Bernard Hickey delivered a presentation on the outlook for NZ exporters to the NZMEA on May 13 in Christchurch

1. Why debt reduction will dominate the 2010s and what it means for Kiwi exporters NZMEA President's Function, May 13, Christchurch, Bernard Hickey

2. It’s all about de-leveraging and less foreign borrowing NZMEA President's Function, May 13, Christchurch, Bernard Hickey

3. Bigger than 1929 NZMEA President's Function, May 13, Christchurch, Bernard Hickey

4. Big fat ATM NZMEA President's Function, May 13, Christchurch, Bernard Hickey

5. Lending collapse NZMEA President's Function, May 13, Christchurch, Bernard Hickey

6. Same here too NZMEA President's Function, May 13, Christchurch, Bernard Hickey

7. Bubble pumped up NZMEA President's Function, May 13, Christchurch, Bernard Hickey

8. So what happens now? Deleveraginghas only just begun NZMEA President's Function, May 13, Christchurch, Bernard Hickey

9. Pass the parcel NZMEA President's Function, May 13, Christchurch, Bernard Hickey

10. Bond vigilantes“I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market. You can intimidate everybody.”James Carville NZMEA President's Function, May 13, Christchurch, Bernard Hickey

11. 7 years long25% of GDP= NZ$45 bln NZMEA President's Function, May 13, Christchurch, Bernard Hickey

12. Saving more NZMEA President's Function, May 13, Christchurch, Bernard Hickey

13. Weak spending NZMEA President's Function, May 13, Christchurch, Bernard Hickey

14. Weak lending NZMEA President's Function, May 13, Christchurch, Bernard Hickey

15. Rising interest rates NZMEA President's Function, May 13, Christchurch, Bernard Hickey

16. What’s different this time?The Core Funding Ratio is what’s different NZMEA President's Function, May 13, Christchurch, Bernard Hickey

17. Less hot money NZMEA President's Function, May 13, Christchurch, Bernard Hickey

18. Signs emerge that less hot money means a more stable (and lower) New Zealand dollar NZMEA President's Function, May 13, Christchurch, Bernard Hickey

19. NZ$ stability? NZMEA President's Function, May 13, Christchurch, Bernard Hickey

20. NZ a suburb of Australia, which is a province of China NZMEA President's Function, May 13, Christchurch, Bernard Hickey

21. One big boom NZMEA President's Function, May 13, Christchurch, Bernard Hickey

22. NZ exports to China have risen 140% in two years NZMEA President's Function, May 13, Christchurch, Bernard Hickey

23. We are the other lucky country NZMEA President's Function, May 13, Christchurch, Bernard Hickey

24. Our Australian links, the Chinese miracle and a less volatile NZ$ are good signs NZMEA President's Function, May 13, Christchurch, Bernard Hickey

25. We face lower growth, slower lending and a Chinese flavour to everything NZMEA President's Function, May 13, Christchurch, Bernard Hickey

26. The caveats:A Chinese bust.A hollowing out.Aussie exodus.Failure to reform. NZMEA President's Function, May 13, Christchurch, Bernard Hickey

27. Mind the Gap NZMEA President's Function, May 13, Christchurch, Bernard Hickey