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 The Pakistan Schoolchildren Killings

The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto something that’s become a pop cultural meme. Fans of the Homeland TV series will be well aware of the collusion between sections of the Pakistan military/security establishment on one hand and sections of the Taliban of the other…

Reportedly, it was the breakdown of the relationship between the Pakistan Taliban and the Pakistan military – which for the first time, began bombing Taliban enclaves in the Tribal Federated Areas earlier this year – that led to this revenge attack on the school, which is attended by the children of the military. More>>

 

Parliament Adjourns:

Police: Phillip Smith Investigation Passport Charge

A 25 year-old man will appear in the Whanganui District Court today charged with the Passports Act offence of False Representations. The charges were laid on December 9 by the Auckland-based Phillip Smith investigation... More>>

Intelligence: Inspector-General Accepts Apology For Leak Of Report

The Inspector-General of Intelligence and Security, Cheryl Gwyn, has accepted an unreserved apology from Hon Phil Goff MP for disclosing some of the contents of her recent Report into the Release of Information by the NZSIS in July and August 2011 to media prior to its publication. The Inspector-General will not take the matter any further. More>>

ALSO:

Drink: Alcohol Advertising Report Released

The report of the Ministerial Forum on Alcohol Advertising and Sponsorship has been released today, with Ministers noting that further work will be required on the feasibility and impact of the proposals. More>>

ALSO:

Other Report:

Leaked Cabinet Papers: Treasury Calls For Health Cuts

Leaked Cabinet papers that show that Government has been advised to cut the health budget by around $200 million is ringing alarm bells throughout the nursing and midwifery community. More>>

ALSO:

Maori Party: Tribunal Report Confirms Iwi Ownership Of Lake Waikaremoana

“We are pleased for the claimants that eight years after the hearing began on Lake Waikaremoana they have some closure,” says Māori Party Co-leader Te Ururoa Flavell. “Most importantly, the report confirms freshwater is a taonga and identifies the ownership rights of Tūhoe, Ngāti Ruapani, Ngāti Kahungunu, and Ngāi Tamaterangi to the lake bed.” More>>

ALSO:

Climate Performance Report - Not Achieved: NZ Government Part Of Global Climate Problem

The New Zealand Government’s position on climate change is part of the global problem that we need to overcome if we are to avoid catastrophic climate change, the Green Party said. More>>

ALSO:

NSW Police Statement: Three Dead Following Martin Place Siege

About 2.10am (Tuesday 16 December), a confrontation occurred between police and a man who had taken a number of people hostage inside a café on Martin Place. Shots were fired during the confrontation. As a result, the 50-year-old man was pronounced dead after being taken to hospital. Another man, aged 34, and a woman, aged 38, were pronounced dead after being taken to hospital. More>>

ALSO:

Gordon Campbell: On The Sydney Siege (And DHB Budget Cuts)
Whenever the authorities bring a siege situation to an end, there will be criticism if – as has happened in Sydney – any hostages are seriously hurt, or killed... In the Sydney Morning Herald this morning, columnist Peter Hartcher raises a different point – that the initial public response had been noticeably different to the agitated reactions of politicians and the media. More>>

ALSO:

Gordon Campbell: On Income Inequality, And Yo Ho Ho Christmas Songs

As 2014 grinds to a close, we probably didn’t need one more reminder of this government’s ability to stare reality in the face and declare black to be a very fine shade of white... Yet on Wednesday, there was Finance Minister Bill English trying to tell RNZ that the OECD was (a) wrong (b) using old data and (c) somehow anti-growth and in any case (d) New Zealand allegedly already had a strongly re-distributive tax system... More>>

Werewolf: Public Health - The Silent Crisis

Gordon Campbell: New Zealand’s public health system has been in crisis for so long that its failings – and deteriorating performance vis a vis other developed countries – now tend to be treated as its normal mode of being. More>>

ALSO:

Parliament Today: House Adjourns For Summer

Parliament has risen for the summer break with the Adjournment Motion agreed just after 5pm on Wednesday. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news