Originally Posted by
Logen Ninefingers
The New Zealand Economic Miracle was constructed on the unstable shifting sands of a housing ponzi scheme fuelled by eye-watering amounts of borrowing, high levels of immigration, and record government spending.
Now that we are being buffeted by ongoing adverse weather events, inflation, and interest rate rises, all the chickens are coming home to roost.
Robertson still has to have his annual conversation with the credit ratings agencies and explain away our record balance of payments deficit. He may find the ratings agencies harder to convince than your average Labour voter.
Out in what remains of the ‘real’ economy - the economy that doesn’t revolve around buying and selling residential property - Zespri is reporting its lowest green kiwifruit harvest in 20 years:
‘The latest Zespri crop estimate said the company expected to export about 136 million trays of green, SunGold and RubyRed kiwifruit this season. That was down from 171 million trays last year.
The estimate could drop further when orchard assessments were completed following April’s hail event in Te Puke.’