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Home / New Zealand

Nicola Willis singles out Sir John Key in Mood of the Boardroom speech

Natasha Gordon
Natasha Gordon
Live News Reporter·NZ Herald·
24 Sep, 2025 07:00 AM3 mins to read

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Finance Minister Nicola Willis' speech at Mood of the Boardroom 2025. Video / NZ Herald

Finance Minister Nicola Willis has singled out Sir John Key during a speech to business leaders, saying the former Prime Minister and National Party leader is partly responsible for the economic situation the country’s in today.

150 business leaders today delivered their verdict on the Government in the Herald’s Mood of the Boardroom survey. The results are less than rosy for the incumbents.

The country’s top chief executives and directors have handed out a brutal assessment of Prime Minister Christopher Luxon and Willis, with neither ranked in the top 10 in this year’s Cabinet ratings.

Willis made a speech following the release of the survey results, where she addressed her low ranking and the “very difficult cyclical recovery” that New Zealand has experienced.

Finance Minister Nicola Willis singled out Sir John Key during her Mood of the Boardroom speech. Photo / Greg Bowker
Finance Minister Nicola Willis singled out Sir John Key during her Mood of the Boardroom speech. Photo / Greg Bowker
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As she wrapped up her speech, she took a moment to make specific mention of former Prime Minister Sir John Key, as he listened on in the audience.

“We have a history of success, and I believe our tomorrows are going to be much more successful.

“We can be a powerhouse in the future.

“We are right now confronting issues that were not confronted for too long, and I mean decades, not just years, and so I’m afraid, John Key, [who was in the audience], I’m not letting you off the hook either,” she said.

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Finance Minister Nicola Willis. Photo / NZH
Finance Minister Nicola Willis. Photo / NZH

Key told the Herald that he did not take the jab made by the Finance Minister to heart.

“I took it as a light-hearted remark and wasn’t offended in the slightest,” Key said.

Willis’s speech went on to describe the positive outlook the Government has, despite the negative results today.

“This is a difficult time for the country, but the Government has your back because we know that when you see a positive future, that creates jobs and opportunities for New Zealand.

“So let’s get on. I’m not going to over-read the Q2 data. Growth is ahead of us.

“We are driving it, and we will work faster and harder,” Willis said in her speech.

Survey respondents rated their confidence in the New Zealand economy at 2.81/5 on a scale of 1-5, where 1 signifies “much less optimistic” than a year ago and 5 represents “much more optimistic”.

That is down from last year’s score of 3.23/5.

How the executives fared

Chief executives ranked the performance of Cabinet ministers and others outside Cabinet on a scale where 1 = Not impressive and 5 = Very impressive

1. Erica Stanford (Education) 4.38/5

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2. Winston Peters (Foreign Affairs) 3.82/5

3. Chris Bishop (Infrastructure) 3.80/5

4. Todd McClay (Trade) 3.74/5

5. Mark Mitchell (Police) 3.66/5

6. Simeon Brown (Health) 3.61/5

7. Judith Collins (Defence) 3.60/5

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8. Brooke van Velden (Workplace Relations) 3.25/5

9. Shane Jones (Regional Development) 3.24/5

10. Chris Penk (Building and Construction) 3.18/5

11. David Seymour (Regulation) 3.16/5

12. Louise Upston (Tourism) 3.11/5

13. Nicola Willis (Finance) 3.09/5

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14. Simon Watts (Energy) 3.00/5

15. Christopher Luxon (Prime Minister) 2.96/5

16. Paul Goldsmith (Justice) 2.92/5

17. Scott Simpson (Commerce) 2.91/5

18. Tama Potaka (Māori Crown Relations) 2.85/5

19. Andrew Hoggard (Biosecurity) 2.76/5

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20. James Meager (Youth) 2.73/5

21. Karen Chhour (Children) 2.67/5

22. Mark Patterson (Rural Communities) 2.62/5

23. Nicole McKee (Courts) 2.59/5

24. Nicola Grigg (Women) 2.58/5

25. Shane Reti (Universities) 2.57/5

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26. Casey Costello (Customs) 2.51/5

27. Penny Simmonds (Environment) 2.37/5

28. Matt Doocey (Mental Health) 2.35/5

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