The New Zealand economy is still a rock star, according to Paul Bloxham, the man who originally coined the phrase.
In a New Zealand economics comment, Mr Bloxham, the chief economist for HSBC Bank Australia, said despite lower dairy prices and lower growth in its major trading partners, New Zealand’s economy continued to be supported by a construction boom and the story had further to run.
As a result, interest rates were at high levels when compared with the rest of the developed world and the currency was high.
The New Zealand dollar was nearing parity against the Australian dollar for the first time in 42 years. Some early signs of domestic price pressures picking up suggested the New Zealand Reserve Bank was unlikely to cut rates this year, in contrast to current market pricing, he said.
Mr Bloxham said there were a range of indicators showing the New Zealand economy was still booming.
The broadest economic indicator of gross domestic product, or GDP, showed growth was broad based across industries with 15 of 16 sectors showing expansion over 2014. Overall GDP was running at a well above annual trend of 3.5%. The more timely indicators confirmed the strength had continued into 2015. Read more »
New Zealandâ€™s biggest bludgers, farmers, are on the bludge again and David Carterâ€™s final gift to them is a $80m free water bludge.
Today, Primary Industries Minister David Carter announced $80 million will be invested in a new Crown company to act as a bridging investor for regional water infrastructure development.
The company will be a minority investor in any development project and the Government expects to consider the first proposal within the next twelve months.
â€śNew Zealand naturally has plenty of water â€“ this is about managing the resources for the economy and the environment,â€ť says Minister Carter.
â€śReliable irrigation represents a major step in unlocking economic potential for New Zealand, having our tradable sectors growing strongly, and delivering on the Governmentâ€™s economic growth goals.â€ť
National is working hard to build an economy which is more competitive and productive. Find out more about our plan to build a strongerÂ economy here.
Skeptics will wonder whether ROI will be considered when making investments, and if a loss is made who will be held responsible or if the government will just sweep losses under the carpet.
Funding farmers is a dumb thing for National to do because farmersÂ aren’tÂ swing voters, and after many decades of backing farmers New Zealand’s economy has gone consistently backwards.
Everyone knows David Carter is a socialist who believes in massive hand outs to his bludging mates in the farming community. He should just out with it and say he wants hand outs for farmers, rather than fibbing about farm costs.
Had the minister or department filed to be a party to the appeal they might have been at odds with Primary Industries Minister David Carter, who this week said the work done to estimate the cost to farmers of the One Plan was “woeful”.
His ministry had commissioned research that claimed farm costs could increase by 22 to 43 per cent if the One Plan ruling was followed to the letter.
This is contrary to evidence put before the court, which stated they could rise by 5 to 16.6 per cent.
David Carter is fibbing about farm costs. His research saying 22 to 43% is total bullshit. It has not been peer reviewed and he won’t release in to the public because someone pulled it out of their arse. He wouldnâ€™t put it forward in the One Plan court case, because if he did it would have been torn to shreds and his department would have been kicked in the arse for being as big a bunch scientific frauds as the climate change proponents.
Why Labour donâ€™t take David Carter on in the house about his lies is beyond me. Maybe they are too busy riding bikes and stealing underpants. Fibbing ministers cause Prime Ministers huge problems and Carter could be rinsed.