It was not entirely clear, even back then when the economy was doing a lot better. But then again, ‘rock star’ is not a well-defined vocation.
And so, I was puzzled when, over the weekend, I read Thomas Coughlan’s column in the New Zealand Herald announcing the New Zealand economy’s return to the stage. He even suggested the Prime Minister should get out his dancing shoes.
I initially dismissed the article as being a bit premature. But on Monday, when I was interviewed on The Platform, Sean Plunket asked what I made of the return of the rock star economy.
My answer was a bit glib. If New Zealand’s economy right now reminded me of any rockstar, it would be Ozzy Osbourne, not Taylor Swift, I said.
Still, all this rockstar stuff got me thinking. What if the kiwi economy really was a rock star? What might it sound like?
The fiscal situation is the easiest part. It is clearly in Dire Straits. Money for Nothing was the obvious soundtrack for the Reserve Bank’s monetary stimulus during the Covid years.
Staying with the fiscal policy theme, as a Tom Petty fan, I cannot go past a few of his classics. Free Falling makes me think of fiscal cliffs, and Runnin’ Down a Dream reminds me of past ‘wellbeing budgets.’
As for the housing market, we should listen to The Beatles. Can’t Buy Me Love captures the experience of many would-be first-time buyers.
This brings us to inflation – and to another 1960s super band. As The Rolling Stones put it: You Can’t Always Get What You Want. Mind you, at 81, Mick Jagger is still trying to get what he needs.
Foreign direct investment, meanwhile, gets us back to The Beatles. They nailed New Zealand’s ‘Yeah, nah’ attitude to foreign capital in two words: Hello, Goodbye.
Which leads us to our poor productivity – and to Simon & Garfunkel. However much we might keep talking about improving productivity, when it comes to actual progress, it is: “Hello darkness, my old friend.”
So, does all of this sound like Paul Bloxham’s rock star economy comeback tour?
I am not so sure. Or, as Elton John sang, “Sad Songs Say So Much.”
I initially dismissed the article as being a bit premature. But on Monday, when I was interviewed on The Platform, Sean Plunket asked what I made of the return of the rock star economy.
My answer was a bit glib. If New Zealand’s economy right now reminded me of any rockstar, it would be Ozzy Osbourne, not Taylor Swift, I said.
Still, all this rockstar stuff got me thinking. What if the kiwi economy really was a rock star? What might it sound like?
The fiscal situation is the easiest part. It is clearly in Dire Straits. Money for Nothing was the obvious soundtrack for the Reserve Bank’s monetary stimulus during the Covid years.
Staying with the fiscal policy theme, as a Tom Petty fan, I cannot go past a few of his classics. Free Falling makes me think of fiscal cliffs, and Runnin’ Down a Dream reminds me of past ‘wellbeing budgets.’
As for the housing market, we should listen to The Beatles. Can’t Buy Me Love captures the experience of many would-be first-time buyers.
This brings us to inflation – and to another 1960s super band. As The Rolling Stones put it: You Can’t Always Get What You Want. Mind you, at 81, Mick Jagger is still trying to get what he needs.
Foreign direct investment, meanwhile, gets us back to The Beatles. They nailed New Zealand’s ‘Yeah, nah’ attitude to foreign capital in two words: Hello, Goodbye.
Which leads us to our poor productivity – and to Simon & Garfunkel. However much we might keep talking about improving productivity, when it comes to actual progress, it is: “Hello darkness, my old friend.”
So, does all of this sound like Paul Bloxham’s rock star economy comeback tour?
I am not so sure. Or, as Elton John sang, “Sad Songs Say So Much.”
Dr Oliver Hartwich's interview with Sean Plunket on The Platform, 19 August 2024.
Dr Oliver Hartwich is the Executive Director of The New Zealand Initiative think tank. This article was first published HERE.
3 comments:
Until the government controls it's overspending, rather than a star economy it's more of a black hole economy.
More Pop than Rock, but Dusty Springfield’s “Wishin’ and Hopin’ “ seems more appropriate!
Well done Oliver, whoever said the German people were lacking a sense of humor.
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