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


Cullen On Confidence Survey

Finance Minister Michael Cullen said today that the drop in optimism shown in the NZIER March survey of business opinion was not surprising given the survey's base and the deteriorating global economy.

"Some fall was to be expected as sentiment in New Zealand was bound to be affected to some degree by the deterioration in the Australian and United States economies," Dr Cullen said.

However the NZIER result - showing pessimists slightly outnumbering optimists - contrasted sharply with the National Bank March Outlook which had a net 30 percent expecting general business conditions to improve and a net 40 percent expecting their own business activity to increase over the next 12 months.

"The difference in results may reflect the fact that the National Bank sample includes the [currently thriving] agricultural sector which the NZIER does not.

"There may also be an element of correction in the NZIER survey," Dr Cullen said. "It recorded a huge swing in the December quarter - from negative 40 percent in September to positive 21 percent - suggesting that the December result probably overstated the strength of confidence."

Dr Cullen noted that the NZIER had itself observed that, although the headline confidence figure fell, other measures of business capacity including capacity utilisation and domestic trading activity remained relatively strong.

"This suggests there is still sufficient momentum in the economy to propel us through any short-term slowdown in world growth," he said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Bridges’ ‘Meth Crooks’ Leadership Failure

Back in June, Bridges publicly accepted that Housing NZ had got it wrong, and that the National government had acted upon bad advice.

Now, you’d think this admission would create a broad bi-partisan basis for compensation to those families who had been unfairly evicted, at considerable cost and emotional distress. Some people had lost their possessions in trying to meet the expense of the upheaval.

Not everyone felt so compassionate. More>>


Multimedia & Transcript: Acting PM's Press Conference

Winston Peters, Acting Prime Minister while Jacinda Ardern is in New York for the UN Leaders' Week, held a short press conference Monday after chairing this week's cabinet meeting. More>>

General Assembly: Ardern Rejects Trump Call For War On Drugs

New Zealand will not be signing the United States' document calling for global action on the war on drugs, Prime Minister Jacinda Ardern says. Ms Ardern is in New York for the United Nations General Assembly this week, along with about 140 other world leaders. More>>


Pay Equity: Cabinet Funds Deal For Oranga Tamariki Social Workers

The Minister said that an agreement in principle has been reached between Oranga Tamariki and the PSA on a settlement worth $114.6m over five years. More>>


Hunting v Pest Control: Tahr Control Needed To Protect Alpine Habitats

A cull of introduced Himalayan tahr browsing conservation land in Kā Tiritiri o Te Moana/ the Southern Alps is needed to protect special alpine plants and their habitats, Conservation Minister, Eugenie Sage said. More>>


Protest At Sea: Judge Discharges Greenpeace Activists

The judge today discharged Norman and Howell without conviction, saying the cumulative consequences of a conviction would be out of proportion to what was “low level” offending off the Wairarapa coast in April 2017. More>>


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>>





InfoPages News Channels