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

 


Economic growth picks up in September quarter

Economic growth picks up in September quarter

The Government’s sound policies are building a faster-growing economy, with annual growth moving ahead of Australia and supporting more jobs and higher incomes, Finance Minister Bill English says.

Statistics New Zealand today reported gross domestic product expanded by 1.4 per cent in the September quarter, the largest quarterly increase since December 2009.

This took annual growth – from the September quarter 2012 to the September quarter 2013 - to 3.5 per cent. Average annual growth was 2.6 per cent.

“It’s pleasing to end the year with more positive news after robust forecasts in the Half-Year Update this week,” Mr English says. “Since 2008, the Government has focused on building a solid platform for sustainable growth, which supports more jobs and higher incomes.

“New Zealanders’ hard work is now starting to pay dividends. Despite the worst drought for several decades earlier this year, New Zealand now has one of the faster growing developed economies in the world.

“And just yesterday ANZ confirmed business confidence is at its highest level since February 1999, with manufacturing confidence hitting a 15-year high. The current account deficit is half what it was five years ago and we are on track to fiscal surplus in 2014/15.

“At the same time, net government debt is predicted to peak $5 billion lower than the level forecast in Budget 2013 and interest rates are well below where they were in 2008. The outlook for the economy, surpluses and debt is significantly better than it would be under opposition parties’ irresponsible policies of more taxes, more debt and more spending,” Mr English says.

“That is good news for families, because under this Government it will mean more jobs and higher incomes.”

New Zealand’s latest 3.5 per cent annual economic growth compares with 2.3 per cent in Australia, 1.8 per cent in the US, 1.9 per cent in Canada, 2.4 per cent in Japan, 1.5 per cent in UK and a negative 0.4 per cent in the Euro area. Growth across the OECD averaged 1.4 per cent in the year to September.

Mr English noted that the latest quarterly growth was reasonably widespread across the economy, with significant positive contributions from agriculture, fishing and forestry, manufacturing, construction and retail trade.

“However, it is early days,” he says. “The Government was elected to provide conditions for higher long-term growth for New Zealanders and their families. There is a long way to go before we have locked that in.

“In particular, we must avoid the mistakes made in the mid-2000s, when poor decisions by the Labour government meant big increases in government spending.

“That’s why the Government will continue with its successful economic programme, to get back to surplus, to improve economic competitiveness and productivity, to deliver better public services and to rebuild Christchurch.

“These latest statistics, following a string of encouraging economic and business confidence data, show that New Zealanders’ have a brighter future.”

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news