Living on borrowed time in land of long dark cloud

The new trans-Tasman bottom line, according to a major study by the Auckland think tank the New Zealand Institute, is that middle New Zealand - that imaginary statistical household in the exact middle of the assets range - is now worth a mere $NZ68,000 ($63,000). The comparable Australian household is worth $218,000.

Part of the problem, says the institute's executive director, Dr David Skilling, is that many Kiwis, like Australians, feel rich.

Unemployment is below 4 per cent, the economy has been growing for six years, credit is accessible and real estate values have soared. So why is prosperity misleading?

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