The New Zealand bubble: official denial

You only know something is true when you hear the official denial

Joyce pours scorn on bubble prediction

Associate Finance Minister Steven Joyce is scornful of suggestions that New Zealand is experiencing an economic bubble that might burst.

Radio NZ,

20 April, 2014

He says New Zealand's recovery is solid and broadly based.

The prediction of a collapse came from an American economic commentator Jesse Colombo, writing in Forbes magazine.

Mr Colombo predicted the 2008 crash and says high house prices combined with an end to low interest rates in New Zealand could cause collapse here.

But Mr Joyce said Mr Colombo is possessed with economic bubbles and spends his time predicting collapses in many countries.

He added Mr Colombo has picked