A leading economist says New Zealand's still awaiting a major economic speedbump.
ANZ Global Chief Economist Richard Yetsenga told Heather du Plessis-Allan that we have yet to face it's worst headwinds.
He says government policies need to focus on increasing real productivity.
That could includes interventions like equal pay, and allowing people from different backgrounds to access jobs.
"Historically we've camouflaged stronger credit growth and stronger population growth as productivity, and we've convinced ourselves we're really good at generating productivity, but actually, and unfortunately, it's very, very difficult."
He says too many small economies have made the same mistake: "To presume that the financial crisis had nothing to do with us.
"What's actually happened is the financial crisis has taken longer to reach small economies like New Zealand and like Australia."