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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news