Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

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

 

Moody’s Aaa rating confirms NZ on right track

Hon Bill English
Minister of Finance

29 January 2014

Moody’s Aaa rating confirms NZ on right track

Moody’s Investors Service says New Zealand’s economy and government finances are on an improving trend, which confirms the Government’s responsible economic and fiscal programme is on the right track, Finance Minister Bill English says.

New Zealand is one of only 10 countries with the top Aaa rating and a stable outlook by Moody’s. It is also rated AA by Standard and Poor’s.

“The Government’s economic programme is supporting this growth and the improvement in the fiscal position and it’s encouraging that this has again been recognised by Moody’s,” Mr English says.

“As Moody’s notes in its credit analysis today, economic growth is accelerating, the Government’s books are expected to be in surplus next year and the ratio of government debt to GDP will peak below the median for Aaa-rated countries.

“Overall, Moody’s rates New Zealand’s economic strength as high, despite it being the second smallest country rated Aaa – behind Luxembourg.

“Despite this, and its dependence on agricultural exports, Moody’s also notes that New Zealand has displayed resilience over the past few years in recovering from its domestic recession of 2008, the global financial crisis and the Canterbury earthquakes.

“And, as Moody’s says, New Zealand remains highly competitive, being ranked 18 out of 148 countries in the most recent World Economic Forum’s global competitiveness index and third in the World Bank’s ease of doing business report.”

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

Moody’s reiterates that New Zealand faces challenges, including its continued reliance on foreign savings and overseas borrowing.

“The longstanding current account deficit has improved in recent years, as has New Zealand’s net international liabilities position,” Mr English says.
“But we need to continue with policies to further improve these indicators by building a more competitive export sector so New Zealand can earn its way in the world.”

Moody’s media release: https://www.moodys.com/research/Moodys-New-Zealands-economy-and-finances-improving--PR_291309

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The US Opposition To Mortgage Interest Deductibility For Landlords


Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don't think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of political capital by giving landlords a huge $2.9 billion tax break via interest deductibility, while still preaching the need for austerity to the disabled, and to everyone else...
More


 
 

Government: Concerns Conveyed To China Over Cyber Activity
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity... More

ALSO:


Government: GDP Decline Reinforces Government’s Fiscal Plan

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says... More

ALSO:


Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.