Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Balance Of Payments Improvement Unsurprising

15 December 2000

With commodity prices now at the peak in the cycle, the improvement in the current account deficit should be more dramatic than is currently forecast, National's Finance Spokesman Bill English said today

The Balance of Payments result for the September quarter showed the improvement most commentators were expecting. A significant improvement is expected in the December quarter, when the second ANZAC frigate drops out of the annual calculations. Gradual improvement is expected in subsequent quarters.

"Current expectations are centering on an improvement in the current account deficit to around 4.5% of GDP over next two years.

"That level of current account deficit still leaves New Zealand vulnerable to any significant downturn in commodity prices.

"Indeed there are already expectations of recovery in the New Zealand Dollar next year, combined with an expected slowdown in trading partner growth. Both of these factors will have a negative impact on commodity returns.

"In its recent Monetary Policy Statement, the Reserve Bank mentioned the lack of responsiveness of the tradeables sector to the record low level of the New Zealand Dollar.

"This highlights the need for policies which will address New Zealand structural balance of payments problem, and enhance New Zealand's international competitiveness, rather than detract from it," Mr English said.

Ends


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Tax Working Group’s Road Map

Trying to analyse the interim report on the Tax Working Group (TWG) is like trying to review an entire All Blacks game, but at the half- time mark.

With so much still to be finalised, Sir Michael Cullen and his colleagues are going to need all the All Blacks’ fabled finishing skills to get a coherent, fiscally neutral package together by the February 2019 deadline. More>>

 

Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>

ALSO:

Suffrage 125: NZ A Trailblazer For Women

“We acknowledge the work of Kate Sheppard, Meri Te Tai Mangakāhia, and all of the suffragists who tirelessly campaigned for the vote… Today we also need to ask each other: how we can continue to make our country a fairer and better place to continue the legacy of the suffragists.” More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels