The Treasury Briefing to the Incoming Minister released today is focussed on the longer-term performance of New Zealand’s economy.
"This document purposefully looks past the immediate financial and economic issues impacting on New Zealand and discusses what is required to lift the country’s economic performance and raise living standards over the medium to long term,” Treasury Secretary John Whitehead said.
"We believe that the emphasis we have put on improving productivity growth through measures such as tax and regulation reform, raising skills and innovation levels, better international connectedness, fiscal management and public sector performance are required to address the challenges New Zealand will face over time through an increasingly integrated world, on-going technology changes and domestic resource and demographic pressures.
"Clearly we are always measuring and assessing what is happening in the economy short-term, and we are advising the Government on the impacts of world financial and economic instability and their response to that. As the Minister of Finance noted today, that advice will be released in due course. Our latest forecasts will be released in the December Economic and Fiscal Update with the Budget Policy Statement.
"I am also planning to speak about our updated view of the current situation before the release of the BPS later this month."