Anyone with half a brain has done the calculations: can they afford their overseas holiday, or should they pack up altogether and emigrate before New Zealand's currency collapses further?
The New Zealand dollar's drop to US43.6c prompts this analysis.
But those contemplating a shift to Australia will also find themselves between the Rock and a hard place.
Gareth Morgan is among those who believe the dollar will slide to under US40c. Others such as Westpac Trust's Adrian Orr point to the cyclical nature of the New Zealand currency: it may stay down for a while but will ultimately recover - but not to the levels enjoyed before the Asia crisis.
But stay calm. Some things are certain.
New Zealand assets will become a "buy" - witness the speculation over Singapore Telecom acquisition of Telecom.
What is often overlooked is that many New Zealanders now have substantial overseas assets, either through direct investment or through their superannuation funds.
Inevitably, there comes a point when local equities and property values have declined sufficiently to be rated a cheap buy. Sentiment will turn quickly and values will appreciate. Smart institutions will then take the opportunity to up their weighting of New Zealand assets.
* New Zealanders working abroad are well placed. If you are being paid in US dollars or sterling, it is fast getting to the point where sending money parcels back home to acquire land or property looks a good bet. If you are not planning to spend all your adult life overseas and want to come back to start a family or retire, then it's a good time to think about repatriating some capital.
* Interest rates have strengthened and will in all likelihood increase further - particularly if the serious international players demand an even higher risk-premium to invest in New Zealand bonds.
* International sentiment will swing back again. The important aspect to New Zealand is that it remains an ultimate lifestyle option. The governmental system is stable - we are not subject to civil unrest - and the country does one thing very well: grows grass and trees. There is a premium for that stuff if well marketed.
* Pray that the US economy keeps on bubbling
This may seem perverse as the strengthening US dollar is the major factor behind the kiwi's slide. Along with its Australian cousin, the kiwi is seen as the "Euro of the South Pacific" - a currency that is going nowhere as investors chase better yields elsewhere.
The strong US growth rates underpin world growth and will ensure a market for New Zealand's exports. But the competition for manufactured goods out there is stronger than many New Zealanders appreciate. That is why our exporters are not doing as well as many might think from the lower dollar.
* Take the long view. What goes down must come up. That has certainly been the New Zealand experience over the past 15 years. The exchange and growth rates are subject to cyclical influences. The lower dollar is a bonus for exporters, who will do well provided they keep their input costs under control. With petrol prices rising and farmers' costs subject to rises in import prices, discipline is needed from primary producers.
* Roll out the welcome mat. There are plenty of well-heeled foreigners who have invested in lifestyle options here - many on a part-time basis. The America's Cup will put focus back on New Zealand in two years, and, the Government will probably grow up and let more of them in.
A creative immigration policy and changes to the colonial mentality which prevents many immigrants from using their professional qualifications unless they come from a Commonwealth country would increase the productive capacity of our human capital.
* Push the politicians. Push the Government to lift its performance and market New Zealand overseas. The Government can influence international sentiment towards this country. It can also introduce business-friendly policies like lower corporate tax rates and honour its pledge to bring in research and development tax writeoffs.
Getting the politicians to focus on governing instead of the political sleaze which has overhung most of this year would go a long way to restoring confidence.
* Because of an e-mail problem, Fran O'Sullivan's column did not appear yesterday.
<i>O'Sullivan: </i>It's too early to head for the lifeboats
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