1. Why debt reduction will dominatethe 2010s and what it means for Kiwi exporters
NZMEA President's Function, May 13, Christchurch, Bernard Hickey

2. Its all about de-leveraging and less foreign borrowing
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
3. Bigger than 1929
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
4. Big fat ATM
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
5. Lending collapse
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
6. Same here too
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
7. Bubble pumped up
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
8. So what happens now? Deleveraginghas only just begun
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
9. Pass the parcel
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
10. Bond vigilantesI used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody.James Carville
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
11. 7 years long25% of GDP= NZ$45 bln
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
12. Saving more
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
13. Weak spending
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
14. Weak lending
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
15. Rising interest rates
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
16. Whats different this time?The Core Funding Ratio is whats different
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
17. Less hot money
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
18. Signs emerge that less hot money means a more stable (and lower) New Zealand dollar
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
19. NZ$ stability?
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
20. NZ a suburb of Australia, which is a province of China
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
21. One big boom
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
22. NZ exports to China have risen 140% in two years
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
23. We are the other lucky country
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
24. Our Australian links, the Chinese miracle and a less volatile NZ$ are good signs
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
25. We face lower growth, slower lending and a Chinese flavour to everything
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
26. The caveats:A Chinese bust.A hollowing out.Aussie exodus.Failure to reform.
NZMEA President's Function, May 13, Christchurch, Bernard Hickey
27. Mind the Gap
NZMEA President's Function, May 13, Christchurch, Bernard Hickey