Christopher Luxon: Prime Minister talks Commonwealth Heads of Government Meeting, Singapore, Kiwibank advice

The Mike Hosking Breakfast

The Prime Minister believes a major Commonwealth diplomatic summit does have a future, with certain priorities.

Christopher Luxon joined his Commonwealth counterparts for the Commonwealth Heads of Government Meeting, held this year in Samoa.

King Charles and Queen Camilla also attended.

Christopher Luxon told Mike Hosking it was a good opportunity to meet leaders from the Caribbean and Africa who he doesn't see as often and build some relationships with them.

He says it has to be focused back on development and democracy, building the capacity of public services in developing states, and getting rid of corruption.

When it comes to Kiwibank, the Prime Minister says it needs to be fired up as the maverick in the banking sector.

Treasury's advised ministers of three options to boost Kiwibank's capital to better compete with the Australian-owned banks.

They include borrowing money for Crown investment, third party investment, or an Initial Public Offering on the share market.

It comes after the Commerce Commission market study on personal banking.

Luxon told Hosking he hasn't seen the advice, so doesn't yet have a view on the best option.

He says one of the options is the stock exchange, and they could also seek Super Funds or other funds to invest.

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