Why is New Zealand so expensive? | Undercurrents

Why is life becoming more expensive? Politicians often blame inflation, global shocks or government spending. But what if the roots of New Zealand's cost of living crisis run much deeper? In part one of this special two-part episode of Undercurrents with economist Dr Geoff Bertram, we explore how decades of deregulation, privatisation and growing monopoly power have reshaped New Zealand's economy – and why many households now pay more for the things they can't do without. 00:00 Why is everything so expensive? 02:12 Christopher Luxon and the cost of living 09:15 Inflation isn't the same as the cost of living 11:12 The crisis started long before COVID 16:20 Why power, rent and food cost more 22:44 The forgotten history of price regulation 27:42 Price gouging used to be illegal 31:42 How deregulation changed New Zealand 36:50 "Market power was unleashed" 41:40 Why competition didn't reduce prices 45:11 Part Two preview