Nicola Willis: Finance Minister on the state of fuel prices and reserves and the GDP rising by 0.2% in the December quarter
The Mike Hosking Breakfast · Newstalk ZB
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Show Notes
The Government is looking into ‘doing something simple’ to get cash into Kiwis' wallets as fuel prices increase, refined oil proving a challenge.
Finance Minister Nicola Willis told Mike Hosking they need to balance the cost of living with the books.
“We need to be conscious of debt and borrowing.
“We need to look at working people in the low to middle income specifically and ask ‘what’s the way we could provide targeted relief’ without a blanket solution.”
Willis said cutting wider costs like fuel excise tax could drive inflation up.
“We are looking at doing something simple to get cash into bank accounts on time. Cash provides people flexibility.”
She said her desire is for no paperwork to be involved.
“I’m sorting advice from Treasury and IRD as we speak but I have a plan in front of me ready to go.”
Willis said the challenge now is getting refined oil, with government in conversation with fuel suppliers.
“We have shipment locked in for several weeks, but we are looking ahead to future challenges of how to actually source diesel, jet fuel and other things out of refineries.
“This could create a limitation in the future.”
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