by Mathew Horncastle

Debt:
Under Ardern, net core Crown debt rose from around NZ$83 billion in mid 2020 to NZ$175.5 billion by mid 2024, an increase of roughly NZ$92 billion. Debt climbed from under 20 percent of GDP to more than 40 percent. This was one of the fastest deteriorations in our history.

Housing:
House prices surged to more than 11 times the median household income, locking out first home buyers. Prices then fell nearly 20 percent from their peak, leaving many new owners underwater. No government in our history has produced a worse combination of unaffordability followed by losses.

Productivity and tax:
Ardern lifted the top income tax rate to 39 percent while productivity remained flat. New Zealanders now work more hours than almost any developed nation but produce less per hour than the OECD average. Our GDP per capita went backwards, which is the most important measure of national prosperity.

Authority and accountability:
Her statement, “We are your single source of truth,” was the most authoritarian line delivered by any New Zealand leader in my lifetime. She later refused to front public COVID 19 hearings, choosing a private interview instead. A Prime Minister owes the country transparency.

Political legitimacy:
Although coalition governments are a normal part of MMP, the way power was transferred in 2017 left many New Zealanders feeling disenfranchised. That feeling was earned through the results that followed.

Exit:
She resigned in the middle of the economic and social consequences created under her leadership and immediately relocated overseas. That is not accountability.

My conclusion is simple:
Leadership is not measured by speeches, branding, or international praise. Leadership is measured by results. On every major indicator including debt, housing, productivity, affordability, transparency, and national cohesion, Ardern left New Zealand weaker, poorer, and more divided than she found it.

And we must learn from it. This must never happen again