The economy has turned a corner with confirmation today New Zealand never was in recession and stronger than expected growth in the June quarter, Finance Minister Grant Robertson said.
Hon Grant Robertson
An export boost is supporting New Zealand’s economy to grow, adding to signs that the economy has turned a corner and is on a stronger footing as we rebuild from Cyclone Gabrielle and lock in the benefits of multiple new trade deals.
The Pre-election Economic and Fiscal Update released today shows New Zealand’s economy is turning the corner with projected growth meaning no recession, wages ahead of inflation and more people in work, even as the impact of challenging global conditions and the North Island Weather Events weigh on the Government’s books.
Nelson homeowners severely impacted by the extreme weather event of August 2022 will be able to access Government support, including a buyout deal for their damaged homes, subject to agreement from Nelson City Council.
New Zealand is taking the next step towards a fairer tax system with the introduction of legislation that would enable a digital services tax (DST) on large multinational companies.
In the face of a deteriorating global economy and tax revenue failing to meet Treasury’s forecasts, the Government is requiring public agencies to find permanent savings including through cutting back on contractors. It is also reducing future budget allowances, trimming back some programmes, and taking back underspends.
A cost-sharing agreement between the Government and Auckland Council will see the Crown contribute $877 million towards Auckland’s recovery following the Anniversary Day floods and Cyclone Gabrielle, earlier this year.
The Government and Gisborne District Council have agreed to a cost sharing package to further support the Tairāwhiti region’s recovery from Cyclone Gabrielle.
Legislation establishing an independent body to strengthen and protect the integrity of the sport and recreation system has passed its final reading in Parliament with almost unanimous support.
The Government is welcoming region-wide support in Hawke’s Bay for the agreement on the costs of buying out Category 3 resident
The Government’s careful and responsible financial management has been endorsed by the credit rating agency Moody’s Investors Service.
More than 110,000 people joined the paid workforce in the past year as the number of those in jobs hit a record high.
The Government is providing a further $567 million to Waka Kotahi for immediate works on state highways in Tairāwhiti, Wairoa, Hawke’s Bay, Coromandel and Northland.
The Government is welcoming an agreement by Hawke’s Bay mayors and Regional Council chair to take to their councils a package including sharing the cost of buying out high-risk (Category 3) residential properties in the region.
2022 was another year of positive change in visibility of women in sport with a further jump in the coverage of female athletes and teams in news media.
Minister of Sport and Recreation Grant Robertson has congratulated the Football Ferns on an inspirational performance at last night’s opening match of the FIFA Women’s World Cup 2023.
Annual inflation is now at its lowest level since late 2021 as Government actions to help rein in cost of living pressures and support New Zealanders are starting to work.