Post-Cabinet Press Conference: Monday, 3 August 2026

Well, kia ora, good afternoon, everyone. Today I’m joined by Nicola to provide an update on the Government’s fuel support measures, but first I do want to touch on the news from Thursday that the Government has signed a public‒private partnership agreement to deliver the first section of the Northland Expressway from Warkworth to Te Hana. This is the largest public‒private partnership in New Zealand’s history, and it will deliver one of the most significant infrastructure projects ever undertaken in the country. The new 26-kilometre, four-lane expressway will support jobs, unlock economic growth and provide a safer, more resilient road for people and freight travelling between Auckland and Northland. For Northland, of course, it means more reliable connections, better access to markets, and stronger foundations for long-term regional growth.

The private partner on this project is the Northway Consortium, which includes ACCIONA and Aberdeen Investments, two companies that attended our Government’s Infrastructure Summit last year. That is exactly why we held the Investment Summit, to attract serious international investment into projects that truly matter for New Zealand. At a net present value cost of $3.65 billion, delivering this project as a public-private partnership is estimated to have saved just over $250 million than if it were delivered under a traditional public sector procurement process.

It is the 12th road of national significance to be procured under past and present National Governments, building on our proud track record of delivering major infrastructure projects for New Zealand. In this term of Government alone, National has funded or started more than 60 transport infrastructure projects, over $5 million. This is the difference, I think, that a National Government makes. After years of drift, delays and excuses under the previous Government, we’re not only delivering the infrastructure in a way that will grow the economy, but we’re doing it in a way that provides better value for taxpayer money.

The Northland Expressway announcement coincided also with the latest ANZ Business Outlook Survey, which shows confidence continuing to build across the economy. Overall, business confidence rose strongly in July, up nearly 20 points to its highest level since February, and firms’ own activity expectations also lifted sharply. That matters because confidence is what makes businesses invest, hire more people, take on new projects and plan for the future.

Manufacturing remains an absolute standout, with confidence in the sector, quote, “going ballistic” according to ANZ, reaching its strongest level since 2000. New data out today shows that more than 40,000 new homes were consented in the year to June, which is the first time since 2023 new home consents have exceeded that mark. It’s up 19 percent on last year alone, with strong increases across all housing types including standalone homes, townhouses and retirement villages. This is a significant turnaround for a sector that has faced some challenging conditions over recent years following a decline in building activity that began in 2022. More consents means more building, more jobs and more opportunities for economic growth.

Of course there is still uncertainty in the global environment with continued volatility in the Middle East and the US hiking tariffs, but the direction of travel here at home is encouraging. Our job is to keep backing that confidence with a long-term economic plan that supports our economy to grow. That’s why it’s good news that the economy is forecast to grow on average 2.7 percent a year for the next four years. Of course that growing economy will create 220,000 more jobs over that period and importantly have wages growing faster than prices. Widening the gap between wage and price growth is how we make life more affordable for Kiwis long term. It means more choices for people about what to do with their hard-earned money.

The positive outlook reinforces that our economic approach is the right one. When the world is volatile and uncertain, now more than ever is the time for financial discipline so we don’t raise taxes or increase debt. That’s how we build our economic resilience to future shocks and set New Zealand up for an even more secure future.

On that note, I do want to take this opportunity to apologise for my remarks at the Rotorua Business Chamber breakfast last week. I know many small business owners are doing it tough right now. They’re working long hours, they’re managing financial pressures, looking after their staff and doing everything they can to grow their businesses. I have enormous respect and admiration for people who are out there backing themselves, taking a risk and building a business. Small businesses are the backbone of our economy. They create the jobs, they support families and they make an enormous contribution to communities right across New Zealand. So I am sorry if my comments did not properly acknowledge the challenges that many small business owners are facing and that I got that wrong.

I want to reiterate that National backs small businesses to succeed. We’ve spent the last two and a half years fixing the fundamentals in the economy to make this a country where businesses can thrive. It’s not a quick fix and there is more to do, but National has a long-term plan and we are seeing positive signs that we’re on the right track.

Turning to today’s announcement, I’ll pass over to Nicola to talk through Cabinet’s decision on the removal of the fuel support. Over to you, Nicola.

Thank you, Prime Minister, and good afternoon, everyone. Today Cabinet decided to keep temporary fuel support measures in place for now, but to keep them under active review. These supports were introduced in response to the global oil price shock and elevated prices here at home. They include the increase to the In-Work Tax Credit, increased mileage rates for healthcare workers and eligible patients, and reimbursement rates for relief teachers.

When the Government introduced these measures we indicated they would be temporary, either lasting for a limited 12-month period or until fuel prices had stabilised, whichever came sooner. At the time of introduction we used ‘below $3 a litre for four weeks’ as a trigger or an indicator of fuel price stabilisation and as a juncture at which we would consider whether to remove the supports.

While New Zealand did experience four weeks of national average prices falling below $3 between 5 and 26 July, we are advised that they rose above that point again last week and given increases in the international oil price, prices could remain above $3 into the coming weeks. Treasury have advised me and I have advised Cabinet that as of 28 July, based on pricing in international oil futures markets, our forecasters were expecting prices would likely remain above $3 through August and September before falling again.

Obviously, the oil price path and therefore the national fuel price is very difficult to predict right now. The situation internationally continues to be volatile. Today there are some welcome signs of de-escalation in the Middle East. However, based on the data in front of us, it remains too soon to declare a sustained stabilisation in the fuel price. Cabinet has therefore decided to keep the temporary additional support measures in place for now and I will report back to Cabinet if prices return to below $3 again.

On Wednesday, Stats NZ will release their unemployment data for the second quarter of the year. As New Zealanders have experienced, that was a very difficult three-month period for the country, with fuel prices and the international oil shock having had a profound effect on our economy and many households. We are expecting that the data on Wednesday will reflect that reality and will most likely show an increase in unemployment for the April to June period. At this year’s Budget, Treasury forecast that they expected unemployment to peak during that second quarter, rising from 5.3 percent to 5.5 percent. The Reserve Bank in May forecast a rate of 5.4 percent, while the most recent market forecasts are averaging at 5.5 percent. Of course we’ll know more once Stats NZ does their official data release, but it is important to remember that the data is backward-looking and speaks to experiences New Zealanders have already had.

Families and businesses have no doubt been through a very tough time. That is why, as the Prime Minister says, it is positive to see some real signs of resilience in the economy as shown by the recent ANZ Business Survey. Treasury continues to forecast that while we have been through this difficult period, the recovery will take root from here. For our part, the Government will continue to progress policies to support growth, job creation and make New Zealand more affordable. But I just want to acknowledge all of those for whom it has been a tough time and all of those who are without work and are looking for jobs. The Government will continue to back you. Over to you, PM.

OK, let’s take some questions.

What switched between this morning, when you didn’t apologise for your comments, and you apologising now? Did your Cabinet colleagues come to you and say that they were disappointed with your comments on the—

No. No, I just feel that I could have expressed myself better in the way that my comments were interpreted. I didn’t want to cause any offence, that’s not what I intended to do. Clearly people felt that I did and I just want to acknowledge that wasn’t my intention. I’m sorry if that’s what happened.

What’s prompted the apology this afternoon, though? You could have apologised this morning.

Well, it’s just me as I’ve—as I’ve—look, I came in, I looked at the transcript, I thought, yeah, I could have expressed that better. And the point I was trying to make was actually about, you know, I’m a big empowerer, a big—we want to be an enabler of businesses in New Zealand. You know, we believe very strongly and we do the settings and we want businesses to get on and grow businesses and, you know, that’s what I was talking to. But I don’t think I expressed it as well as I could have. It was simple as that.

What feedback have you had, if any, from your caucus colleagues?

Well, I mean I’ve had a, you know, a couple of comments but most of the comments came from you guys, from the media. Clearly, you know, your interpretation was that I didn’t get it right and I think that’s fair cop, you know, when I look at it, and I’m just calling it for what it is.

Do you think that you were represented fairly in the reporting?

Well, it doesn’t matter. I think the real issue is actually it caused offence to some people, clearly, I mean, and how it was interpreted and presented was—you know, I saw the headlines over the weekend like all of you. Yes, it was a pretty fulsome, you know, conversation. It was a very positive conversation, in many ways. But obviously there were parts of it that, you know, you guys thought was not appropriate and obviously caused offence, and I’m taking the cop for that. I’m not meaning to minimise it.

How did you get it wrong?

I just think I could have expressed myself better. You know, the point I was trying to make was that, you know, you’ve got a Government here that’s a big fan of businesses and what I’ve been saying is look we want to enable, we want to empower them. We actually see that Government and business have equal roles, different roles but equal in the sense of, you know, we’ve got to create the settings—whether it’s RMA reform, whether it’s the trade agreements, whether it’s employment law, investment boost, those kinds of things—and then it’s up for businesses to be free to get out—you know, Government get out of the way and get on and crack on and get on with it, and build great businesses.

And, you know, there are so many great businesses. I spend most of my—most weeks I’m with small businesses. You know, in the last probably two weeks I’ve probably been with five or seven of them and, you know, they’re all doing an incredible job. It’s been tough times for some of them and there are some that are coming through it pretty well. But, you know, we’ve got great business people and I just don’t want to cause any offence. If my remarks did that, I’m very, very sorry about that.

Prime Minister, would you like to think you set me an example for Winston Peters to perhaps apologise when you get something wrong?

Well, look, I mean I’ve sort of addressed that over the weekend. I don’t have any more to say about that.

Have you had a chance to speak to him yet?

Yes, I have.

What did you say?

Yes, I have.

What happened? Can you tell us?

My conversation will stay between Winston and me.

Did you express disappointment with his comments?

Well, again, I’m not going to get into it. I think you heard me talk about it last week. I talked about it at the end of last week and over the weekend. I’ve addressed it. I’ve had a conversation with Winston, that’s a conversation between us.

You expressed disappointment in public, surely you can tell us if you expressed—

Well, I think it’s not a surprise I found the comments offensive. I said that last week, you know, and, you know, that’s a—

Did you tell him that?

Yes, I did, but again those conversations will happen between us.

Has he told you he won’t repeat those comments?

Well, I said we’ve had a conversation. What we’ve said is going to stay between us.

If he repeats them this week, would you expect to take any further measure?

Well, that’ll be up to him.

Did he ask you not to talk about the conversation?

No, I’m just saying out of respect I had a conversation with him, that conversation stays between us. It’s as simple as that.

You didn’t speak to him over the weekend. Was that because you couldn’t get in touch with him, or he wasn’t returning your call, or you didn’t try?

No, no, no, just because we had our schedule. It’s better when we’re in person in a place like this on a Monday. It worked better for us to have a quick chat. Again, I’m just not wanting to go into it.

Prime Minister, you said this morning that the comments were racist and offensive.

Yeah.

Does he deserve that respect and that confidentiality?

Well, again, that’s how I felt about it. I expressed that. I spent quite a bit of time talking about it in Tauranga, I spent a bit of time talking about it in the stand-up afterwards. I have a, you know, a very strong view about that. I find those comments unacceptable. I think our Chinese community have made New Zealand a much better place. I think Lawrence Xu-Nan deserves his right to speak in Parliament as anybody and, you know, they’re wrong, offensive and unacceptable. That’s how I feel about it, right? But the question is, you know— and I’ve articulated that last week.

Prime Minister, the Cabinet Manual is quite clear that Ministers are, at all times, expected to be acting professionally, whether or not they’ve got their party leader hat on or some other hat. It says that ultimately all Ministers are accountable to the Prime Minister for acting professional and keeping the Government in—for treating people with respect. Do you think that Winston Peters has been acting professionally? Because you are the judge of that.

Yeah, well, I’ve had a conversation with Winston and that’s going to stay between us. I mean the point very clearly is that we’re 90 days out from an election and if people feel that that language is unacceptable and they don’t like it, as I keep saying, party vote National.

Are his comments in line with the Cabinet Manual?

Well, again, I’ve addressed those remarks—I’ve addressed what I’ve said in the last week. I’ve spoken to Winston today. That’s going to stay between us. Done.

Is it National’s view that Winston Peters should apologise?

Well, that has been my view but it’s up to him to determine what he wants to do and, as I’ve said, you know, I spoke about that over the last week.

Just a reality check here. Isn’t the reality, if you were to discipline or try to fire him, the coalition would collapse and we’d go to an early election?

Well, I think we’re 90 days out from an election. As I said to you all on Thursday and Friday, is that we’re 90 days out from an election. You know, people are going to get their choice to vote on 7 November. They need to think very carefully about how they vote. You know, I’ve been calling for party leaders over a number of years now to say, “Watch your rhetoric”, on all sides, you know, all sides. And the reality is that, you know, New Zealanders get to make their choice and democracy is a special thing. A vote is a very important thing and you get to choose how that is.

Prime Minister, would you have Winston Peters as your Foreign Minister if you were to win the election on 7 November?

Well, my goal is to get 20 filled seats around that Cabinet table that are National Ministers. I think that would be the best interest of New Zealand.

Would you have Winston Peters as your Foreign Minister again, yes or no?

Well, I’m not getting into that. It’s a hypothetical question. My job between now and 7 November is to make the case strongly for why I think New Zealand would be best served with as many National Ministers around that Cabinet table as possible.

Minister Willis, what was your reaction when you saw the Prime Minister’s comments about business people?

Well, the Prime Minister’s already addressed that.

What was your reaction?

The Prime Minister’s already addressed those comments and, as he said, we fully acknowledge as a National Party that over these past few years there are many small businesses who, through no fault of their own, have had a really tough time. And we fully acknowledge that much of what has affected them has been outside of their control, whether that’s tariffs being in place internationally, whether that’s a spike in oil prices, whether that is cost pressures, whether that is the interest rate increases they experienced in the previous few years. All of those things are outside small businesses’ control and have taken a toll on them.

Do you think the Prime Minister is in touch with the experiences of business people?

Yes, absolutely.

What kind of feedback did you get from business leaders about those comments?

Look, I haven’t had feedback from business leaders directly on those comments.

Have you seen any on social media?

Yes.

How would you characterise that?

Well, I think the Prime Minister has addressed that in his opening remarks.

Yes. Look, guys, as I said, I could have expressed myself better. It obviously caused offence to some people. You’ve reported extensively over the weekend, I’ve seen the comments from others and I’ve seen—you know, and I just think I don’t want to cause offence. That’s why I’m saying I cop it. I apologise for it. It’s a genuine apology.

I am on the side of business. I spend a lot of time in businesses. We’ve done some amazing— you know, the best idea in small business came from investment boost. That is coming from conversations and interactions we’ve had with business, you know, small business owners up and down the country. So, you know, I got it wrong. I don’t know how to be any clearer about it and, you know, I cop it and I own it.

How did you feel it landed in the room when you said it?

Actually, it was a really—I mean, I’m not—I’m not going to try and relitigate it because clearly I don’t want it to look like I’m minimising it, but I thought we had a really good, robust, good conversation for 30 minutes as a—at a Chamber. We talked about a number of topics. I know there was one question area that you’ve focused on but, you know, we’ve done a lot in Rotorua. We talked a lot about the growth in tourism that’s coming back. We talked about the fact that Fenton Street’s been cleaned up, you know, out of emergency housing, you know, those kinds of things that are starting to make a difference down there, and we had a very good engagement the night before and another one in the morning, so—but I don’t want that to be code for minimising.

I’m being really straight up with you. I’m just saying to you I got it wrong. I’m sorry about that. I didn’t want to cause offence. I’m a Prime Minister who’s on the side of business, I care deeply about it and actually my focus in a lot of those conversations is about how do we continue to enable and empower businesses. We—as I said, we can get some settings right, but then it’s up to businesses to have the confidence to be able to step up and actually fill that space that’s created or those environments that are created by us. But I’m not trying to belittle it at all, I’m just being straight up with you.

Do you recognise that your experience in business is quite different than the small to medium businesses?

I know small and medium businesses well. I mean I’ve dealt with—you know, I’ve worked in different businesses over my lifetime that have got, you know, 9,500 suppliers that are small businesses. You know, I spent a lot of time with them, you know, in my former life as well as I—even if I may be working for corporates, you know.

But the thing is most weeks I’m out there. You know, if you think about where I was on Friday, I was with SYOS, a start-up that’s doing, you know, defence unmanned crews. I was with Red Stag. I was with Mitchpine not recently, an amazing business, done an incredible job doing— you know, using investment boost actually to upgrade their plant and equipment. So, you know, for me, I’m with a lot of businesses in most weeks. I love it, I love getting out and hearing what’s going on, and we get a lot of our ideas from those interactions too.

Did you serve as a CEO in Illinois?

In Illinois, in my past life at Unilever? No, I was a CEO in Canada.

You just said you were, to the Business Chamber that you were a CEO in Illinois.

When I was—yeah, well, of a business unit, yeah. Yeah, for sure. But I mean I’m just—I’m just saying to you, my conversation was actually about, you know, making sure that we actually empower businesses and actually enable them to step up and actually make the most of the opportunities we’re creating. You know, look, Jenna, we can—we can go through it and play gotcha. I’m just—I’m fronting up and just saying to you I got those comments wrong. If it caused offence to people, I’m genuinely very sorry. That was not my intention. And I wanted to make sure because I am a big advocate for business, you know, of all types. I spent a lot of time since I’ve come to Parliament actually making that case for ‘what more can we do to make small businesses go faster?’

You mentioned that you had had a couple of your caucus colleagues talk to you about the comments over the weekend. Who were they and how did they approach you?

Oh, not explicit—you know, like not deep conversations. I mean I can read your headlines and I can, you know, read the social media feedback as well from some places and that’s what I’m—that’s why I’m fronting up. Guys, it’s just not more complicated than that.

But there were MPs that raised it with you or discussed it with you?

Just in cursory terms, yeah.

Did that include the local MP Todd McClay? Did he pass on any feedback—

No, we haven’t had a chat about it, no.

Is there something in particular that you regret saying or is it more the overall concept?

No, no, no, I just regret the fact that I didn’t express it as well as I possibly could have. Clearly, it was interpreted, certainly in the media, certainly by some people, I imagine, that may have heard the full conversation that felt offended by it. That’s not what I was intending to do. I’m just saying I’m sorry about that. Yeah.

Prime Minister, do you have any comment on the PSA’s defiant response to Brian Roche’s instruction that they stop campaigning in public service workplaces with the ‘Change to Government’ campaign [Inaudible]?

Yeah, I saw that, you know, a week or so ago and, you know, the reality is we want a politically neutral public service. We keep saying that all the time. I don’t think those actions are encouraging of doing that, but that’s a question for the PSA and—

[Inaudible] what’s Mr Roche going to do now?

Well, that’ll be a decision for him as the employer of many of our public servants.

Prime Minister, do you believe the Opposition wants to, quote, “triple your taxes”?

Well, I think there’s three parties that want to increase taxes. There’s now actually four parties that want to increase taxes. We’ve seen, I think, eight new taxes, Nicola, is it?

I think we’re up to nine now, if you do the full list, so potentially saying “triple” is an undersell. There’s a list of at least nine new taxes.

Minister Willis, you’re quite numerate. The tax take is about 28 percent of the country. Tripling that—

Yeah, I think you’re interpreting it one way, Henry, whereas many people would just commonsense interpret it that there are four major parties or four parties promoting additional taxes in this campaign. The National Party stands strongly on the side of lowering taxes for working people, so there is a clear contrast for people to choose between.

Will you have no new taxes after the election?

Well, we’ll have more to say about that in the campaign.

So you’re not ruling out new taxes—

We will have more to say about that in the campaign.

Just regarding your conversation with Winston Peters, would you say—would it be accurate to describe it as, like, you gave him a warning, or not?

Guys, I’m just not getting into it. That was a conversation between him and me.

Prime Minister, you obviously feel remorse for the comments you made over the weekend. How do you reconcile not wanting to offend the electorate and then having to get back to working with Winston Peters?

Well, I mean, you know, we’ve got—we’re 90 days out from election. You’re going to see all the parties go to their party, full campaign mode. You know, that’s basically where we are, and they’ve got different policies, different constituencies, different views, different philosophies, and they are free to express that, you know. What I’m saying to you, 90 days out from an election: think carefully, New Zealand, as to how you want to—how you want to pass that vote. Simple.

Given you’ve put your thoughts and feelings about Winston Peters’ comments quite clearly on the record, why not just rule out reinstating him as Foreign Affairs Minister to really underscore to the public that that sort of rhetoric is not acceptable—

Well, I think you’re getting well ahead of yourself.

—and you’re not doing anything about it now, but in the future you wouldn’t work with him again [Inaudible]?

We’re got—we’re getting well ahead of ourselves. We’ve got a campaign set up for 7 November.

You ruled out working with Stuart Nash though, so—

Well, I’m just saying to you we’ve got a chance now, we’re now in campaign season and actually New Zealanders need to think really carefully about that. If you don’t like that, don’t vote for it. Vote for National.

You could also just rule him out, though. That makes it that much clearer to the public.

Sorry?

You can also just rule out working with him as Foreign Affairs Minister.

Well, that’s all hypothetical. You know, let’s—you know, we want to go—we have a MMP system where we all campaign from our respective party positions and the constituents we’re talking to, and we want to help and assist. And then at the end of it, on election night, you know, we’re forced to, you know, make—you know, form a Government and, you know, I want, at that point in time, to have as many National Party Ministers around that Cabinet table as I possibly can.

Is the Government any closer now to a social media ban?

Yes, we’ll have more to say about that shortly, yeah.

How short? Like this week?

No, I’m not going to go into timings, but rest assured it’s coming quickly.

[Inaudible]?

I’m not going to talk about what’s in Cabinet but I’m just saying it’s coming shortly.

Sounds like it did.

Sorry?

Sounds like it did.

It didn’t sound like that at all.

It didn’t sound like that at all.

It just sounded like he doesn’t tell you what’s on the Cabinet agenda, hasn’t in the past and won’t today either.

Prime Minister, your interview on RNZ, your interview last Monday. You told RNZ, when you were asked about data centres, that the official advice you’d received—“The officials don’t expect any of these projects to put upwards pressure on electricity prices.” The Greens OIA’d your advice that you were referring to in that interview and your officers said that the only advice that you had was talking points that were drawn up for that interview. Is there any advice that you have seen about what data centres will do to—

Yeah, look, I mean what I’ve—what I’ve said on that was that—on data centres, that, you know, Nicola’s asked for some advice from MBIE. I’ve asked DPMC to get involved as well and canvass what is happening with respect to Australia, because I’ve spoken to Prime Minister Albanese about wanting to be aligned in some of the stuff that we do around data centres, and equally also with industry. I think industry plays an important role. And then ideally we’d like to get bipartisan support for it. But, Nicola, do you want to talk to that?

I can confirm that I received advice in July from my MBIE officials on the subject of data centres, in which they advised me they did not expect the current data centres that are coming on in the next 12 months—

There’s three of them.

—to put upwards pressure on electricity prices, given the arrangements they had in place. Following receipt of that advice, I directed that further work be done on what additional measures we might like to introduce to ensure that going forward, no future data centres would put upward pressure on electricity prices, and that includes looking at some of the steps that have been taken in Australia and other jurisdictions around the world, and ensuring that where data centres are coming, we are getting that additional electricity generation.

OK, guys, we’ve got two more questions here.

Is that the advice you were referring to, Prime Minister?

Yes.

If so, why didn’t you release it to the Greens when they asked for it?

Well, I’m just saying that’s the advice I—that’s the advice that I’d had, so—and there’s more work to do. You know, the bigger, more important thing is actually we’ve got DPMC doing some work, we’ve got MBIE doing some work, we’ve got—I know industry are starting to think about it. We’ve got some work happening in Australia. We want to bring that all together into some common sense—

[Inaudible] this is clearly not compliant with the Official Information Act [Inaudible]—

—common sense, and then—

I disagree, Thomas.

And then ideally you would say that if we can get other parties on board with it, that would be awesome. OK, last question.

I think, to be fair—I think, to be fair, the office based it on—

Sorry, you haven’t—Bridie, you haven’t asked one. Sky. News24, sorry.

Just on Winston Peters’ kiwi kids grant announced over the weekend, could that policy potentially be a part of any future—

Look, I mean, as I said this morning, you know, it’s $400 million plus, it’s pretty untargeted, and actually I think all the evidence suggests that those kind of policies around the world haven’t actually worked.

You know, we’re a Government that’s worked really hard to make sure we’re supporting young families, whether it’s been Family Boosts, whether it’s been Working for Families, whether it’s been accommodation supplements, you know, a whole range and a raft of things. We’re also campaigning as a National Party, as you know, to extend paid parental leave from—you know, out to 30 weeks and ideally out to 40. We’re also made a number of, you know, compulsory KiwiSaver changes with respect to baby bonuses. I think that’s the better way to support families because I think it’s a hell of a lot of money untargeted and I also think it’s—you know, the policies don’t necessarily achieve the stated goals.

OK, thanks everyone, appreciate your time. Sorry, Mark, you can go last.

Just on data centres, on the Datagrid data centre in particular, they say that their project will, after construction, generate about $50 million or contribute about $50 million a year to GDP—that’s 0.01 percent of New Zealand’s GDP—but use 6 percent of our electricity. Do you think that’s a fair return for New Zealand?

Look, all I’m saying to you is New Zealand is well behind the curve on terms of data centres that are in the country. I think there’s maybe 60 if—on a good day, and as I said, we’ve only got three coming onstream in the next 12 months. We’re well behind.

So the key thing is I want to get this advice. I really want to get some sensible rules around it so that it is—because we do have a competitive advantage in terms of AI centres. We’re in a, you know, moderate, you know, cool, temperate climate, we’ve got access to lots of land and, you know, that’s a good opportunity for New Zealand. There’s also national security. There’s sovereignty issues. There’s productivity and economic benefits that come from it all. So, you know, we need to be in that world when you start to think about modern life and what’s going to be driving through data centres, but I just want to make sure we get some commonsense rules around that.

And it’s good to see—you know, yeah, good on—the Greens have a—have a view on that. I don’t think the 12-month moratorium is the way to do it but I mean, I’m sure there’s common ground that we can find with them and others that just say, “Hey, listen, this is a New Zealand Inc thing that we should be trying to find some bipartisanship around”, and I hope we can do that. OK. Thanks, team. Appreciate it.