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Fit with your priorities
As noted, our understanding of the literature suggests that there are no "magic bullets" among these drivers - countries need to be strong in all of them to deliver a strong productivity performance.
Our detailed comments on your priorities at a policy level are included in Section 6.
At a strategic level, however, we see your priorities as addressing all drivers to some extent, but with important areas where we believe there is scope to do more:
Priorities and Medium-term considerations to deliver strong productivity performance
| |
Focus of your priorities |
Medium-term considerations |
| Enterprise |
- Personal tax reductions
- Improve overall regulatory environment (including RMA and labour regulation)
|
- Tax strategy over time with productivity focus
- Systems changes to improve quality of regulation
|
| Innovation |
- Bolster public sector RS&T funding, including more direct funding of CRIs
|
- Firm-focused support for innovation
- Address fragmented public sector
|
Investment |
- Invest in infrastructure and develop a plan
- Increase "home bias" of Super Fund
|
- Support plan by more rigorous project evaluation and more efficient use of existing infrastructure
- Taskforce underway on strengthening capital markets
|
| Skills |
- Improve schooling standards
- Improve participation of school-aged in education and training
|
- Improve investment quality in ECE and schooling sectors
- Focus tertiary investment on degree level qualifications
|
| Natural resources |
- Adjust emissions trading regime
- Short-term RMA reform
|
- International emissions commitments
- Management of freshwater
- Consider more fundamental RMA changes
|
| Public sector |
- Re-orientate resources to front-line staff
- Review all departmental spending
|
- Improve information and performance assessments
- Adopting targeted review processes
|
| International connectedness |
- Attract high-skilled expat Kiwis
|
- NZ integration in Asia-Pacific region
|
The main strategic consideration is to identify activities which will effectively complement private sector initiatives, and in doing so maximise the payoff to additional Government effort. We would welcome the opportunity to discuss this with you.
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