Bill talks about the positives. But he dosn't mention that the IMF says:
- the dollar is overvalued
- houses are overvalued
- we have a big overseas debt ie "relatively high net external liabilities".
- the house price spiral is in danger of getting going again
- current account deficit is a problem
"Current account. New Zealand’s persistent current account deficits and relatively high net external liabilities reflect structural saving-investment imbalances...Reducing pressure on the exchange rate and limiting the current account deficit in a lasting way will require structural measures to address the savings-investment gap, rather than being the task of short-term macroeconomic management."
The chronic current account deficit means we owe a huge amount overseas. The wholesale sell off of NZ by this governemnt means that more and more profits go offshore. This means that even when we have a good year, we have a bad year due to our owners sending money offshore.