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4% Growth Should Not Be Trifled With - Employers

4% Growth With Existing Policies Should Not Be Trifled With Or Jobs Will Be Lost

“4% economic growth predicted by the Reserve Bank is good news for jobs,” New Zealand Employers’ Federation Senior Policy Analyst, John Pask said today. “ However New Zealand needs to be careful not to change the successful policies that have helped bring about this growth.”

Mr Pask was commenting on the release of the Reserve Bank's November 1999 Monetary Policy Statement.

“This growth rate shows that New Zealand has bounced back from the drought and the Asian crisis

“While the rise in the Official Cash Rate from 4.5 percent to 5.0 percent was largely anticipated by financial markets, it is important to reflect on the fact that continued improvements in economic and employment growth into the next millennium are dependent on both Government retaining the essential policy planks of a successful economy and that businesses – the wealth creators – have the confidence to invest and employ.

“Moves back to a fortress economy, raising tax rates, rolling back the Employment Contracts Act (ECA) and renationalising ACC, as advocated by some opposition parties, would not facilitate further growth. Instead it would stop it in its tracks.

“And if the Alliance get their $6 billion spending and massive increases in taxes, we will see a budget blowout and even more job losses.

“Unemployment has recently fallen to 6.8% and is forecast to go lower. New Zealanders should not take the gains of the last 3 years for granted. Changing policies could change prospects pretty quickly,” Mr. Pask concluded.

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