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

 


Solid progress in 2014 Budget

Solid progress in 2014 Budget

The Government’s measured approach to economic management is achieving solid progress, says BusinessNZ.

BusinessNZ Chief Executive Phil O’Reilly says the Budget’s accounts and forecasts show key objectives for the economy are being delivered.

“Returning to surplus this year only a short time after the global financial crisis and Christchurch earthquakes is a sound achievement.

“The Government has avoided an election year spend-up, focusing instead on the long game of returning the country to economic health.

“Business wants an environment where government spending is both restrained and appropriately targeted and where policies support competitive New Zealand enterprises. This Budget helps towards delivering those outcomes.

“The reduction in core government spending from 35 percent of GDP in 2010 to 31 percent this year is welcome and will help pave the way for possible future tax cuts.

“The forecast of an average GDP growth rate of 2.8 percent and a 12 percent increase in average wages over the next four years also represents good progress.

“Policies helping people move from welfare to work are bearing fruit and have the support of the business community.”

Mr O’Reilly said despite the improving financial situation, there were still issues remaining in the too hard basket, including costs associated with interest-free student loans, Working for Families, NZ Superannuation and the expanding health budget.

“While the Government’s steady, gradualist approach is delivering good economic outcomes, there is still a risk of being left behind other countries pursuing more ambitious reform.

“Business would like to see signposts towards a reform programme including spending and tax reduction and further policies for productivity and competitiveness, to ensure our current growth story can be maintained long into the future.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Facades And Parapets: $3 Million Fund To Help Make Wellington’s Buildings Safer

Wellington’s Mayor Justin Lester welcomes today’s announcement from the Government of a $3 million fund to assist Wellington building owners to secure unreinforced masonry on their buildings and says it will go a long way to keeping people safe in future earthquakes. More>>

ALSO:

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:

NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news