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


Achieving Faster Growth For New Zealand

Achieving Faster Growth For New Zealand – What To Do With Public Spending

“This whole work programme is about how to make New Zealanders considerably better off through economic growth” said Wellington Regional Chamber of Commerce CEO Philip Lewin today.

Mr Lewin was commenting on the launch of the New Zealand Chambers’ fifth and final policy document for 2003, “Constraining – but not slashing – growth in public spending to 1% per year”.

In New Zealand central and local governments are responsible for around 40% of the economy and directly influence the remaining 60%.

“As the economy grows, so the relative proportion of spending devoted to governments can reduce” said Mr Lewin. “The policy document we’re launching today details the areas where such expenditure constraints can be applied”

“A 1% bigger government sector next to 4% annual real growth across the whole economy would see the ratio of public expenditure to private reduce markedly over the next decade, to no more than 30% of GDP – without harming vulnerable New Zealanders”.

“We’d be keeping increases in real per capita government spending to below the rate of economic growth, and simultaneously lifting New Zealand’s productivity, as we stressed in our first policy release back in April”.

“At the same time, our country should be hitting the three other big growth policy targets the Chambers have identified – boosting our exports by 70%, making sure Auckland’s economy is fit to grow 80% (without short-changing the rest of us), and increasing basic skills to get more people in employment.”

“As Chambers of Commerce, we need to ensure that the importance of economic growth to social wellbeing is never lost sight of” Mr Lewin concluded.

© Scoop Media

Business Headlines | Sci-Tech Headlines


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: 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>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news