Michael Reddell: Still avoiding responsibility

I was away when Reserve Bank chief economist Paul Conway gave his recent speech, “The road back to 2% inflation”, and since I didn’t see any material commentary on it I didn’t bother going back to it when I got home. But my son – honours student researching monetary policy (anyone wanting a young economist at the end of year, get in touch…..) – prompted me to finally do so. And since I’ve been quite consistently critical of the lack of serious speeches from the MPC members, I shouldn’t overlook the handful (even if they are just selling a party line, rather than really opening up issues and alternative perspectives) that do emerge.

Professor Robert MacCulloch: The IMF should apologize.....

The IMF should apologize for its NZ Mission Chief stating our IRD supports Capital & Land Taxes (when it doesn't)

In order to achieve maximum embarrassment to the government, our bankrupting One (Sided) News channel splashed on TV screens its headline news story featuring International Monetary Fund NZ Mission Chief, Evan Papageorgiou, calling for a comprehensive tax on capital gains to be introduced in our country, as well as a land tax which should 'increase the progressivity of income tax' - widening the gap between lower & higher tax rates. He said, "We've recommended (capital & land taxes) repeatedly, [and] yes, I know that politicians don't pay attention .. Treasury & IRD also have similar opinions, there is a quite a lot of good enough advice out there to influence the public debate."

Point of Order: Are politicians turning a blind eye to the hard times hitting farmers and other foreign- exchange earners?

New Zealanders – as they launch into the general election campaign – at the same time will have to confront the harsh realities the economy presents. Already Opposition politicians are blaming the Labour government for the state of our economy and certainly it must shoulder some of the blame.

Robert MacCulloch: New IMF data ranks NZ's GDP growth as worst out of 159 nations in world along with Equatorial Guinea

What has PM Hipkins done? The newly released IMF Regional Economic Outlooks say NZ is projected to be the worst performing economy in the entire world in 2024 in terms of GDP growth, with one exception, Equatorial Guinea, which has been ripped apart by civil war. No other time in our history has NZ been bottom of the planet.

Bob Jones: New Zealand's IMF ranking

The latest IMF Current Account Ratings forecasts that our current account deficit will be proportionally the largest of the world’s 40 most advanced economies.

Specifically, the IMF said it would be worse than notorious cot cases such as Greece and ranks us the 3rd worst performer in its recent years decline among advanced economies.

This is a direct consequence of the appalling financial mismanagement over the last 3 years.

Point of Order: China is learning the price – and pitfalls – of global leadership

There must have been good feelings in extending $1 trillion of lending to the developing world through China’s global Belt and Road Initiative (BRI). A warm tide of rising influence and overdue recognition.

But perhaps there are fears now in Beijing that this lending spree coincided with the tail end of a long wave of global financial expansion.

Robert MacCulloch: The IMF says NZ has the worst Current Account Deficit out of all 40 "Advanced Nations" in the world

Sometimes one does think the Kiwi media are really trying hard to play games with the news. The International Monetary Fund just produced its 'World Economic Outloook". Stuff News said it "has painted a grim picture of the outlook for the global economy over the next few years". The purpose of Stuff's article seems to be to convince the Kiwi public that although our economy is doing badly, so is everyone else's.

That's not the tone of the IMF report, as I read it. It says, "On the surface, the global economy appears poised for a gradual recovery .. China is rebounding strongly following the reopening of its economy. Supply-chain disruptions are unwinding while the dislocations to energy & food markets caused by the [Ukraine] war are receding .. the massive & synchronous tightening of monetary policy by most central banks should start to bear fruit, with inflation moving back toward its targets ... Below the surface, however, turbulence is building & the situation is quite fragile, as the recent bout of banking instability reminded us". That's not exactly "grim". The word "grim" is never used by the IMF.

Point of Order: Robertson counts down to the FIFA Women’s World Cup (after kicking in $29m)....

.....but will his govt be red-carded in October?

We don’t remember a press statement from Grant Robertson – as Minister of Finance – to advise us there are just 100 days to go to Budget Day. But today – as Minister of Sport – he has released a statement to tell us there are just 100 days to go to the FIFA Women’s World Cup.

Or rather, 100 days to go to July 20, when the cup gets under way and New Zealand plays Norway at Eden Park.