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


Cautious confidence heading into Christmas

Hon Bill English
Minister of Finance

23 December 2009 Media Statement

Cautious confidence heading into Christmas

New Zealanders can go into the Christmas break feeling more positive after two quarters of economic growth, but more work is needed to ensure a strong sustainable recovery, Finance Minister Bill English says.

GDP data shows the economy grew 0.2 per cent in the September quarter and June quarter growth was revised upwards from 0.1 to 0.2 per cent. In the September quarter household consumption and mining were stronger than expected and manufacturing and construction down.

For the year to September 2009, the economy contracted 2.2 per cent compared with the year to September 2008.

"While growth is still weak, today's figures are positive news. New Zealanders can go into the Christmas break feeling a bit more confident about the economy and the year ahead," Mr English says.

"Two quarters of growth – following five quarters of contraction - reflects a stabilisation in the global economy and the Government's sound economic management.

"The positive data follows Treasury's updated forecasts which show unemployment is likely to peak sooner and at a lower level than previously thought, with 64,000 fewer jobs expected to drop out of the economy.

"However the recovery remains fragile and any further problems abroad could weaken our growth prospects. That is why it is critical we improve the competitiveness of our exporters and address structural imbalances in our economy.

"To climb back up the world income ladder and to replace jobs lost during the recession we need businesses to have the confidence to invest and create jobs. The Government's role is to make that as easy for them as possible.

"We have set out a comprehensive programme to lift our economic performance and we will be developing that further in 2010," Mr English says.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Geo-political Posturing Over China’s Cyber Hacks, Plus The Weekly Playlist

The timing was one of the weirder aspects of this week’s cyber condemnation of China by the West. Why was this piece of political theatre being staged now? China (and Russia’s) sponsoring and/or condoning of semi-state and criminal hacker groups has been known about for nigh on a decade. More particularly, Microsoft had been alerted to the flaws in its Microsoft Exchange... More>>


Government: Quarantine Free Travel With Australia Suspended

Quarantine Free Travel from all Australian states and territories to New Zealand is being suspended as the Covid situation there worsens, Prime Minister Jacinda Ardern and COVID-19 Response Minister Chris Hipkins announced today... More>>


Government: New Zealand Condemns Malicious Cyber Activity By Chinese State-sponsored Actors

New Zealand has established links between Chinese state-sponsored actors known as Advanced Persistent Threat 40 (APT40) and malicious cyber activity in New Zealand. “The GCSB has worked through a robust technical attribution process in relation to this activity. New Zealand is today joining other countries in strongly condemning this malicious activity... More>>


Government: Commits $600,000 To Flood Recovery

The Government is contributing $600,000 to help residents affected by the weekend’s violent weather with recovery efforts. Acting Minister for Emergency Management Kris Faafoi and Agriculture Minister Damien O’Connor have been in the Buller district this afternoon to assess flood damage and support the local response effort... More>>


NZUS Council: Welcomes Nomination Of Senator Tom Udall As US Ambassador To NZ

The NZUS Council welcomes the nomination of Senator Tom Udall to the role of US Ambassador to New Zealand and Samoa, NZUS Council executive director Jordan Small said... More>>

BusinessNZ: Visa Extensions Welcomed
BusinessNZ has welcomed the extension of some critical skill visa durations and changes to immigration systems to speed processing. Chief Executive Kirk Hope says move acknowledges advocacy by the hospitality sector, the BusinessNZ Network and others, and comes not a moment too soon.... More>>

Social Development: Government Initiatives Contribute To Fall In Benefit Numbers

Minister for Social Development Carmel Sepuloni has welcomed the release of the June quarter Benefit Statistics which show a continuing fall in the number of people receiving a Main Benefit... More>>




InfoPages News Channels