On March 30th 2017, in the Australian Macro Business magazine’s article: ‘Is the Auckland land bubble about to burst?’, the author referenced the ‘interesting’ New Zealand National Business Review (NBR) feature story, which analysed Auckland’s construction sector. The photographs of the construction sites featured have a distinctive ghost estate feel, reminiscent of the European property bubbles of the 2007-2008 crash: recovery being slower than the construction windfall. The OECD’s June 2017 forecast of New Zealand’s economy anticipates economic growth to ease around 3% between 2017 – 2018.
“The fiscal stance underlying these projections is mildly contractionary – the cyclically-adjusted budget balance is projected to rise by 0.6 percentage point of GDP between 2016 and 2018.” New Zealand’s economic stance is now ‘neutral’. ~ June 2017, OECD