And this is now. Debt has gone from $96 billion to $129.
Another source has it at $157 billion
The Gross Domestic Product (GDP) in New Zealand was worth 210.89 billion US dollars in 2020, according to official data from the World Bank.
Converted to $US New Zealand’s debt translates to $81 billion
A quick back-of-envelope calculation has told me that the US debt level is 279 times that of NZ and yet its population is 687 times greater.
I am unable to say the extent to which this includes quantitative easing (the printing of money) is included in these national debt figures.
Similarly, I don’t think it includes private debt which has always been at a very high level.
NZ began QE in 2020
RBNZ to buy up to NZ$30b of govt bonds on secondary market
‘This package is huge,’ ANZ rate strategist David Croy say
It stopped the following year.
I also don’t understand why this news comes from OVERSEAS sources, not New Zealand.
Added to that the Reserve Bank as of this year only had statistics going up to 2018.
I am not an economist (so can’t explain all this away) but the situation seems dire to me.
P. S This is what ACT has to say
“Labour, helped by New Zealand First and the Greens, has borrowed $140 billion. That’s $28,000 for each and every New Zealander. It’s the average credit card debt five times over.
“Worse, politicians are now making big election promises to hand out even more taxpayer money.
“Every other political party is in a race to spend more money. But every extra dollar government spends right now will have to be taxed later.
“It’s the kids currently at intermediate who’ll lose. They’ll pay higher taxes for fewer services tomorrow because of politicians’ irresponsibility today. Borrowing now and forgetting tomorrow is fiscal child abuse.
I just call it a predicament