Because demographic change means that there will be fewer and fewer people to do the rowing, it is imperative that the economic policy direction we are rowing in is the right one. Measures that promote growth, productivity and technological progress and measures that contribute to the consolidation of public finances are the right course to take. Thank you for your attention.
BIS Review 107/1997  -6-  We are currently running a current account deficit of the order of 6 percent of GDP. That puts us amongst the largest external deficits in the OECD. Note also that New Zealand’s net foreign debt currently amounts to around 80 percent of GDP -- which puts us at the top end of international experience.