‘Pretty darn good’: Sir John Key upbeat despite debt stress, China’s economy

The number of overdue loan repayments at the country’s biggest bank is growing but sits below 1 per cent of its total lending book – one third of what it was in the global financial crisis – according to ANZ chairman Sir John Key.

He told Markets with Madison he was “really surprised” by the low level of debt delinquencies at a time when borrowers were rolling onto rates twice as high and other signs of stress, like demand for social services, were increasing.

“It’s quite remarkable.”

While he’s optimistic about numbers on the surface, he felt less positive about the future of the economy and direction of the country, noting he’s obviously biased on the latter.

“It’s a feeling that we’re in a malaise, that we’re not doing that well. That Australia’s doing better than us.”

But compared to the rest of the world, the international director, former Prime Minister and National Party leader said New Zealand was “pretty darn good”.

Watch his take on New Zealand’s economy, including foreign investment and our trade relationship with China, in today’s episode of Markets with Madison above.

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Madison Reidy is the host of New Zealand’s only financial markets show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.