private debt

A major preoccupation of the budget was preparing for the next major financial crisis. To do so it is reducing government spending relative to GDP. Where do tax cuts fit in? 

Our politics reminds me those weekly serial movies where each week the heroine ends in an impossible situation but next week she miraculously escapes and the action moves on to the next impossible situation.

New Zealand has turned from a nation of squirrels to one of nutty spenders, yet there's still little debate about just how the global recession will change our behaviour

At 86% of GDP, New Zealand’s national debt is the highest among all developed nations – except Iceland. And Iceland’s banking system has collapsed.

It may be because Scottish blood swirls within my veins but I am not at all comfortable knowing that New Zealanders are so close to not being able to pay their way.