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coach factory online store real to $181.3 billion in the past two years. Lending to business has fallen $5 billion to $72.3 billion over the same period and lending to farmers has risen more than $6 billion to $47.8 billion.This shows New Zealanders borrowed another $14 billion against the value of their land and property in the past two years. This doesn't show up as an equity withdrawal because the money was put into land and property rather than cars and boats. But it still doesn't lessen our reliance on property investing.We need to be lending and investing more in businesses, particularly exporting businesses, to drive the transformation. That's not happening. The only part of the economy that is saving more and repaying debt is business.But this is only the beginning. Household debt as a percentage of disposable income, which is a better measure of whether consumers are deleveraging, shows an improvement to 154 per cent from 158 per cent over the past two years. But New Zealand needs to get closer to the 100 per cent seen in 2000 to be anywhere near normal.Retailers and bankers are beginning to sense the scale of what is coming. The housing market is deathly quiet this spring as first home buyers refuse to add to their debts. Retail sales in August were flat, despite expectations of a pick up before the GST hike. Retailers are being forced into permanent sales mode or are forced out of business. Bankers have even started pleading for people to borrow more.Once New Zealanders really start saving, our bloated retail, consumption and importing sectors will feel much more pain. But this deleveraging is inevitable and