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

Gordon Campbell: On Populism And Labour 2017

For many people on the centre-left, populism is a dirty word, and a shorthand for the politics of bigotry. In this country, it has tended to be equated with the angry legions of New Zealand First. Who knew they were not just a reactionary spasm, but the wave of the future?

Certainly, at the end of this week, the next US President will have won office (at least in part) thanks to his proven ability at (a) scapegoating refugees and migrants (b) wooing neo-Nazis and racial supremacists (c) attacking journalists and judges (d) threatening to jail his opponents (e) urging nuclear proliferation and (e) by promising to restrict women’s rights to control their own fertility.

On the face of that campaign record, there wouldn’t seem to be much in common between Donald Trump and say, Spain’s centre-left populist party, Podemos. Yet arguably, the similarities could be instructive for the Labour/Green partnership here. More>>

 
 

Oxfam: 30% Of NZ Owns Less Wealth Than Our Two Richest Men

The research also reveals that the richest one per cent have 20 per cent of the wealth in New Zealand, while 90 per cent of the population owns less than half of the nation’s wealth. The research forms part of a global report released to coincide with this week’s annual meeting of political and business leaders at the World Economic Forum in Davos, Switzerland. More>>

ALSO:

Hospitals: Resident Doctors Set To Strike Again

Despite discussions between the DHBs and NZRDA over safer hours for resident doctors progressing during the last week, the strike planned for next week appears set to proceed. More>>

ALSO:

Not So Super Fund: More Burning Ethical Questions For Steven Joyce

Greens: Radio New Zealand reported this morning that the New Zealand Superfund has $77 million invested in 47 coal companies that the Norwegian Government’s Pension Fund – the largest sovereign fund in the world – has blacklisted. More>>

Activism: Greenpeace Intercepts World’s Biggest Seismic Oil Ship

Greenpeace crew have made contact with the world’s biggest seismic oil ship after travelling 50 nautical miles on two rigid-hulled inflatables off the coast of Wairarapa... Greenpeace radioed the master of the Amazon Warrior to deliver an open letter of protest signed by over 60,000 New Zealanders. More>>

ALSO:

Gordon Campbell: Why Tax Cuts In 2017 Would Be A (Proven) Bad Idea

Ever since the world fell prey to the mullahs of the free market in the 1980s, no amount of real world evidence has managed dispel one key tenet of their economic faith. Namely, the idea that if you cut income taxes and taxes on small business, a wave of individual enterprise and entrepreneurial energy will thus be unleashed, profits will rise and – hey bingo! – the tax cuts will soon be paying for themselves ... More>>

Liquor Sponsorship: Researchers Call For Ban On Alcohol Sponsorship Of Sport

“Due to alcohol sponsorship of sport, New Zealanders, including children, were exposed to up to 200 ads per hour they watched televised sport, and people watching football and tennis saw alcohol ads for almost half of each game,” says Associate Professor Signal. More>>

ALSO:

Mt Albert: Ardern For Labour, Genter For Greens

At the close of nominations, Jacinda Ardern was the sole nomination received for the position of Labour’s candidate for the Mt Albert by-election, says Labour General Secretary, Andrew Kirton. More>>

ALSO:

Earlier:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news