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08 August. Finance Minister Bill English talks about the US economy, the global debt problem, what it means for New Zealand and why our economy is relatively well-placed to weather any shocks in the pipeline.

08 August. Finance Minister Bill English talks about the US economy, the global debt problem, what it means for New Zealand and why our economy is relatively well-placed to weather any shocks in the pipeline.

Deputy Prime Minister Bill English and Māori Affairs Minister Dr Pita Sharples today announced the 12 appointees to the Constitutional Advisory Panel. 

The Government confirmed last December that it would conduct a wide-ranging review of New Zealand’s constitutional arrangements – including the size of Parliament, the length of the electoral term, Māori representation, the role of the Treaty of Waitangi and whether New Zealand needs a written constitution.

It was the start of a considered process that would take place over three years.

The Government has taken several steps to ensure New Zealand can minimise any fallout from the United States’ ongoing debt problems, Finance Minister Bill English says.

“Despite a compromise deal being reached in Washington, there is no doubt the situation in the United States is serious – both for the US itself and for the global economy,” Mr English says.

Finance Minister Bill English today welcomed a largely positive review of the Government Superannuation Fund Authority (GSFA).

The independent review, which is required every five years, was carried out by JANA Investment Advisers and tabled in Parliament today.

It is the second review since the GSFA was set up in 2001 to administer the Government Superannuation Fund (GSF), which manages superannuation entitlements for about 68,000 current and former civil servants.

The Government is introducing legislation to further tighten the rules for non-bank deposit takers (NBDTs) – another step in lifting investor confidence in our financial institutions, Finance Minister Bill English says.

The Non-Bank Deposit Takers Bill introduces licensing requirements and strengthens the Reserve Bank's powers, completing a new regulatory regime for NBDTs. It will be introduced to Parliament next week.

Acting Prime Minister Bill English has condemned the twin attacks that are reported to have killed at least 80 people in Norway and left many more injured.

“I’m shocked and saddened at the news of the bombing and shootings,” Mr English says. “New Zealand joins with other countries in condemning these attacks on innocent people. Our thoughts and condolences are with the people of Norway at this time.”

Finance Minister Bill English will attend the Pacific Island Forum economic ministers’ meeting next week in Apia, Samoa.

The meeting is expected to focus on how to increase growth and broaden economic activity in the region.

"New Zealand places huge importance on the region's continued growth and development," Mr English says.

"I'm very keen to hear other ministers' views on how we can lift sustainable economic growth in the region, ahead of the Pacific Islands Forum in Auckland in September.

Just as the economy is gaining momentum, the last thing New Zealand needs is more taxes and more debt, Finance Minister Bill English says.

“The economy is really gathering momentum, as we saw in the encouraging GDP data today showing the economy grew significantly faster than expected in the March quarter despite the earthquake,” he says. “More taxes and more debt under Labour would put that at risk.

Considerable progress has been made in further strengthening trans-Tasman ties, New Zealand Deputy Prime Minister and Finance Minister Bill English and Australian Deputy Prime Minister and Treasurer Wayne Swan said.

After talks in Wellington today, the ministers released a stock take showing the steps taken towards the creation of a Single Economic Market between the two countries since an outcome framework was announced in August 2009.

Despite the devastating Canterbury earthquake on 22 February, the economy grew by 0.8 per cent in the March quarter amid signs that the pace of the recovery is picking up, Finance Minister Bill English says.

Statistics New Zealand today confirmed gross domestic product (GDP) has grown in seven out of the past eight quarters. The latest result took GDP growth to 1.5 per cent in the year to March 31.

The March quarter growth was 1.1 per cent higher than Treasury's Budget forecast. Statistics New Zealand also revised growth upwards in the previous three quarters.

The next steps in progressing the Trans-Tasman Single Economic Market will be on the agenda when Finance Minister Bill English meets Australian Deputy Prime Minister and Treasurer Wayne Swan this week.

The ministers meet in Wellington on Thursday, before they share their views on the economic outlook for Australasia in speeches to a Trans-Tasman Business Circle lunch in the city.

The Government’s financial statements for the 11 months to 31 May show some early signs of progress in getting the deficit under control, Finance Minister Bill English says. 

The operating deficit before gains and losses was $10.8 billion for the 11 months - $1.3 billion below forecasts due to higher than expected tax revenue and lower core Crown expenses.

The National Infrastructure Plan shows the Government will invest over $17 billion in infrastructure in the next four years, supporting thousands of jobs and setting a platform for growth, Infrastructure Minister Bill English says

"Central government will invest $7.6 billion on social assets like schools, hospitals, state houses and prisons over the next four years, $6.5 billion on roads and about $1.5 billion each on broadband and rail," Mr English says.

The Government will investigate the feasibility of developing a Whole-of-Government Radio Network as a Public-Private Partnership (PPP), Infrastructure Minister Bill English and Police Minister Judith Collins announced today.

Over the past three years the Government has funded Police to build a digital radio network in Auckland, Wellington and Canterbury to replace their existing analogue network.

20 June briefing on the economy from Finance Minister Bill English in which he speaks about the growing confidence in the economy, why that confidence is well-placed and what the Government is doing to assist the recovery.
 

20 June briefing on the economy from Finance Minister Bill English in which he speaks about the growing confidence in the economy, why that confidence is well-placed and what the Government is doing to assist the recovery.

Improving New Zealanders’ knowledge of personal financial issues will help contribute to a healthier economy based on more savings and less debt, Finance Minister Bill English says.

“Better financial literacy is not only good for the economy – it also helps individual New Zealanders make better decisions about their own personal finances,” he said today in launching the New Zealand Centre for Personal Financial Education in Wellington.

After-tax wages continue to rise faster than prices, Finance Minister Bill English says.

The real after-tax average wage increased 2.5 per cent in the year to March 2011, after accounting for all consumer price increases including food prices and the one-off rise in GST last October.

“Everyone’s circumstances are different, and we appreciate things remain challenging for many New Zealanders. But it’s encouraging to see that, on average, take-home wages continue to rise faster than prices,” Mr English told Parliament today.

The Government’s operating deficit before gains and losses is expected to reach around $16.7 billion for the year to 30 June, as forecast in the Budget last month, Finance Minister Bill English says.

This is despite core Crown expenses coming in $525 million below forecast for the 10 months to 30 April, leaving the OBEGAL deficit at $10.9 billion for the 10 months.

“We will run a record annual deficit this year and it’s essential that we take the steps outlined in the Budget to bring it down and return to surplus by 2014/15,” Mr English says.

The Government is proposing changes that will reduce the number of government agencies as it seeks better value for money, less duplication and improved co-ordination across the state sector, Deputy Prime Minister Bill English and State Services Minister Tony Ryall announced today.

The proposals include disestablishing five crown entities and three tribunals, merging two government agencies, establishing shared corporate services across the government's three central agencies and consolidating the services of a number of others.

The Government has established a new group to advise on state sector reform, Deputy Prime Minister Bill English and State Services Minister Tony Ryall announced today.

"As the Prime Minister said in his Statement to Parliament, the Government is committed to getting better value for money from public spending so we can deliver better public services to taxpayers with little or no new money over the next few years," Mr English says.

Finance Minister Bill English leaves on 23 May for Singapore and Hong Kong, where he will speak to business, investment and political leaders about New Zealand’s progress in building faster growth and higher national savings.

“Budget 2011 sets out a faster path to healthy surplus in 2014/15 - a year sooner than expected last year, despite the large costs involved in our commitment to rebuild Christchurch,” Mr English says. “Given the significant challenges we have faced in the past three years, this achievement should not be under estimated.