Hon Nicola Willis
Minister of Finance

The latest economic figures highlight the importance of the steps the Government has taken to restore respect for taxpayers’ money and drive economic growth, Finance Minister Nicola Willis says.

Data released today by Stats NZ shows Gross Domestic Product fell 1 per cent in the September quarter.

“Treasury and most economists are forecasting growth to pick up in the current quarter and to grow more strongly next year which is good news for households and businesses.

“However, these figures highlight the importance of getting the Government’s finances back on an even keel and creating an economy that provides opportunity for everybody.

“New Zealanders have now experienced eight quarters of negative growth on a per head basis.

“The decline reflects the impact of high inflation on the economy. That led the Reserve Bank to engineer a recession which has stifled growth.

Encouragingly, inflation is now under control and growth is set to revive. New Zealanders can look forward to brighter prospects next year, but there is no avoiding the conclusion that we have work to do.

“That is why the Government is acting to drive growth by fast tracking major projects, removing red tape, developing an infrastructure pipeline, refocusing the education system on core skills, negotiating additional trade deals, and better aligning support for science with New Zealand’s economic needs and commercial opportunities.”

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