RBNZ governor weighs impact of debt burden on growth

Alan Bollard-governor of the Reserve Bank of New Zealand

The governor of the Reserve Bank of New Zealand, Alan Bollard, today (August 6) highlighted the significant accumulation of private debt in the economy prior to the financial crisis, saying this is weighing on growth.

Delivering a speech to the Manufacturers and Exporters Association in Auckland, Bollard referred to data that showed private sector credit had reached a peak of 160% of GDP in 2009. "The accumulation of debt within New Zealand itself, and the disappointed expectations of borrowers

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