[UNCLASSIFIED]

MEDIA STATEMENT

Immediate Release

Treasury’s Annual Report shows confidence and collaboration in its 175th year

The Treasury's Annual Report for the fiscal year that ended on 30 June 2015 has been tabled in Parliament and published on its website.

In his introductory comments, Secretary to the Treasury and Chief Executive Gabriel Makhlouf acknowledges the uncertainty in the global economy, but is confident about New Zealand’s prospects both now and in the long-term.

“New Zealand’s economy is in a good position, albeit with lower growth than forecast in Budget 2015 as a result of the further fall in dairy prices and the earlier peaking of the Christchurch rebuild. Our longer-term prospects remain positive as the core drivers of growth are still in place, including accommodative monetary conditions, high net migration and tourist arrivals, robust construction activity and a steady expansion in business activity”, says Mr Makhlouf.

He states the importance of Treasury continuing to focus on an effective fiscal strategy and maintaining a strong understanding of what matters most for New Zealand’s economic performance.

This annual report shows the complex challenges the Treasury faces in its work, but also the way the organisation has collaborated with others across the public, private and social sectors in its achievements this year.

Mr Makhlouf notes several examples including “the foundation work for The Thirty Year New Zealand Infrastructure Plan; cross-agency cooperation to advise Ministers on priorities for growing New Zealand’s international connections; wide collaboration on progressing the Social Housing Reform Programme; and working alongside agencies to support an improvement in the quality of their Four-year Plans and strategic financial management capability.”

2015 marks 175 years since the Treasury’s establishment, and its role has evolved to become much richer and more inclusive over this period. Mr Makhlouf celebrates the Treasury’s history while encouraging staff to look ahead and consider their own legacy.

“As the Treasury reflects on its past, we continue to ask ourselves “What do we want to be remembered for? How will we make our mark?” This Annual Reportshows that we continue to add to our proud history, and are well prepared for an exciting future.”

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