John Key likes to reference Singapore as a model for New Zealand. He’s meeting their PM today. Obviously, we can’t move New Zealand to the world’s busiest shipping route but what else can we do to emulate Singapore’s economic success? Singapore hasn’t sold its SOEs – it has built them into a massive investment fund. And it doesn’t let its currency raise to kill its exporters – it intervenes.
Seems like the only place where governments still ignore reality and leave it to the market is Planet Key.