Introduction from the Chief Executive
This Statement of Intent explains how the Treasury is responding to the most challenging economic situation in most people's living memory.
We are focusing on the financial crisis in the short term, but are also keeping our eye on the period of economic recovery to come.
As the Government's chief economic, fiscal and regulatory advisor, our goal is to improve New Zealanders' standard of living through our three outcomes: improved economic performance; a stable and sustainable macroeconomic environment; and improved State sector performance.
These outcomes dovetail nicely with the Minister of Finance's priorities: managing New Zealand's path through the economic downturn; making the New Zealand economy more productive; and making government expenditure more productive and effective.
The economic downturn requires our immediate attention, and we are helping the Government manage through the current situation, preparing for the risks ahead and helping to deliver the Government's three- to five-year fiscal strategy.
We are also focusing on making the State sector more efficient and effective through improved performance and better monitoring, among other measures.
Meanwhile we are progressing work on some key initiatives, among them the new National Infrastructure Unit, which will help to optimise Government's long-term investment in national infrastructure, and the Crown Wholesale Guarantee Facility and Crown Deposit Guarantee Scheme, which have helped to retain access to international wholesale markets and rebuild confidence in the New Zealand financial sector.
As circumstances permit, we will move into longer-term work, looking for example at productivity, natural resource management, investment and savings.
To be effective in this rapidly changing world, the Treasury needs to be responsive and nimble. It is important that we use all the information and connections we can to focus on the horizon ahead and to maximise our use of opportunities. To do this, we will continue to engage with stakeholders and remain alert for opportunities to engage more widely. This approach ensures we are able to support the Government with well-informed and pragmatic advice, tailored to meet New Zealand's changing circumstances.
These are not the best of times, but neither are they the worst. I have great confidence in the abilities of Treasury staff to put into action the ideas contained in this Statement of Intent, for the benefit of all New Zealanders.
John Whitehead
Secretary to the Treasury
