The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1
The New Zealand economy continued to grow solidly in the June quarter, posting a 0.8 per cent increase in GDP, taking New Zealand's growth rate for the year to 2.7 per cent, Finance Minister Steven Joyce says.
Better than expected balance of payments figures out this morning underscore the strength of both the services and goods sectors of the New Zealand economy, Finance Minister Steven Joyce says.
A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says.
Climate Change Minister Paula Bennett and Finance Minister Steven Joyce have welcomed the release of the Productivity Commission’s issues paper for the inquiry into how New Zealand can maximise the opportunities and minimise the costs and risks of transitioning to a lower carbon economy.
Finance Minister Steven Joyce and Revenue Minister Judith Collins have today announced the Government’s final decisions on proposals to address base erosion and profit shifting (BEPS).
“The new measures will significantly strengthen our tax rules and our ability to ensure that multinationals are taxed fairly and on the basis of their actual level of economic activity in New Zealand,” Mr Joyce says.
In combination the new measures will:
Finance Minister Steven Joyce has welcomed the release of the Productivity Commission’s issues paper for its new inquiry into measuring and improving the productivity and efficiency of core public services in the State sector.
“It is important that those delivering core public services maintain a constant focus on lifting the productivity of their sectors,” Mr Joyce says. “I expect that government agencies will be willing partners and work closely with the Productivity Commission to support this inquiry.”
The Government has today released the Business Growth Agenda 2017 Refresh Report with a focus on continuing to deliver strong economic growth for the benefit of all New Zealanders, Finance Minister Steven Joyce and Economic Development Minister Simon Bridges say.
“The Refresh reflects the Government’s ongoing commitment to responsible financial and economic management, together with a sustained programme of micro-economic reform and large infrastructure investments,” Mr Joyce says.
Finance Minister Steven Joyce and Tertiary Education, Skills and Employment Minister, Paul Goldsmith have today released the Government’s response to the most extensive review of tertiary education in more than a decade, and outlined its plan for delivering a responsive, innovative, and effective tertiary education system.
The Government will co-invest up to $600 million alongside local councils and private investors in network infrastructure for big new housing developments through a re-purposed ultra-fast broadband company, Finance Minister Steven Joyce and Local Government Minister Anne Tolley say.
Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says.
“This is a comprehensive report that underlines the importance of the changes central and local government have been making to land use regulations to boost housing supply. Urban planning, council regulations, and our local infrastructure funding system, have all been driving up the cost of housing in our major cities,” Mr Joyce says.
The Government is planning major changes to how IRD pays social support so that people can know better what their entitlements are and be sure of receiving the right amount, Finance Minister Steven Joyce and Revenue Minister Judith Collins say.
“The Working for Families system is very complex and has been since it was introduced,” Mr Joyce says. “More than 40 per cent of people receiving Working for Families are underpaid, while a quarter of all people get paid too much and end up owing money to Inland Revenue.”
The Housing Infrastructure Fund will provide $300 million of infrastructure funding to Auckland Council for another 10,500 new houses across two major new subdivisions in Auckland, Finance Minister Steven Joyce and Building and Construction Minister Dr Nick Smith say.
“This investment will fast-track the construction of large housing developments at Whenuapai and Redhills by increasing capacity of the water and transport networks in the area,” Mr Joyce says.
The Housing Infrastructure Fund will provide 10,700 more houses across two major new subdivisions in the Waikato, Finance Minister Steven Joyce and Building and Construction Minister Dr Nick Smith say.
“These investments will unlock two major subdivisions in one of New Zealand’s fastest growing regions,” Mr Joyce says. “It will provide network roading and water infrastructure for the 8100 section Peacockes Development on the southern border of Hamilton and a 2600 section subdivision in Te Kauwhata in Northern Waikato.”
Five of New Zealand’s fastest growing Councils will have infrastructure projects funded through the Government’s $1 billion Housing Infrastructure Fund, Finance Minister Steven Joyce and Building and Construction Minister Dr Nick Smith say.
“These funding decisions will help provide another big step forward in housing supply,” Minister Joyce says. “The funding will be used to provide network roading and water infrastructure for 60,000 houses across nine projects in these five fast-growing urban areas.”
The Housing Infrastructure Fund will provide $230 million in funding to the Tauranga City Council to provide for 35,000 more houses through three major new infrastructure projects in the city, Finance Minister Steven Joyce and Building and Construction Minister Dr Nick Smith say.
“These infrastructure projects will provide for a very large part of the expected need for additional housing for the next 30 years in one of New Zealand’s fastest growing regions,” Mr Joyce says.
Finance Minister Steven Joyce and Transport Minister Simon Bridges, in conjunction with Auckland Council, today announced appointments to the Board of City Rail Link Limited, the new company jointly owned by the Crown and Auckland Council with responsibility for delivering Auckland’s City Rail Link project.
Sir Brian Roche was appointed as Chair at the establishment of the company. The Board members are Russell Black, Brian Harrison, Karen Jordan and Anne Urlwin.
The Government accounts for the eleven months to 31 May 2017 show a surplus of $4.5 billion, $1.5 billion ahead of the budget forecast, says Finance Minister Steven Joyce.
“The rising surplus shows the benefit of a strong economic plan that is delivering consistent growth,” Mr Joyce says. “The primary driver for these results is stronger-than-forecast tax revenues, particularly company tax.”
Finance Minister Steven Joyce and ACC Minister Michael Woodhouse have today announced the sale of FairWay Resolution from Crown ownership to employee ownership with effect from July this year.
“Employee-ownership is a successful business model that will give staff a greater role in the future direction of the company,” Mr Joyce says.
“The change in ownership will also reflect positively in the way staff work, which has a direct flow on for clients.”
Finance Minister Steven Joyce and Transport Minister Simon Bridges have today signed the agreements with Auckland Mayor Phil Goff that establish City Rail Link Limited to assume responsibility from tomorrow for delivering Auckland’s City Rail Link, marking the next step in transforming Auckland’s public transport.
“City Rail Link Limited (CRLL) is a new company owned jointly by central and local Government, with the sole and express responsibility of successfully delivering the game-changing City Rail Link (CRL) project,” Mr Joyce says.
Finance Minister Steven Joyce today announced that Lindsay Wright and Philippa (Pip) Dunphy have been reappointed to the Guardians of New Zealand Superannuation Board.
“As a New Zealander based in Hong Kong, current Deputy Chair Ms Wright brings an international, particularly Asian perspective, and a strong asset management investment capability, both in public and private markets, to the New Zealand Superannuation Fund,” Mr Joyce says. “We are fortunate to have someone with Ms Wright’s understanding of financial markets on the Board.”
Finance Minister Steven Joyce and the Minister Responsible for the Earthquake Commission Gerry Brownlee have today announced plans to simplify and improve the EQC scheme for New Zealanders.
“EQC has provided huge support to New Zealanders following the Christchurch, Seddon, and Kaikōura earthquakes,” Mr Joyce says.
“This review has provided us the opportunity to consider how the scheme could work more effectively for future natural disasters.
The Government will shortly introduce legislation aimed at putting the Public Trust on an equal footing with private sector institutions.
The new legislation will remove the Crown guarantee of the Public Trust, in line with government policy for several decades that Crown-owned commercial businesses should not have a competitive advantage through being Crown-owned, Finance Minister Steven Joyce says.
Three Community Housing Providers have been given the opportunity to present formal proposals to take over up to 2500 Housing New Zealand properties and tenancies in Christchurch, the Government announced today.
This follows an invitation in April for Expressions of Interest from Community Housing Providers interested in participating in the proposed transfer, centred on the suburbs of Shirley, Bryndwr and Riccarton.