The economic geniuses of the National government strike again!
Trade deficit tipped to affect income and jobs
New Zealand’s trade deficit, at its worst in seven years, is likely to widen further and will hit jobs, an economist has warned.
Official figures show imports exceeded exports to the tune of $3.8 billion in the year to March, the largest shortfall since the $4.1b registered in April 2009.
Low dairy prices, because of a glut of milk, and weak demand from China were largely to blame.
Westpac Bank senior economist Satish Ranchhod expected the deficit would worsen and eventually have an impact on employment and income.
Add it to our record debt, our record pollution, our record housing unaffordability, our rising inequality, our terrible carbon emissions, and our record levels of who-gives-a-shit about facts.