PATTRICK SMELLIE: Watch as a country eats its own fat

Pattrick Smellie
Thu, 17 Sep 2020

Pattrick Smellie
Thu, 17 Sep 2020
The most dramatic numbers in yesterday's pre-election fiscal and economic update are those showing what happens when a government spends to fend off a crisis, the economy shrinks dramatically anyway, and tax revenues plummet accordingly.They’re contained in a single line, titled “net worth” and they amount, in accounting terms, to a starving body eating its own fat.In June 2019, the net worth of the assets and liabilities measured on the government’s balance sheet showed a positive balance of $143.3 billion. In other...

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MARKET CLOSE: Profit taking pulls shares down
Dan Brunskill | Mon, 21 Sep 2020

Profit taking pushed New Zealand’s benchmark stock index more than 500 points below its record as investors found few reasons to buy with a global recession in progress.    The S&P/NZX 50 Index fell 94.42 points, or 0.8 percent, to 11,539.10. Within the index, 34 stocks fell, 11...

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