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[147] Economic and trading links between Australia and New Zealand are underpinned by the "Closer Economic Relations" (CER) agreement, which allows for free trade in goods and most services. By March 2013, total foreign debt stood at $251 billion, well over 100% of New Zealand's Gross Domestic Product. New Zealand ranked second out of 180 countries surveyed in Transparency International’s 2018 Corruption Perceptions Index and is renowned for its efforts to ensure a transparent, competitive, and corruption-free government procurement system. The dairy farming can therefore be seen as a response to the powerful market demands in Europe, transforming not only New Zealand's countryside, economy and production techniques, but also causing migration in order to create the needed supply of dairy farming. [153] A number of US companies have subsidiary branches in New Zealand. [49] Between 2012 and April 2016, the average Auckland home increased in price by just over two-thirds reaching $931,000 – higher than the cost of an average home in Sydney. [84] New Zealand suffers from a geographical imbalance between electricity production and consumption. The well-developed financial sector offers a wide range of financing instruments. © 2020 Forbes Media LLC. Britain applied to join the European Economic Community (EEC) in 1961, but was vetoed by the French. [34], The cuts in income tax were estimated to have reduced revenue by $2.46 billion. [82] The electricity sector uses mainly renewable energy sources such as hydropower, geothermal power and increasingly wind energy. The economy is going through a softer patch and we expect it will struggle to grow above trend from here. Between 1984 and 1993, New Zealand changed from a somewhat closed and centrally controlled economy to one of the most open economies in the OECD. Source: 2019 Index of Economic Freedom, Heritage Foundation. [39] In 2019, New Zealand was ranked 1st on the Corruption Perceptions Index with a score of 87 out of 100. Those at the bottom end, earning less than $356 a week, spend between 11% and 14% on GST. Domestic activity slowed sharply over 2008 as high fuel and food prices dampened domestic consumption, while high interest rates and falling house prices drove a rapid decline in residential investment. Australia is now the destination of 19% of New Zealand's exports, including light crude oil, gold, wine, cheese and timber, as well as a wide range of manufactured items. As of February 2014[update], NZX had a total of 258 listed securities with a combined market capitalisation of NZD $94.1 billion. Harris’ vision for a better, happier and more cohesive New Zealand is now a step closer to being fulfilled, with Jacinda Ardern’s new wellness budget. Fiji is the biggest individual market followed very closely by Papua New Guinea, French Polynesia and New Caledonia. [57] Mortgage adviser Bruce Patten said the trend was 'disturbing' and added to the gap between the 'haves and have-nots'. A competitive telecommunications market has seen mobile prices drop to some of the lowest in the OECD. Together, these five partners account for 66% of New Zealand's two-way trade. In FY 2014, export receipts exceeded imports by NZ$3.9 billion. In 2007, around 7% of all New Zealand agriculturally productive land was foreign-owned. Property Rights 93.3 Create a Graph using this measurement, Judicial Effectiveness 79.1 Create a Graph using this measurement, Government Integrity 93.9 Create a Graph using this measurement. New Zealand has a high rate of internet use. Press [111][112], Inflation continued to be a major problem afflicting the New Zealand economy. In FY 2014, New Zealand's investment income from the rest of the world was NZ$7 billion, versus outgoings of NZ$16.3 billion, a deficit of NZ$9.3 billion. Investment and spending will be weaker, with policy providing an important but only partial offset. This trend continued until September 2012, reaching a high of 6.7%. [150], In July 2014, negotiations on the Partnership Agreement on Relations and Cooperation (PARC) between New Zealand and the European Union were concluded. "[70], The New Zealand state highway network consists of 11,000 km of road, with 5981.3 km in the North Island and 4924.4 km in the South Island, built and maintained by the NZ Transport Agency, and paid for from general taxation and fuel excise duty. The New Zealand Aid Programme, allocated about $550m a year, is focused primarily on promoting development in the Pacific. The RBNZ has already cut the OCR, and we expect they'll do so again in August and November; the NZD remains around 2% below late-March levels; and Budget 2019 included a little extra fiscal stimulus. The main purpose of KiwiSaver is for retirement savings, but younger participants can also use it to save a deposit for their first home. Google+, © Copyright: 2020. Because of rounding, the sum of the percentages may be smaller/greater than 100%. We may be punching above our weight, but that’s only because we are in the wrong weight division! The inequality ratio increased between 1988 and 2004, and decreased until the onset of the Global Financial Crisis in 2008, increasing again to 2011 and then declining again from then. [45] The Asian financial crisis of 1997 set unemployment upwards again, by 28%. [23], The major capital market is the New Zealand Exchange (NZX). Some goods and services carry a specific tax, referred to as an excise or a duty such as alcohol excise or gaming duty. [130] The largest of these was South Canterbury Finance which cost taxpayers NZ$1.58 billion when the company collapsed in August 2010. Momentum has slowed, and it’s likely this process has further to run as the drivers of growth continue to become less synchronised. Rightly, the crisis has galvanised policymakers with governments and central banks taking unprecedented steps to cushion the blow and ease pressures in financial markets. [107], Unfortunately for New Zealand, most of these projects only came on line at the same time as oil prices dropped during the 1980s oil glut. The 83% share of renewable energy sources[83] makes New Zealand one of the most sustainable economies in terms of energy generation. Almost half of that increase went to a small group who were already the richest in the country. Imports from the US include specialised machinery, pharmaceutical products, oil and fuel. Up until that time New Zealand's monetary policy had been set in the United Kingdom, and the New Zealand Pound was issued by private banks. [48] International surveys in 2013 showed that housing was unaffordable in all eight of New Zealand's major markets – unaffordable being defined by house prices which are more than three times the median regional income. There is no capital gains tax although certain "gains" such as profits on the sale of patent rights are deemed to be income, income tax does apply to property transactions in certain circumstances, particularly speculation. New Zealand: Economic and Political Overview. Local property taxes (rates) are managed and collected by local authorities. [125], Between 2000 and 2007, the New Zealand economy expanded by an average of 3.5% a year driven primarily by private consumption and the buoyant housing market. [105] Once Labour came to power in 1984, many of these projects were sold to private industry as part of a wider sale of state-assets.[106]. [150] New Zealand initiated a free trade agreement with Singapore in September 2000 which was extended in 2005 to include Chile and Brunei and is now known as the P4 agreement. Economic Forecast Summary (June 2020) Access New Zealand Projection Data; Access Projection Data and Analysis ; Reform Priorities (July 2019) 2017 Reform Priorities; Access Economic Policy Reforms: Going for Growth, Report; Economic Survey of New Zealand (April 2019) Executive Summary . The official number of people unemployed in 1959 was only 21. All new spending must advance one of five government priorities: improving mental health, reducing child poverty, addressing the. The CER also creates a free labour market which allows New Zealand and Australian citizens to live and work freely in each other's country together with mutual recognition of professional qualifications. In the 1870s, Julius Vogel was periodically both colonial treasurer and premier. From then on the Reserve Bank focused on keeping inflation low and stable, using the Official Cash Rate (OCR) – the price of borrowing money in New Zealand – as its primary means to do so.

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