I wrote last week about the growing debt problem that has been facing New Zealand for the last decade. In terms of international indebtedness New Zealand ranks with countries like Greece, Ireland, Spain and Portugal.

So is there hope? YES

The country is beginning to see early signs that the export sector is lifting its performance. Much work is being done to open trade networks for New Zealand goods. Industries like aquaculture are being asked to become far bigger and more productive industries.

There are signs that New Zealand householders are spending less and starting instead to pay off debt. The tax cuts to take effect in October 2010 will give New Zealand households greater choice over how they use the money they earn.

And New Zealanders are showing a resilience in dealing with the economic challenges that face them. In the environment, being encouraged by the Government, New Zealanders are showing a willingness to take responsibility for themselves and less willingness to stand back and demand that the government "do something".