Despite the best export prices in a generation and weak import demand, the balance of payments is still in deficit – with that deficit projected to increase over the next few years.   And as a result our debt to the rest of the world gets bigger, year by year – not yet at Greek or Spanish levels, but damned uncomfortable just the same. Two credit rating agencies have downgraded us, and as a former Governor of the Reserve Bank I know that that’s an ominous sign.
positive towards policies for agriculture and farmers