{"id":13763,"date":"2026-10-22T13:27:24","date_gmt":"2026-10-22T01:27:24","guid":{"rendered":"https:\/\/nzchinesedailynews.co.nz\/?p=13763"},"modified":"2026-10-22T13:31:20","modified_gmt":"2026-10-22T01:31:20","slug":"%e6%96%b0%e8%a5%bf%e5%85%b0%e7%bb%8f%e6%b5%8e%e5%9b%b0%e5%b1%80%ef%bc%9a%e6%94%bf%e5%ba%9c%e4%b8%8d%e8%83%bd%e6%8a%8a%e7%94%9f%e6%b4%bb%e6%88%90%e6%9c%ac%e5%8d%b1%e6%9c%ba%e5%bd%92%e5%92%8e%e4%ba%8e","status":"publish","type":"post","link":"https:\/\/nzchinesedailynews.co.nz\/?p=13763","title":{"rendered":"\u65b0\u897f\u5170\u7ecf\u6d4e\u56f0\u5c40\uff1a\u653f\u5e9c\u4e0d\u80fd\u628a\u751f\u6d3b\u6210\u672c\u5371\u673a\u5f52\u548e\u4e8e\u56fd\u9645\u73af\u5883"},"content":{"rendered":"\n

<\/h1>\n\n\n\n

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New Zealand\u2019s Economic Malaise: The Government Cannot Blame the Cost-of-Living Crisis on Global Forces Alone<\/h1>\n\n\n\n

Commentary | 22 October 2026<\/strong><\/p>\n\n\n\n

New Zealand\u2019s greatest economic challenge is not simply stubborn inflation. It is whether the Government\u2019s economic policies are capable of improving the lives of ordinary people.<\/p>\n\n\n\n

The latest figures show that consumer prices rose by 3.7 per cent in the year to the September quarter of 2026, above the Reserve Bank of New Zealand\u2019s target range of 1 to 3 per cent. Bank economists forecast that annual inflation could reach approximately 4.7 per cent by the end of the year, with further increases in interest rates remaining a risk.<\/p>\n\n\n\n

Petrol, groceries, electricity, rent and mortgage repayments continue to squeeze household budgets. For ordinary New Zealanders, no announcement of economic recovery carries as much weight as the weekly shopping bill or the monthly mortgage payment.<\/p>\n\n\n\n

Political responsibility rests first and foremost with the National-led coalition Government.<\/strong> International energy prices and global economic volatility are beyond Wellington\u2019s direct control. But fiscal management, productivity growth, housing supply, infrastructure investment and the protection of essential public services are all areas in which domestic policy can make a difference.<\/p>\n\n\n\n

If fiscal restraint fails to deliver sustainable economic growth, while weakening public services and undermining confidence, the Government must explain what its policies have actually achieved \u2014 and which sections of society have been left to bear the cost.<\/p>\n\n\n\n

More concerning still, persistent inflation could force the Reserve Bank to maintain higher interest rates or even raise them further. Mortgage-holders would face additional financial pressure, while small businesses could respond to rising borrowing costs by cutting investment and recruitment. This does not mean the central bank is responsible for every increase in prices. It does, however, underline the difficult relationship between fiscal policy, economic growth and monetary policy \u2014 a relationship the Government cannot afford to ignore.<\/p>\n\n\n\n

The Opposition, too, must do more than condemn the rising cost of living. It should explain how its policies would improve purchasing power, expand housing supply and maintain responsible public finances. Voters deserve credible, measurable proposals, not another collection of campaign slogans.<\/p>\n\n\n\n

Nevertheless, the governing parties bear the more immediate political responsibility because they control the machinery of government and the implementation of policy. A Government cannot claim credit when the economy performs well, only to blame international circumstances when households find themselves worse off.<\/strong><\/p>\n\n\n\n

Ultimately, New Zealand\u2019s economic policies should be judged against a straightforward test: can people earn enough to live with dignity? Can young people afford a home? Can small businesses remain viable? Can families put money aside after meeting their essential expenses?<\/p>\n\n\n\n

If these questions remain unanswered, the Government cannot declare success on the strength of optimistic economic forecasts alone.<\/p>\n\n\n\n

New Zealanders need more than better-looking economic statistics. They need a cost of living they can afford.<\/p>\n","protected":false},"excerpt":{"rendered":"

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