Labour backbenchers, conscious that recent polling shows their political futures could be cut short, will be looking to this week’s budget to replenish their party’s popularity with handouts to swing votes.
They could be disappointed, if the Budget’s programme does not tackle voters’ concerns.
BNZ economists last week warned that the chances of a recession are “increasing by the day”. Economist Cameron Bagrie says controlling government spending to tamp down the factors causing high inflation should be a priority for the government, but a big-spending budget is already locked in.
Meanwhile investors in the local sharemarket, taking a gloomy view of NZ’s economic prospects, are already reeling from the downward trend in the local indices. Similarly the NZ dollar has dipped sharply against both the greenback and the Australian dollar, as New Zealand’s main export market in China suffers from a severe Covid lockdown.
This then could be the moment…
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Utopia, you are standing in it! 
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