For the last 30 years, New Zealand exporters have been exposed to policies that inflate the exchange rate. These policies, and the inflated exchange rate, have led to a loss in economic complexity in the New Zealand economy, in which wealth now comes from asset appreciation, not production. Exporter John Walley explains how macroeconomic policy settings have impacted on the productive sectors of the New Zealand economy.

Watch John Walley discuss the ideas in this report