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In parliament this week, Finance Minister Bill English was talking up the government's progress in rebalancing the economy away from consumption and spending and more towards exporting and savings.
And he has a point...exports or the tradable sector are clearly now a dominant feature of New Zealand's recovery.
Strong returns for dairy and forestry exports in particular have boosted recent GDP data while the Reserve Bank has acknowledged that strong demand for New Zealand's export commodities are the key reason for it being able to hike the official cash rate.
But how much of the actual change in economic behaviour of Kiwis lately is a result of the government policies is more debateable.?
The increased savings and debt repayment being shown at present by New Zealanders may have less to do with government policy settings and more to do with things like high unemployment and the fear of a double-dip recession.
Although to be fair, the GST hike and income tax reductions to come could have some further impact yet.
However, English clearly sets the economic tone with his leadership, and does deserve some credit for his initiatives in the Budget around property investment, which do send a strong signal that over-investment in housing is simply no longer sustainable here.
Few economists would disagree that having a more export focused economy is a must for New Zealand after years of heavy borrowing and spending beyond our means.
Yet, many appear to differ on the speed at which the country is making the changeover.
Central to that debate is monetary policy and the need to bring the exchange rate down through lower interest rates.
The argument being, that lower interest rates mean a lower exchange rate...which would significantly encourage more firms to make the jump to exporting, and boost the profits of those that are.
English at the moment though, seems to have no desire to play with the current monetary policy settings in any dramatic way, or look at things like a fixed exchange rate.
Labour on the other hand has signalled it is keen to try to figure out a way to get monetary policy to be more conducive to boosting exports.
Although I think even they would have to admit there are no easy answers to that problem.
Various parliamentary Select Committees have been looking at this issue for many years without coming up with any major silver bullet.
Others simply want the Reserve Bank to hold fire on hiking interest rates this month (i.e. not worry so much about looming inflation) in order to make sure the recovery we do have is not snuffed ou.
Painful balance
However while this 'big picture' shift to a more balanced economy - driven by exports and savings is to be welcomed - it is not of course coming without pain for many sectors of the economy.
Retail - for so long the driver of growth - is clearly struggling due to the reduced consumer spending and is unlikely to see any stellar growth for a while.
Housing too looks in for a tough slog following the Budget measures and the recent migration numbers showing net migration is slowing fast.
Consumers are simply not yet opening their wallets up in a big way and that is a problem in the short term for many domestic focused businesses, which need increased sales in order to increase investment and workers.
It raises an interesting question as to how long it takes for stronger export returns to trickle into the wider economy.
For example, will dairy farmers spend the extra money they are getting from their milk payouts this year or will they save it?
Some economists even believe the recovery is stalling; others - mostly the bank economists - seem to think we are still on track, albeit with slightly lower growth than that was forecast a few months ago.
Things are finely balanced at the moment.
And for that reason English might be a little nervous about his chest beating on the export front.
This winter could be a log slow slog for many workers and consumers with the prospect of pay rises looking unlikely for many.
Some pundits such as Jenni McManus feel a rise in unemployment is even possible next month, and a double dip recession - whilst unlikely in New Zealand given the Asian and Australian outlook stays strong - can still not be totally ruled out.
All this presents some political risks to English and will no doubt provide some food for thought as he sets about embarking on the next phase of his plan to try to bring about the so-called step change in the economy.
If anything will dent the government's massive poll ratings, it will be a faltering economy.
English said he wants to bring the Crown's books back into surplus sooner than indicated, a move no doubt designed to keep New Zealand in the good books with the international credit rating agencies.
However, next year is an election year and if the economy does turn down again...such a commitment could prove hard to keep.
Watch this space....
