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Leading credit rating agency Moody’s Investors Service has reaffirmed New Zealand’s Aaa sovereign credit rating with a stable outlook, noting the strength of the economy and improving government finances.

“This is a further endorsement of the Government’s responsible economic and fiscal programme,” Finance Minister Bill English says.

The Government is backing the recommendations of the NZ Data Futures Forum to make better use of public data and uphold privacy standards, Finance Minister Bill English and Statistics Minister Craig Foss say.

The NZ Data Futures Forum — an independent expert advisory group from the public and private sectors — was established by the Government last year to help drive further use of open data.

Recommendations in the forum’s final report included:

Good afternoon.

Thank you Michael and the Auckland Chamber of Commerce, and Steve and Massey University, for inviting me back to this annual event.

It’s a pleasure to be with you again today. I make this the sixth time I’ve spoken at this forum since becoming Minister of Finance.

With the National-led Government now into its third term, I’d like to update you on our priorities for the next three years.

We have three busy years ahead of us. And there is much to do.

Around 7,500 new houses are expected to be built in the Auckland suburb of Tāmaki over the next decade as part of the Government’s programme of increasing and speeding up new housing developments, Finance Minister Bill English says.

That will represent a net increase of about 5,000 houses after accounting for removals and demolition of older properties, he said in his annual speech to the Auckland Chamber of Commerce and Massey University in Auckland today.

The Government has appointed 12 New Zealanders as members of the Flag Consideration Panel which will engage with the public about a possible new New Zealand flag, Deputy Prime Minister Bill English says.

The panel will be chaired by former deputy vice-chancellor of the University of Canterbury Emeritus Professor John Burrows, ONZM, QC of Christchurch who was co-chair of the Constitutional Advisory Panel. Writer and reviewer Kate de Goldi of Wellington will be the deputy chair of the Flag Consideration Panel.

The other 10 members are:

Higher than expected tax revenue and lower than expected operating expenses contributed to an operating balance before gains and losses (OBEGAL) deficit of $990 million for the six months to December, Finance Minister Bill English says.

The OBEGAL deficit was $381 million better than the $1.37 billion deficit forecast by the Treasury in the Half-Year Update in December, driven primarily by core Crown tax revenue being $323 million above forecast.

Good afternoon.

This is my seventh opportunity to talk to this audience, which reflects both the stability of this Government and the opportunity provided by a clear election mandate to embed changes in public services.

I want to start by congratulating the public service.

While it maintains a necessary habit of self-criticism, the public service has achieved the targets this Government has set for it.

We have been able to live within small allowances for new funding.

The Government has set itself ambitious new targets including 75,000 fewer New Zealanders being on benefits by June 2018 as part of its Better Public Services drive, Finance Minister Bill English and State Services Minister Paula Bennett say.

Budget 2015 will be presented on Thursday, 21 May, Finance Minister Bill English said today.

“This will be the National-led Government’s seventh Budget and our ongoing commitment to spending restraint means the public finances continue to improve significantly each year.

“Since we were first elected in 2008, we have seen the economy move from a recession to sustained growth, and New Zealanders are now being assisted by low unemployment, stable low interest rates and wages that are growing faster than inflation.

The 2014/15 Open Data Barometer Global Report shows that New Zealand continues to be one of the best countries in the world at allowing open access to government data, Finance Minister Bill English and Land Information Minister Louise Upston say. 

“New Zealand leads the East Asia-Pacific region and ranks fourth-equal with France in the world behind the UK, US and Sweden,” Mr English says.

Open data is a key indicator of a country’s innovation, transparency and lack of corruption.

The Government’s commitment to helping New Zealanders in need by providing more social housing is at the heart of its social housing reform programme, Ministers Bill English and Paula Bennett say.

Prime Minister John Key today confirmed increased funding for social houses, where tenants receive an income-related rent subsidy from the Government.

Lower than expected operating expenses and higher than forecast customs and excise duties contributed to an operating balance before gains and losses (OBEGAL) deficit $121 million better than forecast for the five months to November, Finance Minister Bill English says.

The OBEGAL deficit was $1.54 billion - down from the $1.66 billion forecast by the Treasury in the Half-Year Update in December, although tax revenue continued to be weaker than forecast.

Low inflation is helping New Zealand households get ahead, with wages on average continuing to rise faster than the cost of living, Finance Minister Bill English says.

Inflation was only 0.8% for the 2014 calendar year, according to figures released by Statistics New Zealand today. In the three months to December, New Zealand experienced negative inflation, with the consumer price index falling by 0.2%.