Treasury and Reserve bank have this wrong. Brakes are being applied too hard and too fast.
If you are a dairy farmer in the Waikato with no debt you're unquestionably doing well, although even then you're looking at a payout that's significantly reduced this coming season too what it has been.

Buesiness confidence is being sapped by higher interest rates and consumer confidence will follow.
NZX 50 forward PE ratio's are stretched to the limit and face an acid test against rising interest rates.
Further...we are seeing an almost unprecendented supply of new listings coming to the market so overall I think its hard to make headway when you appear to be swimming against the tide. Who could be surprised if the market corrects or at best goes sideways for the next quarter or two ?