Business success at heart of Govt growth plan

  • Steven Joyce
  • Bill English
Economic Development Finance

The Government will focus on six key areas over the next three years to help companies grow and to build a more productive and competitive economy, Finance Minister Bill English and Economic Development Minister Steven Joyce say.

Building a more competitive economy is one of four main priorities the Prime Minister has outlined for the Government in this term.

"Sustainable economic growth which creates permanent worthwhile jobs is best achieved by building a competitive economy that allows business to trade successfully with the rest of the world," the Ministers say.

"The Government has put together a business growth plan that will ensure ministers and departments are focused on the six important inputs businesses need to access to be internationally competitive."

The six key areas in the business growth agenda are:

  • Capital markets
  • Innovation and ideas
  • Skilled and safe workplaces
  • Natural resources
  • Infrastructure (including electricity, broadband, transport); and
  • Export markets

Ministers English and Joyce will co-ordinate informal groups of ministers in each of these policy areas to drive the growth plan forward and deliver on the Government’s 120-point action plan announced before the election. New polices will be added to each of these areas over the next three years.

The Government will produce progress reports in the second half of this year on each of the six areas to give greater visibility to the Government’s actions and progress. The six reports will be rolled out starting from June.

The Economic Development Ministry will also produce a report this year on the GDP contribution of each major industry, discussing the challenges and opportunities they face.

"Throughout the 2000s the competitiveness of the New Zealand economy suffered as new costs were heaped on business and government spending grew out of control," Mr English says.

"Over the past three years we've taken significant steps to make our economy more competitive and having a clear focus on these areas will help drive that forward."

Mr Joyce says the business growth agenda will ensure the Government is focused on what matters to business, and ensures companies can more easily access the advice and support they need.

"Lifting the overall productivity and competitiveness of the economy is critical to business growth, to creating more jobs and higher wages,” Mr Joyce says.

"The reality is that if we want more and better jobs for New Zealanders we need to encourage more businesses to be based here. To do that, the Government is focused on making it easier for businesses to access the six key areas they need to grow.

"Nothing creates sustainable jobs and boosts our standard of living better than business confidence and growth.”