Articles tagged with Treasury
Strong Q3 Economic Growth Boosts Confidence Ahead of Christmas, Says Finance Minister
1 week ago | 100 viewsFinance Minister Nicola Willis welcomed the strong 1.1% economic growth in the third quarter, driven by 14 of 16 sectors, signaling a positive turnaround after challenging years. Key job-rich sectors like manufacturing, construction, and business services showed significant growth, alongside increases in exports and investment, indicating promising future job prospects and higher incomes. With GDP per capita rising 0.9% and forecasts predicting accelerated growth and lower unemployment next year, the government’s strategy to strengthen the economy appears effective.
Tags: economy growth Nicola Willis Finance Minister Stats NZ Treasury Reserve Bank manufacturing sector construction business services GDP per capitaNZ Government Commits to Fiscal Discipline with Surplus Target by 2029
1 week ago | 119 viewsFinance Minister Nicola Willis emphasizes the need for continued fiscal discipline to restore New Zealand’s budget surplus and reduce debt, despite Treasury’s forecast of a strong economic recovery with 3% growth and low inflation. The government aims for a surplus by 2028/29 through a medium-term fiscal consolidation strategy, maintaining tight control over discretionary spending and limiting operating allowances to $2.4 billion next year. Priorities include health, education, defence, and law and order, with new funding to come from savings and reprioritisation, ensuring the country remains fiscally responsible compared to other advanced economies.
Tags: Nicola Willis New Zealand Treasury Budget OBEGALx fiscal discipline economic recovery debt inflation governmentUpdated Public-Private Partnership Guidance Boosts NZ Infrastructure Projects
2 weeks ago | 112 viewsNew Zealand has updated its Public-Private Partnership (PPP) guidance to enhance clarity, consistency, and effectiveness in infrastructure delivery, building on lessons from past projects and international models. Key improvements include bid cost reimbursement, price validation, flexible works completion regimes, and provisions for project expansions, aiming to attract global investment and improve project outcomes. The updated guidance supports government agencies in delivering durable infrastructure that meets high standards, addressing New Zealand’s infrastructure challenges and aligning with global best practices.
Tags: Chris Bishop Simon Court New Zealand Infrastructure Treasury PPP Blueprint Infrastructure Investment Summit Roads of National Significance Correctional FacilitiesGovernment Accepts Banking Competition Recommendations for Increased Innovation and Consumer Benefits
1 month ago | 158 viewsThe Government has accepted or partially accepted all recommendations from the Finance and Expenditure Committee's inquiry into banking competition, focusing on business, rural banking, and lending to Māori entities. The findings highlighted concerns about high banking profitability, market concentration, barriers to entry, and regulatory settings, aligning with the Commerce Commission's report. Actions include allowing Kiwibank's parent company to raise capital, emphasizing banking competition in policies, encouraging standardization of financial information, disclosing account profitability, expanding regulatory sandbox trials, developing a licensing model for innovation, and coordinating monitoring through the Treasury.
Tags: Government Finance and Expenditure Committee Nicola Willis Commerce Commission Kiwibank Reserve Bank Scott Simpson Financial Markets Authority Treasury Māori.Unlocking Capital: Government to Sell Chorus Securities for Infrastructure Investment
2 months ago | 259 viewsThe Government is considering selling its investment in Chorus to free up capital for more beneficial projects in New Zealand, following the completion of the Ultra-Fast Broadband initiative in 2022. Minister of Finance Nicola Willis highlights the need to redirect the capital into investments that will benefit New Zealanders, with Infrastructure Minister Chris Bishop aiming to expedite the sale to private investors by early 2026 to allocate the proceeds towards hospitals, schools, and roads in Budget 2026. NIFFCo will conduct due diligence on the securities, evaluate market interest, and provide recommendations on the optimal sales process, with a decision on the sale expected by the end of 2025 to ensure value-for-money expectations are met.
Tags: Government Chorus NIFFCo Nicola Willis Chris Bishop Treasury fiscal strategy economic growth New ZealandersTreasury Report: Pitfalls of Excessive Government Spending Exposed
4 months ago | 632 viewsFinance Minister Nicola Willis highlights Treasury's report on the dangers of excessive government spending, emphasizing the challenges of using large spending measures in response to one-off shocks like the Covid-19 pandemic. The report criticizes the fiscal response to Covid, pointing out significant errors made and urging policymakers to avoid repeating those mistakes. It emphasizes the importance of restoring fiscal guardrails promptly after increased spending during crises, praising the current Government's commitment to responsible fiscal and economic management.
Tags: Treasury report government spending Finance Minister Nicola Willis fiscal policy economic shocks Labour government fiscal responseFinance Minister Nicola Willis Reacts to Lower Than Forecast Unemployment Rates
4 months ago | 663 viewsFinance Minister Nicola Willis has acknowledged the latest labour market data, revealing a lower-than-expected unemployment rate of 5.2% for the June quarter, below the Treasury's forecast of 5.4%. Despite challenges like inflation and rising interest rates, the government's efforts have led to 8,000 fewer unemployed individuals than initially projected, with a focus on economic recovery and job creation through initiatives like government-funded construction projects and investment incentives. Additionally, there has been a notable increase in average hourly earnings by 4.5% in the past year, surpassing the inflation rate of 2.7%.
Tags: labour market unemployment Finance Minister Nicola Willis Stats NZ Treasury forecast economic management inflation interest rates job creationGovernment's Initiative to Reduce Excise on Heated Tobacco Products for Smoking Cessation
4 months ago | 1147 viewsAssociate Health Minister Casey Costello highlighted that the Government's reduction in excise on Heated Tobacco Products (HTPs) aims to help more people quit smoking. The focus is on promoting public health by encouraging smokers to switch to less harmful alternatives like HTPs. The Ministry of Health is monitoring the impact of the excise change and has set up an expert advisory group to enhance regulations on all nicotine and tobacco products.
Tags: Government Heated Tobacco Products Smoking Casey Costello Ayesha Verrall Treasury Excise Duty Ministry of Health HTPs VapingEconomic surprise great news for Kiwis
6 months ago | 1490 viewsToday’s surprise economic result is great news for workers, families and businesses, Finance Minister Nicola Willis said today. “Stats NZ reported today that the economy grew 0. 8 per cent in the first three months of the year, twice the rate forecast by the Treasury and the Reserve Bank a short time ago.
Tags: New zealand Nicola willis Reserve bank Stats nz TreasurySpeech to the Wellington Chamber of Commerce: Saying yes to more housing
6 months ago | 1355 viewsGood morning and thanks to the Wellington Chamber of Commerce for hosting us. I have spent most of my life in either the Hutt or Wellington and I love this city and I love our region. Some people like to paint this city as only a public service town.
Tags: New zealand Treasury Wellington Wellington chamber of commerce Zealand