Thanks for the recession Grant!

Liam Dann writes:

Prime Minister Christopher Luxon was right. He has inherited a recession.

Technically, economists require two consecutive quarters of data before calling a recession, but in the real world all the evidence suggests we are already there.

Across the whole year, gross domestic product (GDP) fell 0.6 per cent. In a year when New Zealand had record levels of net migration, that paints a grim picture.

Per capita, GDP was down 0.9 per cent.

It’s a terrible result. Once again a Labour Government leaves power with a shrinking economy. Grant has done it, and Michael Cullen did it before him (and the Cullen recession started prior to the GFC).

Go further back and the 4th Labour Government did some good stuff, but they left the incoming Government with a massive deficit. The 3rd Labour Government left an inflation rate of 14.7%. I wasn’t born when we had the second Labour Government, but you get the general trend!