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Statement of Intent 2015-2019

The Treasury's Strategic Intentions

New Zealand has an internationally connected and competitive business environment

What we intend to achieve

  • An internationalisation lens is being systematically applied to significant policy and regulatory work programmes and government interactions with business, households and international stakeholders.
  • Government agencies work together to ensure policy and regulatory programmes support a strong domestic business environment with greater levels of productivity, and sustainable use of natural resources.

Specific intentions include:

  • reduced barriers to the flow of trade, capital, people and ideas
  • government activity provides the foundations for a strong business environment that raises productivity and ensures the sustainability of our natural resources
  • a more responsive housing supply, and
  • revenue to fund government services is raised in a way that biases economic decisions as little as possible.

What success will look like

  • Trade intensity and flows of outwards direct investment increase to levels more proximate to other small, open economies.
  • The Government’s Business Growth Agenda targets are achieved and businesses have the confidence to grow and invest.
  • Productivity grows substantially faster than the Organisation for Economic Co-operation and Development (OECD) average. Improvements to the resource management system, including allocation of freshwater quantity and quality, allow for more efficient resource allocation. Progress is achieved on clarifying Māori rights and interests in freshwater.
  • Housing supply is more responsive to housing demand and regulatory costs are reduced.
  • New Zealand maintains a high ranking on international comparisons of regulatory barriers to business.
  • New Zealand’s tax system is considered internationally competitive while maintaining its integrity and achieving its revenue-raising targets. Infrastructure decision-making provides for efficient and effective infrastructure provision.
  • Capital and insurance markets support strong trend growth.
  • Support internationalisation and innovation by firms, including supporting progress on lifting levels of business research and development.

What we will do to achieve this

  • Provide leadership, policy advice and support to agencies on investment, trade and broader international connectedness; engage with international partners, Free Trade Agreement (FTA) negotiations and International Financial Institutions; and provide export credit. Specifically:
    • work with other agencies to maintain momentum on policy development that supports stronger international connections and engage with stakeholders in the private sector to test where there are future opportunities for policy improvement
    • participate in and leverage opportunities from Asia-Pacific Economic Cooperation (APEC) and other international fora, and
    • participate in OECD work on tax policy and technical issues including Base Erosion and Profit Shifting (BEPS) work on tax evasion and avoidance and aggressive tax planning.
  • Work collaboratively with other agencies to deliver on the Government’s Business Growth Agenda.
  • Work towards a better understanding of productivity over the recent cycle and progressing our understanding of microeconomic and firm-level productivity performance through partnership with the Productivity Hub and Motu Economic and Public Policy Research.
  • Work with other agencies to address the impediments to rapid and responsive housing supply.
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