According to the latest news, the governor of the NZ Reserve Bank is urging Kiwis to save and pay off debt in order to help the economy recover. He reckons the property market is recovering here, but if everyone rushes out to buy a house we will get back into a spend and borrow mode and the recession will last longer because the national debt is so high.
Bollard said that increased household saving would have the added advantage of providing a more stable source of funds for business investment and expansion, reducing reliance on foreign funding. This would contribute to more stable and lower interest rates, thus promoting a more sustainable growth path
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I am feeling very virtuous and patriotic.