Displaying 1 - 24 of 94 results.

Ongoing spending discipline and higher than expected corporate tax revenue have helped keep the Government's finances on track at a time of heightened global uncertainty, Finance Minister Bill English says.

Government spending, tax revenue and net debt were all slightly lower than expected in the Crown accounts for the four months to 31 October issued today, contributing to a operating deficit before gains and losses of $3.36 billion. The variances - due to timing issues - are expected to reduce in coming months.

  • Bill English
  • Finance

The Government remains committed to sound management of its finances and returning to surplus in 2014/15 as the economy continues to grow, Finance Minister Bill English says.

Tax revenue, Government spending and net debt were all slightly lower than expected in the Crown accounts for the three months to 30 September issued today, but these variances are expected to reduce over coming months.

The lower than forecast tax revenue contributed to a slightly larger than expected operating deficit before gains and losses of $2.48 billion for the three months.

  • Bill English
  • Finance

The Government is supporting exporters through two changes that widen the scope and accessibility of the New Zealand Export Credit Office's trade guarantees, Finance Minister Bill English and Trade Minister Tim Groser say.

"The Government is focused on lifting New Zealand's exports, so we can build a faster growing economy with higher incomes and more real jobs," Mr English says.

  • Bill English
  • Tim Groser
  • Finance
  • Trade

The Government plans to overhaul consumer credit laws to protect unwary consumers being preyed on by unscrupulous credit companies, Finance Minister Bill English says.

“There has been significant and much-needed reform of the investment side of the financial sector over the past three years,” Mr English says.

“However, credit providers remain largely unregulated and have no conduct requirements, leading some to exploit vulnerable people, resulting in severe financial hardship and spiralling debt. This is not acceptable.”

  • Bill English
  • Finance

The Government has decided to set up a company to manage the recovery of the remaining assets of six finance companies placed in receivership while they had Crown guarantees, Finance Minister Bill English says.

"Right throughout the Retail Deposit Guarantee scheme the Government has sought to minimise disruption to the economy, while reducing the cost to taxpayers," Mr English says.

"The receiverships of these six firms have reached the stage where all the readily marketable assets have been sold.

  • Bill English
  • Finance

The Government is on track to return to surplus in 2014/15, with the recovery continuing to pick up pace, Finance Minister Bill English says.

Treasury today released the Pre-Election Economic and Fiscal Update (PREFU) which forecasts average annual growth of almost 3 per cent between 2012 and 2016, more than 150,000 new jobs over the forecast period and strong growth in wages and household incomes.

  • Bill English
  • Finance

The Government will proceed with KiwiSaver auto-enrolment in 2014/15 subject to returning to surplus, as part of its programme to build genuine national savings, Finance Minister Bill English says.

“In the current environment, we need to be mindful of the fiscal costs of all programmes. So we will proceed with KiwiSaver auto-enrolment in the same fiscal year in which we return to surplus and start to repay debt,” he says.

  • Bill English
  • Finance

The Government remains committed to halving the budget deficit this year – and again next year – before returning to surplus in 2014/15, Finance Minister Bill English says.

The Crown’s accounts for the year to 30 June 2011 show net expenses of $9.1 billion for the Canterbury earthquake last year made up almost half of the Government’s $18.4 billion operating deficit before gains and losses.

  • Bill English
  • Finance

Credit ratings news today reflects global concern about foreign debt in the current world economic environment, Finance Minister Bill English says.

Ratings agencies Fitch and Standard and Poor’s today confirmed they had downgraded New Zealand’s long-term foreign currency rating to AA with a stable outlook from AA+ with a negative outlook.

New Zealand retains the highest possible AAA rating, with a stable outlook, with Moody’s.

  • Bill English
  • Finance

The economy grew faster than forecast in the first half of 2011, but lower than expected growth in the June quarter shows the recovery remains patchy across different sectors, Finance Minister Bill English says.

Statistics New Zealand today confirmed Gross Domestic Product increased 0.1 per cent in the June quarter, following a revised 0.9 per cent rise in the March quarter. This took annual growth to 1.5 per cent in the year to June 30.

  • Bill English
  • Finance

The Government is standing behind its support agreement for AMI Insurance policyholders, as Treasury continues to work closely with the company on recapitalisation options, Finance Minister Bill English says.

Commenting on AMI’s annual results announced this morning, he says the Government has not been called on to pay any money under the support agreement.

“AMI is using its own capital reserves and reinsurance to pay claims from the Canterbury earthquakes as they come due,” Mr English says.

  • Bill English
  • Finance

Finance Minister Bill English leaves tomorrow for New York and Washington DC, where he will visit the World Bank and International Monetary Fund, and meet Federal Reserve chairman Ben Bernanke.

During the visit, Mr English will attend the annual meeting of the World Bank board of governors. He will also hold discussions with a range of business, financial market and government representatives.

“This visit is timely, in light of economic and financial market events around the world in recent months,” Mr English says.

  • Bill English
  • Finance

Government measures to cut red tape are on track to cut compliance costs for businesses and consumers by around $200 million a year, Finance Minister Bill English and Regulatory Reform Minister Rodney Hide say.

The estimate is included in a new Ministry of Economic Development report, Regulatory Reform: Changes Affecting Compliance Costs for Business and Citizens. The report, which will be produced annually, measures progress towards the Government’s goals of better and less regulation.

  • Bill English
  • Rodney Hide
  • Finance
  • Regulatory Reform

The Government today issued more information about its Better Public Services programme, which is focused on delivering better frontline services in areas that matter most to New Zealanders.

The information includes officials’ papers canvassing the need to reduce decision points and clutter in the public service; better sourcing of goods and services; and opportunities to rationalise Crown entities, Finance Minister Bill English and State Services Minister Tony Ryall say.

  • Bill English
  • Tony Ryall
  • Finance
  • State Services

Delivered by Hon Tony Ryall, Minister for State Owned Enterprises, on behalf of Hon Bill English

  • Bill English
  • Finance

A large and growing pool of New Zealand investment funds will ensure strong local demand for the Government's $5 billion to $7 billion mixed ownership programme, Finance Minister Bill English says.

As a result, ministers expect New Zealanders to own at least 85 to 90 per cent of the companies in the mixed ownership programme, including the Government’s majority shareholding, he said in a speech prepared for delivery at the Institute of Financial Professionals of New Zealand conference in Wellington.

  • Bill English
  • Finance

The Earthquake Commission (EQC) has increased its estimated Canterbury earthquakes liability by about $4 billion to $7.1 billion, Finance Minister Bill English says.

The new estimate follows an actuarial valuation of EQC's liability, based on available field assessments of damage claims. It includes an increase of $2.17 billion from the 22 February earthquake and $1.42 billion from the 13 June earthquakes and other aftershocks, which were not previously included.

  • Bill English
  • Finance
  • Earthquake Recovery

Two issues papers released today for public consultation continue the Government’s focus on ensuring fairness in the tax system, Finance Minister Bill English and Revenue Minister Peter Dunne say.

The issues papers, which were announced in Budget 2011, provide options for making the tax system fairer in two areas:

Livestock valuation - this paper presents options for fairer rules covering livestock valuation elections. Mr Dunne says the current rules appear to be too loose, allowing farmers to switch between valuation methods providing an unfair tax advantage.

  • Bill English
  • Peter Dunne
  • Finance
  • Revenue

The Government is encouraging state sector agencies to release more of their data online that has a high potential value to the public and the economy.

"Today the Government is releasing a declaration that clearly sets out our expectation that agencies should release all non-personal and unclassified data with high potential value for re-use," Finance Minister Bill English says.

  • Bill English
  • Nathan Guy
  • Finance
  • Internal Affairs

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.

  • Bill English
  • Finance

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.

  • Bill English
  • Finance

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.

  • Bill English
  • Finance

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.

  • Bill English
  • Finance

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.

  • Bill English
  • Finance