BNZ Chief Economist Tony Alexander spoke to a large gathering from the Irish Business Network of New Zealand about the state of the NZ economy.
The business breakfast was hosted at BNZ’s business partner centre in Auckland on Wednesday, November 11.
Tony Alexander touched on the key NZ exports outside of dairy, with strong growth in wine, international education and tourism. He warned that demand from China for dairy was something other countries – in particular Ireland – were gearing up for and that New Zealand won’t have exclusivity to that market.
The economist said that the days of double figure peak interest rates were gone, and those looking to property to secure retirement income were now looking outside Auckland. “Although if it gets to Invercargill, you know we’ve gone too far,” he joked.
Construction would be a key growth factor for at least another generation with huge requirements for housing and office space, particularly with the continued increase in migration.
Tony Alexander’s talk was preceded by a presentation from Westbourne IT’s Darren Leahy on the assistance the IBNNZ provided when the company set up its first global office in Auckland last year.