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Progress highlights Future Direction 2015 Building a more productive and competitive economy Delivering better public services within tight financial constraints Responsibly managing the Government’s finances Rebuild Christchurch • Provides a platform for ongoing communication between business and government on the Government’s economic work plan • Sets ambitious targets to focus the direction of the Government’s work • Holds government agencies to account for delivery of work The BGA: Towards 2025 report contains • A market based economy that reflects Kiwi attributes – agile, resourceful, innovative and world-beating • Our businesses add greater value to their goods and services – attracting a premium from our natural resources, intellectual edge and industry know-how • We are more internationally connected to reduce the impacts of distance, and seen as a real hub of talent and ideas for the Asia-Pacific region • An economy where all regions and our people have the opportunity to grow and prosper • We are one of the most highly-skilled countries in the world, with ambitious business leaders who make the best of our diversity of talents and ideas An economy like this will grow our productivity and our incomes, and deliver real and ongoing improvements in the quality of life for all New Zealanders. • We will attract high-quality investment into all parts of New Zealand • We will grow exports, by developing businesses that are internationally connected and able to add value to volume and seize opportunities in an Asia-Pacific centred world • We will develop New Zealand as a hub for high-value, knowledgeintensive businesses conducting more R & D to lift innovation • We will have skilled and safe workplaces, where all our people are equipped with the skills to participate and succeed in our 21st century economy and society • In the natural resources area, we will improve the productivity of our resource-related industries while reducing their environmental impact • We will provide the right infrastructure at the right time to support future investment, growth and quality of life Building Export Markets Creating businesses that are internationally connected and able to add value to volume and seize opportunities in an Asia-Pacific centred world Target: “Increase the ratio of exports to GDP to 40% by 2025” Progress highlights • Signing of the Korea-New Zealand FTA • Increasing the number of companies intensively serviced by NZTE to a total of 612 • Agreement to explore an upgrade of the ChinaNew Zealand FTA • Accession to the WTO Government Procurement Agreement • Significant growth in the international education industry to a total value of $2.85 billion • Significant growth in tourism to a total exceeding $8 billion for the first time • Increasing New Zealand’s footprint in the ASEAN region • ICT exports have increased in value by $384 million since 2010 • Concluding an Air Services Agreement with India • Continuing to roll out Trade Single Window • Ongoing integration of the NZ Story Composition of New Zealand exports (Source: Statistics NZ $ billions, March years) 50 Primary products Unprocessed 40 30 Primary products Processed 20 Manufactures Simply transformed 10 Manufactures Elaborately transformed 0 2003 2005 2007 2009 2011 2013 2015 Other Target: “Create the right business environment and incentives to encourage New Zealand’s business sector to increase its expenditure on R&D to 1% of GDP” • 485 high-tech firms increased their investment in R&D through government grants • Three new technology incubators established to create new R&D-intensive start-ups • Committed up to $210 million to extend ultrafast broadband to cover at least 80% of New Zealanders. • Announced that Vodafone, Kathmandu and Wynyard Group will be anchor tenants at Christchurch Innovation Precinct • Allocated $28.6 million over four years for the ICT graduate school programme • Launched and implemented six National Science Challenges in 2014/15 Building Investment Investment Innovation Significantly lift the rate of business investment as a percentage of GDP to accelerate growth throughout New Zealand Target: “Significantly lift the rate of business investment as a percentage of GDP, with an emphasis on attracting capital that generates economic growth, creates high-value jobs and builds resilience in regions” Progress highlights • Completing the overhaul of our financial markets legislation. • Bringing the Limited Partnerships Amendment Act and Companies Amendment Act into force • Facilitating the establishment of new public growth markets • Supporting the development of equity crowd-funding Private non-residential investment as a proportion of GDP Source: Statistics NZ (December years) 30 25 20 Korea 15 Australia • Increasing NZX equity market capitalisation 10 New Zealand • Completing and publishing regional growth studies 5 United States • Strengthening our consumer credit laws 0 1973 1978 1983 1988 1993 1998 2003 2008 2013 Building Natural Resources Investment Innovation Improving the productivity of our resource-related industries while reducing their environmental impact Target: “The quality of our natural resource base improves over time while Progress highlights sustaining the growth needed from key sectors to meet our 40% exports to • Announced the creation of a new ocean sanctuary in the Kermadec region of the South GDP target” Pacific ocean • Opened the first stage of the Central Plains Water Enhancement Scheme • Introduced the Environmental Reporting Bill (passed in September) • Signed Regional Agreement for New Space Regional Maori Aquaculture Settlements • Published growth studies for Northland, Bay of Plenty and Manawatu–Whanganui that identify opportunities to sustainably grow regional incomes, jobs and investment. • Published a “Guide to Section 32 of the Resource Management Act” • In 2014, renewable energy accounted for 80 per cent of New Zealand’s electricity generation. • Developed the Māori Agribusiness Pathway to Improved Productivity programme Building Skills Investment Innovation Build skills, where all our people are equipped with the skills to participate and succeed in our 21st century economy and society Progress highlights Target: “Materially lift New Zealand’s long-run productivity growth rate while maintaining our high rate of labour force participation.” • In 2014 the proportion of 25-34 year-olds with NZQF Level 4 or higher qualifications was 54.9 per cent, up from 52.6% in 2012 • Establishment of the first 11 Communities of Schools and the implementation of the Principals Recruitment Allowance, to raise quality teaching and leadership in our schools • Increasing our investment in apprenticeships • Targeting intensive services to those clients identified as having the highest future liability, as part of the investment approach to welfare • Holding four job fairs in Perth, Melbourne, Sydney and Brisbane • Enabling the supply of the skills needed for the Canterbury rebuild, through the Canterbury Skills Shortage List, the Canterbury Skills and Employment Hub, and the Skills for Canterbury package. • Enactment of the Employment Relations Amendment Act in March 2015 • Increasing the size of the Labour Inspectorate Percentage of population with tertiary education Percentage of population Source: Education at a Glance 2014: OECD Indicators 50 45 40 35 30 25 20 15 10 5 0 OECD average Denmark Ireland Finland United Kingdom New Zealand Israel Building Infrastructure Investment Innovation Providing the right infrastructure at the right time to support future investment, growth and quality of life Target: “By 2030, New Zealand’s infrastructure is resilient and coordinated and contributes to economic growth and increased quality of life” UFB Rollout as at June 2015 Progress highlights • The deployment of ultra-fast broadband • Strong progress in strengthening our roading network • The electrification of Auckland’s metro rail network • Establishing a total of 100 Special Housing Areas across New Zealand • Securing a sale and development agreement to construct 237 homes in Christchurch • Removing regulatory barriers that drive up costs of construction • Major progress on the rebuild of Christchurch • 34,000 homes insulated through the Warm Up New Zealand: Healthy Homes initiative. • Largely completing $5 billion of investment in the national electricity grid • Driving better social housing outcomes