This second episode of the three-part series following British MP Austin Mitchell’s return to the country where he began his career in (as a broadcaster and author of 1972 book The Half Gallon Quarter Acre Pavlova Paradise) sees a focus on politics. The former Canterbury University political scientist gives a potted political history, from the roots of a conservative Kiwi political mien to the radical changes wrought by Lange’s 80s Labour government and the rise of women ‘on the hill’. Finally he considers tourism, Treaty settlements and the aspirations of Māori.
Four-part series Revolution examined sweeping changes in New Zealand society that began in the 1980s. This third episode looks at the lurch of the Kiwi stock market from boom to bust in 1987, and the growing philosophical divide between the “head boys”: PM David Lange and finance minister Roger 'Rogernomics' Douglas. Within two months of the October 1987 stock market crash, $21 billion was lost from the value of NZ shares. Lange and Douglas give accounts of how their differing views on steering the NZ economy eventually resulted in both their resignations.
This episode of current affairs show Close Up offers a fascinating portrait of the early days of New Zealand's foreign exchange market. Reporter Ted Sheehan heads into "the pit" (trading room), and chronicles the working life of a senior forex dealer, 25-year-old accountancy graduate John Key. The "smiling assassin" (and future Prime Minister) is a calm and earnest presence amongst the young cowboys playing for fortunes and Porsches, months before the 1987 sharemarket crash. As Sheehan says, "they're like addicts who eat, breathe and sleep foreign exchange dealing".