It's unclear whether high levels of debt will end in a similar stock market crash to that of 30 years ago.

October 19 1987 is remembered as Black Monday, when the stock market suffered its biggest single day collapse.

Cameron Partners founder and partner, Rob Cameron told Mike Hosking monetary authorities have made a lot of adjustments to deal with debt levels.

"We've never seen this before in the seven centuries of financial crashes and panics. So we don't really know where that's going to end."

Cameron said New Zealand's never had high levels of leverage, has a much more modest approach and the banking sector's balance never got out of shape.

LISTEN ABOVE AS ROB CAMERON SPEAKS WITH MIKE HOSKING