Mother of all debates: Willis wants finance faceoff with new nemesis Ruth Richardson

Tuesday, 9 December 2025

The finance minister has challenged the mother of the mother of all budgets to a debate about the current government's money policies.

There’s fighting talk from Nicola Willis, who wants to face off against one of the country’s most polarising finance ministers who Willis claims is behind a Taxpayers’ Union campaign to discredit her. Lloyd Burr explains.

The mother of the infamous ‘Mother of All Budgets’ in 1991 has been issued a challenge from the only other woman to hold the finance minister role: front up and debate me.

Incumbent Finance Minister Nicola Willis says her National Party predecessor from the early 90s is behind an imminent Taxpayers’ Union campaign that’s expected to blast her policies and criticise her government's debt levels.

But she’s not taking it lying down, quite the opposite.

“My message to Ruth Richardson is a very clear one: come and debate me face to face. Come out of the shadows, I will argue toe for toe on the prescription our government is following,” Willis said to reporters on the way into National’s caucus meeting on Tuesday morning.

Nicola Willis in Parliament in 2024 (left) and Ruth Richardson delivering her 'Mother of All Budgets' in 1991.

“Come and make your points, I’ll debate you and I will win that debate. Instead of lurking in the shadows with secretly funded ads in the paper, come and debate me, right here in Parliament.”

How does Willis know it’s Richardson who is behind the campaign?

“She is the chair of the Taxpayers’ Union which has clearly endorsed this campaign,” she responded.

Richardson and the Taxpayers’ Union have been approached for comment.

Richardson was finance minister under Jim Bolger from 1990 until her demotion and resignation from Parliament after the 1993 election.

Minister of Finance Nicola Willis talks to the finance select committee (file photo).

She’s most renowned for being the architect of 1991’s ‘Mother of All Budgets’, which saw brutal cuts to government spending on welfare and social services and reformed workplace laws. Radical changes to the public health system also had a huge impact.

Her time in the job has been described by some as ‘Ruthanasia’.

Willis said Richardson can defend her own legacy and the implications her fiscal ruthlessness had for the country.

“I am more than willing to take on those arguments and debate her.”

Willis’ fighting talk continued to reporters for more than three minutes.

“You know what she has to do? Front up. I’m ready. Is she ready? Let’s see if she’s ready. I’m ready, I’m up for it, let’s go,” she said

“I’m ready any time, anywhere, anyone who wants to host it*. I will make myself available. The question is, will she be prepared to front up.”

*Note from the Editor: Ruth, if you’re game, Stuff is publicly offering to host the debate.