Inflation and big government spending has big consequences for New Zealanders—just ask anyone with a mortgage. The Reserve Bank has already begun its miserable yet necessary work of hiking interest rates. Mortgage rates have risen eye-wateringly fast. Never before has the Reserve Bank had to hike the official cash rate by 50 basis points twice in a row, but that's the new reality. In their Monetary Policy Statement last week, the bank described "very high levels of Government spending", and the Reserve Bank Governor acknowledged the upward pressure this spending places on inflation. 