'False picture': Kiwi businessman slams govt for lying about 'strong economy'

Lloyd Burr 18/10/2021

LISTEN: A billionaire New Zealand entrepreneur says the government is painting a "false picture" about how strong our economy is.

ZURU Toys co-founder Nick Mowbray says the government "keeps bragging about our GDP growth numbers" and says it's not looking at the world through a real lens.

"New Zealand has accumulated as much national debt in the last 18 months as it has added in total over our entire country's history," he claimed in a lengthy LinkedIn post.

Speaking to Magic Talk's Lloyd Burr Live, Mowbray said the government has doubled New Zealand's national debt in just 18 short months.

"We've pumped about $60-odd billion into the economy which is roughly 20 percent of our GDP," he said.

Mowbray says the government has painted a false picture about the health of our economy and he has a problem with that.

"When you pump $60 billion of QE - or basically printed money - into an economy, what you get is this artificial GDP growth and you create this huge surge in demand," he told Magic Talk.

With that comes increased tax revenue for a short period. Mowbray says the downside is "rampant out of control inflation" which can cause havoc on the economy in the coming years.

He says that will drive "immense inequality" in the years to come.

"Basically only people who own assets will win," Mowbray said.

He says we need to move quickly on opening the economy up safely including rapid antigen testing, scrapping MIQ facilities, making vaccination status available in an app and investing in ICU capacity.

"Reality is Delta is here. We will have deaths. But we have lots of deaths every day, they are just not front page news," Mowbray said on LinkedIn.

"We need to open up ASAP to minimise future damage. It's that simple."

Listen to the full interview with Nick Mowbray above.

Magic Talk | Lloyd Burr Live, weekdays from 4pm.

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