUT THE ELECTION COMING UP TO REPLACE PHIL GOFF? YEAH, YEAH. OH, VERY GOOD. I KNOW. OVER IN ONE OF THE MORE UPMARKET CORNERS OF THE ELECTORATE, DR PARMAR LAYS OUT HER CREDENTIALS. YES, I'VE TRAINED AS A SCIENTIST, I WAS A FAMILIES COMMISSIONER, I HAVE A MANUFACTURING BUSINESS EMPLOYING AUCKLANDERS. FUN FACT ` THE BUSINESS MAKES LOLLIES. ALL SORTS OF LOLLIES ` BLACK BALLS, ANISEED BALLS, FEIJOA DROPS, RASPBERRY DROPS, LIQUORICE BARS. I THINK IT MIGHT BE A WHALE, ACTUALLY, THAT ONE. IN A LOCAL KINDY, DR PARMAR'S MAIN OPPONENT IS PLAYING IN THE SANDPIT WITH LABOUR'S JACINDA ARDERN AND SOME KINDY KIDS. YOU'RE GETTING YOUR SEAT SPLATTERED, MICHAEL. A LITTLE BIT. THIS IS THE ROUGH AND TUMBLE OF CAMPAIGNING. A MORE HIGH-SPIRITED RECEPTION FOR NATIONAL CAMPAIGNERS DOWN THE ROAD AT A LOCAL INTERMEDIATE. BUT WILL KEY'S ENDORSEMENT AND STAR POWER TRANSLATE INTO VOTES? A LITTLE BIT FURTHER FORWARD, PLEASE. OK. IN THE SHADOW OF KEY AND GOFF, BOTH CONTENDERS ARE DESPERATE TO BE VALUED ON THEIR OWN MERIT. WOOD HAS GIVEN UP HIS JOB. EVERYTHING IS ON THE LINE. IF YOU DON'T CLINCH THIS SEAT? IT'S ROSKILL OR THE BUSH FOR ME. ROSKILL OR THE BUSH. YEP. SO THAT'S IT? THAT'S IT. I WANT TO ENTER PARLIAMENT AS THE MP FOR MT ROSKILL, AND IF I'M NOT THE MP FOR MT ROSKILL, I WON'T BE GOING INTO PARLIAMENT. END OF. WHENA OWEN REPORTING THERE. AND THE RESULTS OF THE BY-ELECTION ARE DUE SATURDAY EVENING, AND WE'LL HAVE THE WINNER, THE NEW MT ROSKILL MP, ON THE PROGRAMME NEXT SUNDAY MORNING. UP NEXT ` NEW REGULATIONS FOR THE PEOPLE WHO INVEST YOUR MONEY COME INTO FORCE THIS WEEK; THE BIGGEST CHANGE IN 30 YEARS. THE HEAD OF THE FINANCIAL MARKETS AUTHORITY IS HERE TO EXPLAIN WHAT IT MEANS FOR YOU, AFTER THE BREAK. THE FINANCIAL MARKETS CONDUCT ACT FINALLY COMES INTO FORCE THIS WEEK, SIGNALLING THE BIGGEST SHAKE-UP FOR THE SECTOR IN 30 YEARS. ALL FINANCIAL SERVICE PROVIDERS WILL NOW HAVE TO BE LICENCED BY THE FMA TO STAY IN BUSINESS, AND THEY'LL HAVE TO PROVIDE MUCH SIMPLER, CLEARER INFORMATION SO INVESTORS LIKE YOU CAN UNDERSTAND WHAT THEY ARE DOING WITH YOUR MONEY. ROB EVERETT IS THE CEO OF THE FMA, OUR FINANCIAL MARKETS WATCHDOG, AND JOINS ME NOW. The biggest change in 30 years, what would consumer see? It's been about 10 years in the coming, so there is a lot of work to be done. It's making disclosure easier to read and shorter. It's forcing people to put the customer first. It takes a long time to bed it in. Someone wanting to dip their toe into the share market or a managed funD, what will they C that is different? People aren't reading financial product disclosure or investment disclosure. The main information they want to see is buried away. The approach of the new legislation is to produce something people will read. The key business measures are up front. The information should be shorter. Have the financial providers been making it difficult? It's the nature of what is involved. It builds up and gets completely unmanageable. Our latest on and tries to cut through all of that to go straight to the core of why you should invest. Will you be the grammar police? We have better things to do than correct grammar. If it's in the way of people making decisions, we will lean on people. We are all influencing the industry to make an investor focused approach. You can suggest rewriting or halt the deal. We have that power. If you had that in place with the financial companies, would it have made a difference? Yes. The disclosure rules at the time were easy to get lost in. It is not perfect, but we can lean on the companies, the lawyers, accountants. People were chasing a higher interest rate that they couldn't get in the bank. You will see people chasing the high yield. Can you better point out to them they are taking a higher risk? If you look back to the finance companies, the issue was the risk didn't shout. What we have seen as a surgeon housing. What do you want? The goal is a broader, deeper capital markets with investors that are more confident. We are mandated to make people more confident that if they invest in the share market, they can be confident it is well regulated and they won't get ripped off. It's about encouraging New Zealanders to feel that their capital markets are safe environment. There hasn't been a lot of action taken against companies. N the aftermath of the finance companies, there was court action against people who didn't do what they were supposed to. The act gives us power to intervene earlier. We have a lots of powers that enable us to get in earlier and say to providers that is not the right way to do this. You take people to court for the worst offences. We have the big stick and we are happy to use it. How would you describe conduct in the financial market at the moment? In other markets, the UK, the US, it hasn't replicated here in the same way. You haven't had the bank collapses. But that doesn't mean it can't happen here. Conduct here is in a better place, but you can't leave this alone. The complacency risk is significant here. As interest rates stay low, people get adventurous, and we have to be on top of the providers. This will require the disclosure of fees in dollar terms. Are the banks making a fair point to say it is too difficult to provide that information? Kiwi saver is the experience that most people have. He industry is compliant with that. If you want investors to engage, they need to be able to see the critical information like fees. It's difficult for the industry. But the Kiwi saver has been a boon for the financial service providers. Experience tells us a consumers have very little understanding of their Kiwi saver. If you look at the size of the market, the fees are within the range you would expect. If they want to go with the low-cost provider, they understand the decision they are making. THANKS, CORIN. WE'LL SEE YOU AFTER THE BREAK, ON THE PANEL. PLUS ` WE'VE HAVE YOUR FEEDBACK, AND WE LOOK BACK AT THE LIFE OF FORMER CUBAN LEADER FIDEL CASTRO, WHO HAS DIED AT THE AGE OF 90. WE'RE BACK WITH OUR PANEL. YOu have got a lot of factors at play here, Corin. It's been a good process since the financial markets. Collapsed there is a long way to go to get New Zealanders more comfortable with investing in the share market. We need to Fma show they have real teeth. They want to target the conduct of companies before things go wrong. I was reassured by what he said. Trust in the financial sector is important. We are trying to drive investment away from housing. If you have money, there is 1 million ways to hide it and get bailed out and not carry the consequence. If you earn wages, you have to play by the rules. More transparency, fees are high, and then there are fees of fees of fees. ENforcing consumer focus is a good way to go about it. People want to know what they are paying in fees. Property is still the golden egg in New Zealand. People of my generation are told we need to save the property. Even on the radio, I hear advertising for if you have one property, you should purchase another. The problem that has been raised is financial literacy and all communities is a slow burn. The state used to provide state housing and it was a national culture. Kiwi Saver is a slower transition. Financial literacy will increase. He sounds able and capable. I watched the legislation and he has two is a regulated jumping quickly. We are in a benign period with asset bubbles and housing and share markets. The exception to that as we are in a global environment. Wall Street, Christmas has come early. You have to go back to the 1920s to see Wall Street with such an influence. This culture of more transparency and accountability post the financial global crisis may take it back step. Legislation in America may be undermined. The families you deal with, investing is a long way from their mind. We are trying to excite them to stay in the scheme. I don't know why it isn't compulsory. That starts to educate them because they have skin in the game. Kiwi Saver has been one of the most democratic processes for getting people involved in the financial market. The more that itstops being a complex environment, the more it is democratised, the better. There is always going to be a risk. People need to know that. Absolutely. The education isn't there. We're getting kids coming out of schools who don't know how to put together a basic budget. Is that's still the case with people of your generation? Absolutely. We have less money. You would not want to see where we now have a system where licence building practitioners don't need to get building consents. If something goes wrong with the building, where does the risks that? Where does the consumer of a financial service carry the risk because they didn't read the documents. You want to protect the consumer. He is getting that. There is a balance between transparency and accessibility. It's whether people are investing their money. Is there a reason why Kiwi Saver is not compulsory? I'm not sure why there is a reluctance. They may have decided there is a backlash. It's great people can get into it early, use it for the housing. If people are paying mortgages, can they afford to pay 4%? Income starts to stretch them. The national party stopped putting contributions in 2009. The Cullen fund made $5 billion last year. If Kiwi saver and the Cullen fund kit contributing binational, we would start to see the economy moving from housing. This legislation is important because people go for default schemes. That has been helpful. Employers have to look at their balance sheets to see if they can contribute more. Hopefully your employee leave is another percent if you do. So compulsory Kiwis saver. Ith Trump and opening up the banks, can you see that? The perception was that Trump was going to sort out Wall Street, but absolutely not. By no means. We will wrap this up. YOUR FEEDBACK NOW IN RESPONSE TO OUR INTERVIEW WITH FINANCE MINISTER BILL ENGLISH. GRAHAM ELWELL TWEETED, 'TAX CUTS? 'PEOPLE EARNING LESS THAN THE LIVING WAGE WOULD NOT BE PAYING ANY, 'TAX PROPERTY SPECS AND MULTINATIONAL FIRMS MORE.' BRONWYN HAYWARD ALSO TWEETED, 'ENGLISH CAN'T RULE OUT BORROWING AND TAX CUTS 'AND NOW AGREES SUPPLEMENTS ARE EFFECTIVE WAYS TO REACH FAMILIES, 'SO WHY CUT TAX?' CUBA HAS DECLARED NINE DAYS OF MOURNING FOLLOWING THE DEATH OF FIDEL CASTRO AT THE AGE OF 90. THE REVOLUTIONARY LEADER SEIZED POWER IN 1959 AND BUILT CLOSE TIES WITH THE THEN SOVIET UNION. HERE'S THE BBC'S JAMES ROBBINS. FIDEL CASTRO WAS THE WORLD'S LONGEST SERVING DICTATOR. HE OUTLASTED NINE AMERICAN PRESIDENTS, AND HE WAS A CONSTANT IRRITANT TO THEM; A COMMUNIST LEADER RIGHT ON THEIR DOORSTEP. AT THE END OF THE 1950S, THE YOUNG CASTRO WAS DETERMINED TO OVERTHROW THE AMERICAN-BACKED BAUTISTA REGIME, WHICH PRESIDED OVER CORRUPTION, DECADENCE AND GROSS INEQUALITY. CUBA WAS EFFECTIVELY RUN BY ORGANISED CRIME SYNDICATES. CASTRO AND HIS BAND OF REVOLUTIONARIES MASTERMINDED A CLASSIC GUERRILLA CAMPAIGN FROM THEIR MOUNTAIN BASE. CASTRO HAD TRIUMPHED, BAUTISTA FLED AND CUBA HAD A NEW GOVERNMENT, INCLUDING THE LEGENDARY CHE GUEVARA. ITS PROMISE ` TO GIVE THE LAND BACK TO THE PEOPLE AND DEFINE THE RIGHTS OF THE POOR. SOON AFTERWARDS, CASTRO WENT TO AMERICA, SAYING THAT HE WANTED TO BE FRIENDS WITH HIS POWERFUL NEIGHBOUR. BUT HE FELT SNUBBED WHEN PRESIDENT EISENHOWER WOULDN'T SEE HIM. CASTRO CLAIMED THAT HE WAS DRIVEN INTO THE ARMS OF THE SOVIET UNION AND ITS LEADER, NIKITA KHRUSHCHEV. CUBA HAD NOW BECOME A COLD WAR BATTLEGROUND. BUT IN 2008, FIDEL CASTRO WAS FORCED BY ILLNESS TO HAND POWER TO HIS YOUNGER BROTHER, RAUL. HE INITIATED A PROGRAMME OF REFORMS WITHOUT UNDOING ALL HIS BROTHER'S WORK. CASTRO WAS AN INSPIRATION TO MANY, INCLUDING NELSON MANDELA, FIRM ALLIES THROUGHOUT THEIR LIVES. WHEN NELSON MANDELA'S DEATH BROUGHT PRESIDENT OBAMA AND RAUL CASTRO TO THE SAME MEMORIAL SERVICE, MR OBAMA SEIZED THE MOMENT AND RAUL'S HAND. IT WAS A CRUCIAL FIRST HANDSHAKE; PRELUDE TO AN UNRAVELLING OF HOSTILITIES. TO UPDATE OUR TOP STORY, THE BODIES OF TWO MORE PEOPLE HAVE BEEN FOUND IN THE KAIPARA HARBOUR, BRINGING THE DEATH TOLL FROM THE FISHING BOAT TRAGEDY TO SEVEN. ONE PERSON IS STILL MISSING. WAKA HUIA IS NEXT, WITH A LEGACY PIECE ON THE LATE MITA MOHI. REMEMBER Q+A REPEATS TONIGHT AT 11.35PM. THANKS FOR WATCHING, AND THANKS FOR YOUR CONTRIBUTIONS. THOSE WERE THE QUESTIONS, AND THOSE WERE THE ANSWERS ` THAT'S Q+A. SEE YOU NEXT SUNDAY MORNING AT 9. CAPTIONS BY JAKE EBDALE AND FAITH HAMBLYN. CAPTIONS WERE MADE POSSIBLE WITH FUNDING FROM NZ ON AIR. COPYRIGHT ABLE 2016.