PM's Column-Looking ahead with confidence 자신감있게 미래전망
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2015.05.13 08:59
In just over a week, Finance Minister Bill English will deliver the National-led Government’s sevent Budget. Budget 2015 will be delivered in the context of a growing economy and improving Government finances. It will set out in detail the Treasury’s revised economic and fiscal forecasts as well as the Government’s decisions around new spending.
New Zealand has made significant progress in recent years thanks to the National-led Government’s clear economic plan and responsible management of the books. Last year we were one of the faster growing economies in the developed world, and we remain on track for further solid growth of around 3 per cent.
This growth is supporting tens of thousands of new jobs each year. Latest statistics show there were 16,000 new jobs created in the first quarter of this year and we have record-high participation in the workforce.
New Zealand has now seen job growth in 16 out of the last 17 quarters, and job growth is running ahead of Treasury predictions.In Budget 2011, Treasury forecast 171,000 more jobs to June 2015. The current figure of 194,000 is 23,000 ahead of that target, with one quarter still to run.
Not only are more jobs being created, but wages are continuing to increase ahead of the cost of living. Average hourly earnings are up 2.1 per cent over the past year, compared with inflation of just 0.1 per cent.
Households and businesses are continuing to benefit from this low inflation and low interest rates.The Budget on 21 May will set out the next steps in the Government’s overall programme.Already we’ve made a number of important pre-Budget announcements that will help children and families.
These include $244 million to build seven new schools and 241 new classrooms across the country, $98 million for more elective surgeries to reduce pain and improve quality of life, and an $80 million boost for research and development, over the next four years.Overall Budget 2015 will include around $1 billion of new spending on important initiatives that will help New Zealanders get ahead so I look forward to updating you on this in coming weeks.
