Finance Minister Bill English made a habit of brandishing one chart in his first few years in the job. It showed how the "good" tradeable sector, which includes productive sectors that export and compete with imports, had languished through the mid to late 2000s under Labour at the benefit of
Bernard Hickey: All our eggs are in the wrong basket

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Finance Minister Bill English. Photo / Mark Mitchell

One obvious measure of this is lending growth.
Last week, our banks approved mortgages worth $1.22 billion, the highest since mid-2007.
Realestate.co.nz figures show asking prices jumping last month to record highs. An ASB survey of investor sentiment shows rental property is again the most popular investment for most New Zealanders.
All this is happening as the Government forecast in its Budget that New Zealand's current account deficit will widen to 6.7 per cent of GDP in 2015/16 from a forecast 4.2 per cent of GDP this year as our demand for capital to go on spending outpaces our ability to pay for it.
The rebalancing has not happened. If anything, it's got worse.
When will the Finance Minister and the Prime Minister change their strategy to discourage yet more rental property investment and encourage more investment in exporting? And when will they realise that the exchange rate does matter?