Eager shoppers queue to purchase consumer goods at one of the Warehouse stores in 2005. One possible explanation for New Zealand’s high level of current-account imbalances and heavy levels of foreign borrowing is that New Zealand consumers are less willing to sacrifice present consumption for the sake of future welfare. Certainly a number of politicians have commented on the country’s culture of spending rather than saving.
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Otago Daily Times
Reference:
24 March 2005, p. 28
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