INDEPENDENT NEWS

Time for a frank discussion about capital markets

Published: Mon 9 Sep 2019 03:19 PM
Paul Goldsmith - Finance
9 September 2019
National looks forward to having a serious discussion with New Zealanders about the key recommendations in the Capital Markets Taskforce 2029 final report, National’s Finance spokesperson Paul Goldsmith says.
“National welcomes the report and will consider the recommendations put forward to generate more participation, increase the range of offerings in our capital markets and better fund infrastructure.
“As outlined in our Economic Discussion Document, National recognises that we need deep, dynamic capital markets in order to increase New Zealand’s relatively weak productivity levels and improve the standard of living for everyone.
“Without better capital markets, Kiwi businesses will not have access to the capital they need in order to grow.
“We will take time to consider the recommendations carefully, but we are interested in a closer look at the Taskforce’s recommendations around KiwiSaver settings, tax, improving financial capability for young New Zealanders and simplifying and improving regulations, particularly relating to foreign direct investment and anti-money laundering regulations.
“Of course, the other ingredient needed to encourage and grow our capital markets is confident businesses that are willing to invest, grow and hire new staff.
“Business confidence has plummeted under this Government because it has put reckless ideology ahead of mainstream economic policy. Confidence is now at its lowest levels since the depths of the Global Financial Crisis.
“National understands that a strong economy is what puts more in the back pockets of New Zealanders and allows us to invest more in the things that matter to all of us.”
ends

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