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

 


S&P Votes Confidence In The Govt's Fiscal Stance

Finance Minister Michael Cullen today welcomed Standard and Poor's decision to put New Zealand back on a stable credit outlook saying it reflected confidence in the Government's fiscal stance.

"It also puts us back on par with Australia, in this if not on the cricket pitch," he said.

Both countries were on AA+, the second highest rating S&P gives. But since 1998, New Zealand had been on negative outlook.

"The main reason S&P gives for the promotion is that it is confident the Government will maintain the budget in structural surplus.

"Other reasons are the independence of the Reserve Bank in the operation of monetary policy and the resilience of the economy with flexible labour and product markets.

"Clearly S&P has had an opportunity to assess the Employment Relations Act and is satisfied that it does not introduce rigidities into the labour market," Dr Cullen said.

"S&P quotes the current high levels of private sector debt as a constraint on our currency rating. The Government has long identified the need to raise national savings rates as a top priority and is developing policies to achieve this.

"They include the proposed New Zealand Superannuation Fund and measures to make private pension funds more attractive as a savings instrument," Dr Cullen said.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news