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

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Business NZ response to financial crisis

Media release
October 30 2008

Business NZ response to financial crisis

Business NZ today released recommendations for improving New Zealand’s growth prospects in the light of the global financial crisis.

Business NZ Chief Executive Phil O’Reilly says the recommendations are principles-based and part of a coherent plan, not knee-jerk responses that could preclude growth in the longer term.

He says the crisis was not caused by a failure of markets or a failure of capitalism. Instead, it was caused by inappropriate interventions by governments and central banks.

“Part of the solution to the current crisis will be to reduce inappropriate interventions here in New Zealand, to better allow private sector business to lead us out of the downturn.

“Only business, not governments, can create real wealth. By creating the framework for this to happen - improving our regulatory policies and productivity - we could do a great deal to shore up our economic prospects.”

Recommendations from Business NZ include slowing down the implementation of the emissions trading scheme and bringing forward personal tax cuts and efficiency- based infrastructure investment.

Mr O’Reilly says times of financial crisis heighten the need for more flexibility in labour markets to help as many people as possible into jobs.

“Unnecessary regulation can result in people being locked out of the workforce and we think the Government’s response to the crisis should include enhanced access to jobs. Relaxing the strict rules on trial periods and fixed term contracts would help more into the workforce.”

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.

Other recommendations include improving job-employee matching systems, increasing transition assistance associated with new job opportunities and better coordination of service delivery around job opportunities and social welfare.

Given the volatile nature of the current economic situation, Mr O’Reilly says Business NZ stands ready, on behalf of its members, to work with the incoming government to frame these proposals in more detail.

Business NZ recommendations: response to global financial crisis can be downloaded here or from under ‘commentaries’.


© Scoop Media

Advertisement - scroll to continue reading
Business Headlines | Sci-Tech Headlines

GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More


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.