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


May We Have More 'Failed Policies' Please?

May We Have More 'Failed Policies' Please?

"Statistics New Zealand's figures for real gross domestic product released last week show that New Zealand has had the best decade of economic growth since the 1960s", the executive director of the New Zealand Business Roundtable, Roger Kerr, said today.

For the 10 years to the end of 2002, average growth in real terms was 3.6 percent a year. This means the economy in 2002 was over 40 percent larger than it was 10 years earlier.

Even more importantly, real per capita GDP – reflecting the average income of all New Zealanders – grew by 2.5 percent a year on average in that decade. This means that average incomes were 28 percent higher in 2002 than they were 10 years ago.

Having regard to increased government spending on services such as health and education – the so-called social wage – in that period, it is not credible to suggest that the vast majority of New Zealanders did not benefit from this improvement.

Growth for the 10 years from 1992, when the economy began to expand after the structural reforms of the 1980s and the additional fiscal and labour market measures of the early 1990s, was comparable to the decade of the 1960s and any 10-year period up to 1973/74, and much better than the 1970s as a whole and the 1980s.

Productivity improvements were clearly responsible for a significant part of the improved growth performance.

In addition, there were major improvements in inflation, employment, unemployment, the government's fiscal position including public debt, and New Zealand's credit rating.

"While there was much about the reforms that was imperfect and incomplete, to refer to them as the 'failed policies of the past' is clearly ludicrous", Mr Kerr said. "We need more moves in the direction of greater economic freedom and lower tax, regulatory and welfare burdens if the government's growth objectives are to be achieved."

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news