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The Treasury Statement of Intent 2012-17

Foreword: Minister of Finance

Over the next few years, the Government is committed to advancing its comprehensive economic programme to build a brighter future for New Zealanders after the series of external and internal shocks that hit our economy between 2008 and 2011.

The Government's programme is designed to rebuild and strengthen the economy. It has set out its main priorities for this term, which are:

  • Responsibly managing the Government’s finances.
  • Building a more productive and competitive economy.
  • Delivering better public services within tight financial constraints.
  • Rebuilding Christchurch.

Success on these fronts will require ongoing steps to raise the economy's international competitiveness and productivity, give businesses the confidence to invest and create new jobs, and improve public services by delivering them in more innovative and effective ways. The Government will continue to support the people of Christchurch in rebuilding their city.

The Government aims to return the Crown's accounts to surplus in 2014/15 and in following years. We will do this so we can start reducing public debt and help unwind the long-term imbalances that have held our economy and society back.

Compared with many countries, particularly in Europe, New Zealand is relatively well placed: our terms of trade are expected to remain at elevated levels because our larger trading partners are among the stronger-performing economies in the world; rebuilding Christchurch will provide a substantial impetus to some of the domestic-orientated sectors of the economy over coming years.

Overseas economic events still pose a risk for New Zealand. The Government will continue to monitor those developments, while remaining focused on tilting the economy towards exports, savings and investment and away from over-reliance on overseas debt-funded consumption.

This Statement of Intent sets out what the Treasury will do to help the Government achieve its economic priorities and long-term goal of growing the country's economic performance. I am satisfied that the information on future operating intentions provided by the Treasury in this Statement of Intent and the Information Supporting the Estimates is in accordance with sections 38, 40 and 41 of the Public Finance Act 1989 and is consistent with the policies and performance expectations of the Government.

 

Hon Bill English

Minister of Finance

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