21 May 2015

Budget continues a stable platform for business growth, says Chamber

The Government has again produced a sensible Budget which continues a stable platform for business growth, says Wellington Employers’ Chamber of Commerce Chief Executive John Milford.

“This Budget keeps the economy on the path to sustainable growth, with the forecast growth of an average 2.8% over the next four years, wages rising, and unemployment, and net debt all falling. That is all very good news.

“They have maintained their restraint on spending while putting the money where it will have the best effect – on health, education, housing, and our most vulnerable children.

“While the Government expects to miss the surplus, it will be a small miss and in the great scheme of things that’s neither here nor there. Unlike others, New Zealand is on the right path and it will get there.

“Business will welcome the further money for research and development and for the new regional research institutes, which will work outside the major centres to support business to develop new products and services to benefit the economy as a whole.

“We also welcome further money for broadband expansion, to build science, engineering and agriculture skills, and to expand the unique New Zealand business number initiative to sole traders, partnerships, and trusts. This will help make interaction with government faster and more efficient.

“In a Wellington context, the $40 million for Te Papa’s capital works buildings will be a good boost for the city, supporting an iconic visitor attraction.

“Overall, the prospect of more jobs, higher wages, and even tax cuts further down the track will be welcomed across the business community.”

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