NZ - read this and learn - inflation rates will be down for 30-40 years so go out and buy a home, or float your interest rate. There is going to be a rise in rental yields, so you may as well do it now. We are not going to see inflation because China, India and others are resulting in a global oversupply of labour. Unions will probably disappear; but we will need to see land reform to avoid hardship in future. Hopefully the anti-intellectuals will not drive up into civil war.
NZ is of course strongly reliant on overseas savings, however the international rate will remain low.