Dr Oliver Hartwich: The end of the golden bargain

Campaign slogans used to sell the future. In 1960, John F. Kennedy promised Americans a ‘New Frontier’. Bill Clinton chose Fleetwood Mac’s ‘Don’t Stop’ as his anthem. Tony Blair swept into Downing Street to D:Ream’s ‘Things Can Only Get Better’. Gerhard Schröder promised Germans he would not do everything differently but many things better.

These were statements of faith: the future would be an improvement on the present, and democratic politics was the vehicle that would take you there.

Michael Reddell: Words and (in)actions

When I wrote yesterday morning’s post, highlighting how poorly both New Zealand and its Anglo peer countries have been doing in respect of productivity in recent times (ie, in the case of New Zealand, Australia, and Canada even worse than usual), little did I know that the Prime Minister was about to announce a bold new economic performance goal. I wasn’t even aware he was giving a pre-Budget speech yesterday.

But there it was

Heather du Plessis-Allan: The GDP numbers confirm what we're all feeling

It's fair to say that the GDP figures out this morning came as a shock- it's a lot weaker than economists were expecting.

Economists were tending to forecast a bit of growth, around 0.2 percent to 3 percent, and instead what they saw was the economy slumped 0.3 percent for the third quarter, which is July through to September.

And if you calculate it per capita to account for all the extra people who arrived here during that time, it's even worse- the slump is 0.9 percent, which is actually quite material. 

Robert MacCulloch: How our Kingdom of Kindness Lost its Way

A question that has gripped this country these past five years is how former Prime Minister Ardern, who touted kindness as her brand, became so divisive.

The explanation may be simple. Political rulers with strong moral viewpoints have long created discord. Enlightenment philosophers like John Locke explained the dangers of governments exercising authority in the realm of individual conscience. Leaders who claimed to represent the moral high ground created the impetus for the separation of Church and State in Europe.

Yet Jacinda Ardern put matters of conscience right back into the heart of affairs of State. If you have any doubt, then read her Commencement Speech at Harvard University back in May 2022. It starts and ends on the theme of kindness.

Oliver Hartwich: Flying Blind

Even in ordinary times, it is difficult to govern a country well. During a crisis, it requires much greater skill, experience and judgment.

New Zealand faces several crises at once. The war in Ukraine is reshaping the global order. The pandemic is raging. World commodity markets are fragile. Supply chains are under pressure. Energy prices are soaring. Inflation is rising.

Challenges, threats, and severe risks abound. But does New Zealand have the institutions to handle them? Does the government have the necessary capabilities?

The core economic agencies in Wellington do not inspire confidence.