Reposted here from Reset New Zealand Party (an NZPP member).
Our national debt (pre-2020): government, housing, personal, business, agriculture, Councils, etc. was running between $575Billion and $650+ Billion depending on which form of ‘government transparency’ you believe.
The amount that is owed to China by itself, is staggering — and the lack of transparency with regards to this is worthy of treason.
- $12Billion Relief package (supposedly borrowed through the Reserve Bank). No interest or terms have been released to the public.
- $56Billion Recovery package borrowed from international banks and creditors. No interest or terms have been released to the public.
The Labour Party-led government borrowed more money in one month than John Key's government borrowed in two years.
Total New Zealand Debt as of May 2020: Between $650Billion to $725Billion
Government Debt to GDP is around 30% [no transparency].
Total New Zealand Debt to GDP is 311%+. source
Is All Debt a Bad Thing?
No, not necessarily. Properly structured debt that is used constructively for well-defined projects can be of great assistance...given that the money is borrowed from the right place.
The problem with the current Labour government (and past several governments) is, despite their campaign promises, the government HAS NOT BEEN TRANSPARENT.
When it comes to the national debt, that is a serious problem.
The unknown, non-transparent factors that the New Zealand public has not been told about regarding our debt:
- WHO/WHERE was the money borrowed from?
- What are the TERMS of the loans?
- What COLLATERAL has been promised?
- What New Zealand RESOURCES have been given away as part of the loan agreements?
- What AGREEMENTS were made?
- Were these agreements SECRET? If so, WHY?
- Did these agreements include unlimited immigration [with very little or no security checks]?
- NZ Passports issued [without any requisites]?
- 'Safe-Haven' agreements?
- Other agreements?
- What consequences are in place if New Zealand defaults on payments of these loans?
Before we can move forward on defining a financial future, we need to get a clear picture of what the previous governments have gotten us into. That can only happen with a complete investigation into the past governments' agreements and financial dealings and by completely uncovering all that has been hidden at Parliament, Treasury, and the Reserve Bank. RESETTING the Economy starts with knowing first where we stand.