Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Leaders Call For Urgent Streamlining Of Economy

Leaders Join In Call For Urgent Streamlining Of Economy

Press Release from the Association of Crown Research Institutes (ACRI)

Farming, science, and information technology leaders have joined in a collective call to New Zealand to review policies and eliminate barriers to the development of a knowledge-based economy.

Their blunt warning was that unless New Zealand rapidly made the most of technological advances, people skills, and added higher value to products and services it was at risk of falling further behind developed economies.

The messages came as leaders from the three sectors issued a 14-page economic commentary called ‘Knowledge Underpins Quality of Life.’ Their hope was that the document would be a blueprint for change and a catalyst for improved dialogue and co-operation among the public and private sectors.

The commentary said the true state of the New Zealand economy was indicated by a poorly performing sharemarket and a “chronic” current account trade deficit that was among the worst in the OECD, and worsening.

It added that New Zealand’s failure to join the global knowledge-based economy – one focusing on knowledge intensive products and services – would lead to a permanent slide in living standards unless urgent action was taken.

Andrew West, President of the Association of Crown Research Institutes, said government needed to change the business and cultural environment through “cleverly designed, well-informed interventions” – and the education sector was a good place to start.

“Perhaps the crucial single action is to create two or three genuinely world-ranking universities by merging the eight we have now.”

Dr West said the government could also help by reducing business barriers and increasing research funding to stop scientists being attracted overseas. He added that New Zealand needed a tax system that encouraged innovation, private-sector research and development, investment in new enterprises, and improved savings.

Jim O’Neill, Executive Director of the Information Technology Association of New Zealand, said the government had to create the climate for a knowledge economy to blossom.

“ It particularly needs to do so in those areas where only government has the ability to affect change – education, research and development, immigration, tax, and regulations affecting business.”

Tony St Clair, Chief Executive of Federated Farmers, said the need for action was urgent. “ Many hundreds of farming families can’t even access the Internet and can’t use a fax machine because of the inadequacies of communications in rural New Zealand. Apart from the serious implications for farm businesses, this disadvantages rural children in comparison to their urban brothers and sisters.”

Mr St Clair said it was vital that Crown Research Institutes retained their applied agricultural and horticultural research capabilities. Farmers and growers relied on innovations from CRIs to remain competitive in export markets.

“ Many developing countries are embracing biotechnology and New Zealand is in real danger of being left behind. As in science and technology generally, we are likely to lose our most skilled biotechnologists to other countries unless we create a culture and an environment that encourages them to stay here.”

END

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Industry Report: Growing Interactive Sector Wants Screen Grants

Introducing a coordinated plan that invests in emerging talent and allows interactive media to access existing screen industry programmes would create hundreds of hi-tech and creative industry jobs. More>>

ALSO:

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: