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Finance Minister Bill English will visit Hong Kong for two days next week, where he will deliver a keynote speech to the annual Asia Investment Conference and meet a number of business and political leaders.

Mr English will be in Hong Kong on 19 and 20 of March, returning to New Zealand on 21 March.

“Asia is an important and growing export and investment partner for New Zealand and I’m keen to keep building on our relationships in the region,” he says.

The Auditor-General’s report into the Yang Liu affair is extremely damning of the way Shane Jones handled the issue, and calls into question David Shearer’s judgment in reinstating him to Labour’s front bench, Acting Prime Minister Bill English says.

“Within minutes of the report being tabled in Parliament this afternoon, we have David Shearer rushing out and reinstating Shane Jones,” he says.

The Government’s financial position continues to track slightly better than forecast in the Crown’s financial statements for the seven months to 31 January issued today, Finance Minister Bill English says.

The operating deficit before gains and losses for the seven months was $2.5 billion, or $571 million smaller than the $3.1 billion deficit forecast in the Half-Year Update in December.

Finance Minister Bill English is visiting Australia today and tomorrow, where he will speak to high-level business audiences in Melbourne and Sydney, as part of his regular programme of trans-Tasman engagement.

He will also meet a number of Australian chief executives and senior business figures.

“As our largest trading partner, taking nearly a quarter of our total exports, the Australian economy is vitally important to New Zealand,” Mr English says.

New Zealanders are being given an incentive to pre-register their interest in the Mighty River Power share offering, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall say.

Those who pre-register may be allocated up to 25 per cent more shares than people who do not pre-register, if demand exceeds shares available.

Mr English and Mr Ryall announced the incentive at the launch of the official three week pre-registration period for the Mighty River Power share offer in Auckland today.

Finance Minister Bill English and Minister for State Owned Enterprises Tony Ryall will tomorrow officially launch the pre-registration period for New Zealanders who are interested in finding out more about the Mighty River Power share offer.

“National campaigned on this policy at the election in 2011 and it has been extensively discussed before and since then,” Mr English says.

“It has been through the High Court and the Supreme Court where the Government has won both cases and now, at last, it’s time to get on with it.”

Good afternoon. It’s a pleasure to be with you again today.

The sixth Business Growth Agenda progress report, Building Capital Markets, which is being released today, outlines 50 initiatives to strengthen New Zealand’s capital markets, so they can support businesses to grow and create jobs, Finance Minister Bill English and Economic Development Minister Steven Joyce say.

The report also sets a goal of reducing the real interest rate premium on New Zealand debt, compared with the United States and Australia.

Solid Energy’s shareholding ministers, Finance Minister Bill English and Minister for State Owned Enterprises Tony Ryall confirm the Government has been advised that Solid Energy is in discussions with its banks.

“The Solid Energy board is working with Treasury, advisors and the banks with respect to further restructuring options, with the aim of returning the company to a sustainable financial position,” Mr English says.

As we look out at the next three-five years across the wider public service, there are a few issues that I think it would be useful for you, along with us, to be thinking about.

First though, I want to remind you in fairly simple terms about the general framework that the Government has brought to dealing with the huge challenge of providing public services in difficult times.

A marginal improvement in the operating deficit before gains and losses in the six months to Dec 31 reflects the Government’s continuing careful stewardship of its finances, Finance Minister Bill English says.

The Government’s financial statements for the six months ended December 31 were published today showing that both Core Crown tax revenue and Core Crown revenue were slightly lower (0.1%) than forecast, but Core Crown expenses came in $273 million lower (0.8%) than expected, helping reduce the OBEGAL deficit by $158 million to $3.2 billion.

Finance Minister Bill English will present Budget 2013 on Thursday 16 May, he announced today.

“This will be the National-led Government’s fifth Budget in what have been extremely challenging global economic times,” he says.

“It will continue to implement the Government’s programme to deliver a more competitive and faster-growing economy, more jobs and a return to fiscal surplus,” he says.

“Six weeks over summer to think about new policy, and Labour comes up with precisely nothing,” Deputy Prime Minister Bill English says.

“The Labour leader’s speech today was full off last year’s slogans and no new policy.

“He says that he wants to be hands-on, and yet opposes every hands-on move National is making to encourage investment and growth. On top of that, Labour still hasn’t apologised for their wasteful policies the last time they got their hands on the economy.

Firm control of the Government’s expenses and an improvement in revenue has kept the Crown’s financial position broadly on track with forecasts in the five months to 30 November, Finance Minister Bill English says.

“Compared to the first five months of the previous financial year, we have made good progress in moving towards our target of getting back to surplus by 2014/15,” he says.

Exporters will have access to improved support from the New Zealand Export Credit Office under changes announced by the Government today, Finance Minister Bill English and Trade Minister Tim Groser say.

The NZECO, which is based in The Treasury, is the Government’s official export credit agency. It provides financial guarantees and trade credit insurance to exporters and banks.

The main changes announced by the ministers today will:

The economy remains on track for moderate growth over the next few years, despite growth predictably easing a little in the September quarter, Finance Minister Bill English says.

Gross domestic product grew 0.2 per cent in the three months to 30 September. This took annual growth – from the September quarter 2011 to the September quarter 2012 - to 2 per cent, after revisions by Statistics New Zealand to reflect extra data.

The Government’s economic plan to deliver a faster-growing economy, more jobs and a return to surplus remains on track, despite ongoing uncertainty in many parts of the world, Finance Minister Bill English says.

Issuing the Half-Year Economic and Fiscal Update today, along with the Government’s Budget Policy Statement, he says Budget 2013 will focus on continuing to implement this plan.

The Government will increase the visibility and accessibility of its Half-Year Economic and Fiscal Update tomorrow through its smartphone and tablet App, Finance Minister Bill English says.

This follows the App’s successful launch in May for Budget 2012, which generated more than 10,000 downloads.

“The App is a new and flexible way of contributing to the Government’s goal of interacting with more New Zealanders online, as part of its Better Public Services programme,” Mr English says.

Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall today welcomed the High Court decision in favour of the Crown following last month’s High Court action regarding the sale of shares in Mighty River Power.

“The High Court decision confirms the Government can proceed to sell up to 49 per cent of shares in four state owned energy companies, in accordance with the legislation passed by Parliament earlier this year,” Mr English says. 

The latest Business Growth Agenda progress report, Building Natural Resources, sets out how New Zealand can build growth and jobs from sustainably using its natural resources, Finance Minister Bill English and Economic Development Minister Steven Joyce say.

Building Natural Resources sets out the 49 initiatives the Government is taking to improve the way we use and manage our resources. It encourages businesses to find ways to become more innovative to get the best results for the economy and the environment.