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Real Change Needed To Improve Lowest Ever Business Confidence

“With the New Zealand Institute of Economic Research’s (NZIER) latest quarterly survey showing the lowest business confidence in the survey’s history, it’s clear that real change is necessary to make New Zealand a prosperous country that is open for business,” says ACT Leader David Seymour.

“NZIER reports that businesses are becoming more cautious and are looking to reduce staff numbers, pare back investment, and increase prices to maintain profitability.

“New Zealand needs to turn this around. Businesses need to operate in an environment where Government regulations don’t make life harder for them. Households shouldn’t be paying more as a result.

ACT has a package of solutions to address this, including:

Opening up immigration to address labour shortages:

  • Demand-based pricing for temporary work visas, to let employers decide if their need is worth the price instead of clunky bureaucracy
  • Ensure the Skilled Migrant Category offers an efficient and predictable pathway for migrants of all skill levels and occupations
  • A sustainable solution for parent visas, so that talented people can make a home in New Zealand
  • Tackle the sources of Immigration New Zealand’s slow processing times to remove uncertainty and frustration.

Allow more overseas investment:

  • Exempt OECD members from the Overseas Investment Act, allowing foreign supermarket chains to invest in New Zealand with certainty, as Damien Smith’s Member’s Bill would have allowed.

Cut government spending and lower taxes:

  • Reduce expenditures by $7.2 billion with measures including an end to corporate welfare and returning the number of bureaucrats to the 47,000 Labour inherited
  • Reduce the middle-income tax rate from 30% to 17.5%. Allowing the average full-time worker to keep $2,000 more a year to help deal with the rising cost of living. As well as other measures laid out in our Alternative Budget for Real Change.

Cut the red tape in the workplace:

  • Remove a public holiday to make up for the cost of the new Matariki holiday, repeal new sick leave entitlements and “Fair Pay” Agreements
  • Reinstate 90-day trials for all businesses
  • Pause minimum wage increases
  • Reform the Employment Relations Act to ensure workers and employers have clearer dispute resolution rules without needing to resort to the Employment Relations Authority.

Fix the CCCFA

  • Amend the Credit Contracts and Consumer Finance Act so people can access credit to restructure debt.

“ACT’s package of solutions will make life more affordable for middle New Zealand and return confidence to businesses. We will keep listening to the concerns of New Zealanders and pushing for better solutions.”

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