Offshore

In Australia the whole mood is one of woe is us. Informed commentators are writing articles about appalling fiscal mismanagement involving continually soaring spending and overly optimistic assumptions about revenue, poor productivity growth previously covered by the boom but now revealed as a major structural weakness, and chooks coming home to roost for a protected car assembly sector which should have been put out of its subsided misery years ago. And this is with an unemployment rate of 5.5%, up from 5% a year ago. Our rate is 6.2% from 6.7% last year. Imagine how much they’ll be beating themselves up when our rate goes below theirs within a year. Imagine what that will do for migration flows and then NZ house prices.
-BNZ Weekly overview, Tony Alexander BNZ



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