I’ll return to this issue in greater depth when addressing the New Zealand Manufacturers and Exporters Association later this month. How have we fared relative to other advanced countries over the past two decades? Since 1990 we’ve outperformed many OECD countries on inflation and unemployment.
Our inflation rate has been one and a quarter percent below the OECD median and our unemployment rate half a percent lower. But our per capita income has lagged behind and we’ve run large current account deficits.