Other countries are seeing all these things increase and jacinda is not PM there (which is unfortunate for them).
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Yes Global issues ... But in Little old NZ we have some insane Housing Costs Vs low wage economy ..that really relied on International Tourism to balance the the books ... and now with Housing in bubble territory ...profit margin pressures on Construction from inflation in costs hard t source labour ... many Construction firms will hit the wall ...Aussie banks will pull back on easy funding .. domino effects....
We have had one hell of a great party .... but at some point it must come to an end ...then the HANGOVER
Here is a very good article from Keith Woodford that is a good read to anyone, particularly people that think the NZ economy is humming away (Panda take note), despite the near total destruction of thepre-pandemic $17B tourism industry and the hospitality industry being brought to it's knees, as well as the huge restraints on others from endless border lockdowns:
"Unfortunately, there are very big storm clouds that are now coming over the horizon. The storm forces are created by large and increasing deficits on New Zealand’s current account. A current account deficit means that New Zealand is not paying its way with the rest of the world.
These growing deficits are not sustainable. The problem is that in an open economy, current-account deficits have to be balanced by inflows of capital. These current account deficits with the rest of the world are very different to internal deficits that can be funded through money creation."
https://www.interest.co.nz/public-po...-consideration
The NZD was higher under National (due to NZ being turned into a financial asset for wall street).
Farmers are making lots of money today esp combined with the high commodity prices.
Best try to see things for what they were - things were probably doing a whole lot better back then,
the economy was more solid / robust with a heap more international confidence before the current Mob
one way and another started playing and tipped it out on the nearest wall ;)
'A financial asset for Wall street'....lol. More meaningless cliches from Panda, couldn't you have worked 'neoliberal in there as well? What about 'Donkey' and a mention of the 'flag referendum'?
Labour have buried first home buyers under a mountain of debt due to record high house prices, and the winners will be Australian banks and their shareholders. It's a river of money flowing offshore and out of our economy; people who are spending most of their income paying off houses have less money for discretionary spending, particularly as the cost of almost everything essential is rising: fuel, food, power.
So I guess Cindy's big legacy will be a mere 'crisis' which morped into a Housing Catastrophe, and the undying gratitude of the fat cats at the Aussie banks.
"The NZD was higher under National": yes, and that meant we could pay for oil and consumer goods with money that had some purchasing power. The NZD will continue to fall off a cliff under Labour, and we will see the pitchforks come out as people are paying mind boggling prices at the pump.