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

 

Rebuild New Zealand: PwC Report Tackles Big Ideas For Economic Recovery

New Zealand has done better than most countries in terms of saving lives, the challenge now is to save livelihoods.

In a special report just released, Rebuild New Zealand, PwC casts a net over opportunities that could allow the country to recover more quickly and strongly than others. The details of this take shape in the identification of the forces of change affecting New Zealand’s economy and the planks that lead towards recovery.

Mark Averill, CEO and Senior Partner at PwC New Zealand, describes the approach of the report: “We have looked beyond the obvious economic impacts of the pandemic and investigated the existing fragilities in trade and enterprise, health and wellbeing, societal inequities, and environmental risks that have been further exposed as a result of COVID-19.

“There is no playbook for the task ahead. In our report we have identified the major forces of change that New Zealand is up against, and set out the strategic planks that - if correctly managed - will lead us through this crisis so that we might rebuild better and stronger than before and address our societal inequalities”.

Partner, David Bridgman, says this is a once-in-a-lifetime opportunity to redesign New Zealand’s economy for the benefit of all: “We need to move quickly with this economic leadership otherwise the debt burden will act as a handbrake on future generations.

“We have reflected on the initial response from the Government and private sector, but most importantly we are highlighting our country’s unique position for revival as well as the steps we must take to realise crucial changes. There are many reasons to feel positive about our future”.

“We don’t pretend to have all the answers, however, we want to contribute to what is an incredibly important debate. We firmly believe that New Zealand’s economy is capable of recovering in a way that will make it better than before”.

The report builds on the strong foundations set by the Government’s speedy and effective response to tackling the COVID-19 health crisis and the business support mechanisms and funding put in place. The approach then outlines ‘seven planks’ that can lead the country towards economic recovery.

Seven planks to rebuild New Zealand

PwC has set out seven ‘planks’ that build a potential path to economic recovery. This forms our overarching strategy for emerging from this economic recession better and stronger than before. We have considered a range of options and focus on the seven areas that we believe need attention. In summary these are:

1. Maintaining the highest level of employment feasible in the challenging post-COVID-19 environment until the economic recovery takes hold;

2. Understanding what real growth means and stimulating this;

3. Removing the barriers and impediments to real and sustained, across-the-board productivity improvements;

4. Addressing the growing degree of intergenerational inequity, which has been exacerbated by the cost of combating the COVID-19 pandemic;

5. Considering tax reforms to broaden the Government’s revenue base, remove distortions on investment decisions and create greater fairness;

6. Let's not lose sight of the urgent challenge of climate change so that there is a planet for future generations to enjoy;

7. Partnering effectively by all elements of the public and private sectors to aid recovery.

Please read our report, Rebuild New Zealand, for details.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>

ALSO:

Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:

Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

Potatoes New Zealand: Protecting NZ Fries As Part Of PNZ Pandemic Recovery & Transformation Plan

Potatoes New Zealand has met with Minister Faafoi this week to discuss investigating the potential importation of heavily discounted frozen potato chips into New Zealand. With MBIE’s support we are undertaking an investigation to gather evidence of the ... More>>

ALSO:


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: