Parliament

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

Turei To Be Interviewed By MSD: Gordon Campbell On The Real Truth Deficit In Welfare

It has been astonishing to see the amount of time and energy being spent on what Greens co-leader Metiria Turei did or didn’t do properly as a beneficiary back in the early 1990s – as compared to how little time and energy is being put into the point of her personal example.

Turei was citing her case in order to query whether much has changed – especially when it comes down to whether the current benefit levels and targeting rules at WINZ are helping or hindering today’s beneficiaries to escape from poverty. More>>

 

Tertiary : Government Responds To Productivity Commission

The work programme will focus on four key areas. • Creating a more student-centred system • Meeting the needs of industry through relevant, responsive, and supportive teaching • Improving performance across the system • Enabling and encouraging innovative new models and providers More>>

ALSO:

Drug Deaths: Accurate Information Is Vital

Drug Foundation: The spike in hospital admissions and reported deaths in Auckland as a result of people taking unknown substances is not being helped by an information vacuum. More>>

ALSO:

Backing Dunne & Seymour: National Signals Election Intentions

“We are encouraging National supporters to give their electorate vote to ACT candidate, David Seymour, in Epsom, and United Future candidate, Peter Dunne, in Ohariu – and their party vote to National." More>>

ALSO:

Climate Policy: Govt's New Proposals For ETS

“Last year, as a result of stage one of the review, we announced the phase out of the one-for-two measure in the ETS. I am now announcing further changes as a result of stage two of the review.” More>>

ALSO:

PM's Press Conference: Boris, Infrastructure, Immigration, Drugs

Prime Minister Bill English opened this week's post-cabinet press conference by revisiting that day's announcement of 'Crown Infrastructure Partners'... More>>

Employers Pleased: Reports Of Govt Backdown On Low-Wage Immigration

MEA: We are pleased to hear that the Government is planning to review incoming immigration changes with a specific focus on how they will affect the regions. Effectively addressing skills shortages in manufacturing and other sectors needs to remain a core part of our immigration system ... More>>

ALSO:

Gordon Campbell: On The Ch-Ch-Changes At IRD

Job cuts aren’t happening at the IRD, exactly. Instead, there’s apparently a ‘transformation’ in store, and jobs won’t be axed ; no, they will be ‘transformed’ before our eyes into… non-jobs, if you happen to be among the unlucky legion of 1,900 who are being lined up for transformation... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election