Footnotes from the New Zealand Budget
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Footnotes from the New Zealand Budget
By Catherine Austin Fitts
There are some interesting footnotes in New Zealand’s new budget which speak to the re-balancing of the global economy.
The Anglo-American alliance — Australia, US, UK and Canada — as a trade partner to New Zealand has a combined 40% weighting. The G-7 members represent a 54% share.
China has surpassed Australia as the largest trading partner with a 25% rating. China plus “Other Asia” now represents a 47% share. Asia-ex-Japan has grown ahead of the Anglo-American alliance and is likely to overtake the G-7 share.
Disclosure of contingent liabilities includes the proposed Asian Infrastructure Investment Bank:
“New Zealand has attended negotiations among prospective members to establish a proposed Asian Infrastructure Investment Bank. This is likely to take the form of a multilateral bank focused on supporting the development of infrastructure in the Asian region, leveraging both public and private funding. The size of any New Zealand contribution depends on membership and rules on the capital shares. The level of capital subscription is currently estimated at between $100 and $150 million, payable across 2016/17 to 2020/21.”
The shift of alliances driven by a growing Asia continues.
