Achieving shared prosperity

Finance Minister Grant Robertson has laid out the new Government’s economic strategy in a major speech in Auckland today.

“This Government will be an active partner in the economy. We have already begun to lay down the foundations for sustainable and inclusive growth with our detailed plan to ensure the economy is fit for purpose for the 21st Century,” says Grant Robertson.

“As Minister of Finance, I’m fully aware of the need for prudent fiscal management. That is why we set out our Budget Responsibility Rules ahead of the election. But this Government is also aware of the social and infrastructure deficits we need to urgently tackle. That is why we are cancelling the previous Government’s tax cuts to make essential investments in the New Zealand economy.

“At the heart of Labour’s agreements with New Zealand First and the Green Party, is the belief that every New Zealander has a fair shot at success. It is not the New Zealand way to see our fellow citizens left out and left behind.

“This Government will dedicate itself to closing the social and infrastructure deficits that have opened up in recent years. We cannot expect to solve these problems by continuing business as usual. We are a Government that believes in shared prosperity.

“This will be done through policies such as extending paid parental leave, KiwiBuild, increasing research and development incentives to drive productivity growth, giving Kiwi first home buyers a fair shot, and ensuring our regions have the proper funding for growth.

“At the Government’s Half-Year Economic and Fiscal Update (HYEFU) – to be released on 14 December – New Zealanders will be able to see the progress we have already made under our 100 Day Plan. A Budget Policy Statement alongside the HYEFU will include our best estimates to date of our coalition and supply and confidence commitments.

“The Budget Policy Statement will kick off the process towards Budget 2018, when we will detail Government policy commitments not contained within the 100 Day Plan.

“The HYEFU will also include Treasury’s latest forecasts for the economy and show how this Government will track against our Budget Responsibility Rules, including our target of reducing net core Crown debt to 20% of GDP within five years of taking office,” says Grant Robertson.

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