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.”

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

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Housing Plans: Labour- Abolish Auckland Urban Boundary
The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis. More>>
Greens - State House Solution
The Homes Not Cars policy allows Housing New Zealand to retain its dividend and, in addition, would refund its tax, to spend on the emergency building of around 450 new state houses. More>>

ALSO:

Houses And Taxes: Post-Cabinet, Pre-Budget Press Conference

The Prime Minister said that the pre-budget announcements showed that his Government is “investing in a growing economy”. He re-affirmed the National Government’s commitment to lowering personal tax rates but that any such change must fit with the fiscal reality of the time. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news