Face of the Day

Prime Minister Christopher Luxon has ruled out signing up to NZ First’s proposal to buy back BNZ.

Winston Peters announced on Sunday that New Zealand would buy BNZ back from its Australian owners if NZ First were voted into government in November’s election.

He said the bank would be merged with Kiwibank to form the “National Bank of New Zealand”.

The plan quickly came up against strong criticism, with Finance Minister Nicola Willis labelling the idea “extremely reckless” and the Taxpayer’s Union chair Ruth Richardson calling it “bankruptcy of thinking”.

Now, Christopher Luxon has ruled out agreeing to the idea – even if Peters brings it to coalition talks as a non-negotiable.

Stuff