Policy Advice - Economic Performance
Scope of Appropriation
Policy advice on the Government's economic strategy and policy settings and their effect on New Zealand's economic growth.
Significant Work Completed During 2009/10
- Supported the Capital Market Development Taskforce and advised on options.
- Advised on the Securities Act 1978 review on issues of disclosure, transparency and investor protection, including advice on the establishment of a Financial Markets Authority.
- Provided support in conjunction with IRD to the Tax Working Group in the form of secretariat and papers. This assisted the Tax Working Group in the delivery of its report: A Tax System for New Zealand's Future.
- Delivered in conjunction with IRD advice and support to Ministers that enabled the development, announcement and implementation of the centre-piece of Budget 2010 – the Budget 2010 Tax Package. This included the associated communication material.
- Provided advice on innovation issues, including business R&D incentives and technology transfer, the structure and governance of public sector innovation agencies, and the CRI system (as part of the CRI Taskforce).
- Advanced the Closer Economic Relations (CER) investment protocol.
- Managed review of Overseas Investment Act 2005.
- Advised the Government on the establishment of a possible Productivity Commission, which Ministers agreed to establish.
- Proposed and implemented changes to the Regulatory Impact Assessment system to support better quality regulation.
- Advised the Government on climate change targets in preparation for and after the Copenhagen Climate Change conference.
- Advised on and implemented legislation to extend the Crown Deposit Guarantee Scheme to 31 December 2011.
- Regularly reviewed pricing for the Crown Wholesale Guarantee Facility and advised on the closure of the Facility which took place on 30 April 2010.
| Performance Dimensions | Target | Performance in 2009/10 |
|---|---|---|
| All policy outputs comply with the Treasury's Quality Standards for Policy Advice, as assessed by the Minister three times during the year. | Rated as meeting and frequently exceeding expectations |
Not assessed in 2009/10. Refer to page 60 for further information on the application of the policy standard during 2009/10. |
| Regulatory Impact Analysis: Number of significant Regulatory Impact Statements assessed (see note on Regulatory Impact Analysis below). | 20 | Achieved: 43 |
| 2009/10 Actual $000 |
Supp. Estimates - Voted $000 |
Main Estimates $000 |
2008/09 Actual $000 |
|
|---|---|---|---|---|
| Expenses | 15,242 | 14,041 | 15,465 | 15,836 |
| Funded by: | ||||
| Revenue Crown | 14,951 | 13,789 | 15,227 | 15,553 |
| Other Revenue | 291 | 252 | 238 | 283 |
Actual 2009/10 output class expenditure was $1,201,000 or 9% over the Supplementary Estimates budget largely owing to increased resource allocation (primarily in the areas of Tax, Regulation and Highly Skilled Workforce) than anticipated to deliver on results in this output class.
Notes:
Regulatory Impact Analysis
Regulatory Impact Analysis was a relatively new function for the Treasury, and at the time the measures were set, had not been operating for a full year. Targets for the 2009/10 year were based on our first five months of operating in this area.
