Winston Peters dismisses MBIE advice on cost of oil, gas ban

Government officials are warning the move to halt new offshore oil exploration permits could cost the country billions. Energy Minister Megan Woods introduced legislation to Parliament bringing the decision a step closer to being enacted and released new advice from officials at the Ministry of Business, Innovation and Employment (MBIE). The ministry analysis estimated a cost to New Zealand of $7.9 billion in lost tax revenue between 2027 and 2050, but noted that would depend on future oil prices and interest rates. PEPANZ boss Cameron Madgwick told Morning Report it is time for an urgent review of the policy, but Winston Peters tells Guyon Espiner it's time to "stop the humbug... New Zealanders want change."