It’s good news, but it indicates how badly most countries are run. Owing more than you have in assets is, in effect, being bankrupt after all. It’s kind of disturbing that such a small minority of OECD countries are solvent.
It’s even more disturbing that the last election campaign was conducted with the National Party able to avoid ridicule while positioning itself as the party that would keep us in the red, but also the party of fiscal responsibility.