And there's some interesting findings in there about corporate equity, aren't

there? So in our estimates, headline wealth inequality does look like it's easing.

On the surface, the top 1% share of net wealth fell from about 32% in 2001 to a low of about 24% in 2017 before starting to lift again after that to around 27%.

So that's still 27% of all net wealth in New Zealand held in the top 1%.

And though there's a sort of slight decline there, and that might look like equalizing, this is actually a story about the housing market.

The housing boom that we've seen in the last decade or so took housing from about 37% of net wealth to about 55% in 2021 before it started to decline again after that.

And for most of us, the family home is basically everything that you own.

What do you make of that argument? Should we be concerned about capital flight?

fundamentals that comes from underinvestment.

New Zealand's debt is not high by international standards at all.

It is high by historical standards, that much is true, but that's because of the response to COVID-19.

It's worth pointing out, though, that New Zealand's COVID-19 spending has not been problematic from the perspective of lenders.

Those same lenders that Willis is constantly signaling.

The increase in debt with the economic response to COVID was rewarded with this credit rating upgrade because it was judged to demonstrate a competent crisis response.

And after that, when Grant Robertson raised the debt ceiling in 2022, he telegraphed to bond markets, to lenders, his intent to pursue higher spending and public investment.

From your point of view, how constrained is a government like New Zealand's really? What are the actual limits on what the government could do Now, if it wanted to.