Treasury forecasts quake to slow economic activity
Audio, Radio New Zealand
The Treasury is forecasting the Christchurch earthquake will slow economic activity, taking about 15 billion dollars out of the economy over the next five years.
The Treasury is forecasting the Christchurch earthquake will slow economic activity, taking about 15 billion dollars out of the economy over the next five years.
The Treasury is forecasting the Christchurch earthquake will slow economic activity and the Finance Minister says the forecast 11-billion dollar Budget deficit this year will also climb.
The title reads 'Reserve Bank revises down growth foreCASTS'. The cartoon shows someone representing the 'Economy' with crutches and their leg In plaster - hence wordplay on 'cast' and 'forecast'. A statement made by the Reserve Bank on 16th September looked a shadow of the bright one it published three months ago. Quantity: 1 digital cartoon(s).
Shows a graph illustrating the 'Growth forecast' for the economy. A large finger representing the 'Reserve Bank' squashes the growth arrow as though it is a fly and it starts to zig-zag crazily downwards. The statement made 16th September looked a shadow of the bright one the Reserve Bank published three months ago. With its forecasts finalised the day before the Canterbury earthquake struck, the Bank has taken secateurs to its economic growth track, and a carving knife to its interest rate path. Instead of GDP growth pushing 4% this year and next, for example, it now struggles to reach 3% in each. It's tempting to think this has been driven by the wobbling international news over recent months. In fact it's been because of a suddenly sombre view around NZ consumer spending and the housing market. (Interest.co.nz) Quantity: 1 digital cartoon(s).
In the first seven of eight frames astrologer Ken Moon predicts a 'black day ahead', a 'day of great shaking' and 'terror' and 'children crying' and 'people fleeing' and 'a day in May'. In the last frame people realize that he has seen, not an earthquake, but the budget. Context - After the two big earthquakes in Christchurch on 4 September 2010 and 22 February 2011, the so-called Moon Man, Ken Ring, backed away from his prediction that Christchurch would be whacked by a huge earthquake on the 20th of March 2011. His claims terrified Cantabrians and led to people fleeing Christchurch. The 2011 budget will be announced in May and predictions are that it will be a cost-cutting one because of New Zealand's debt, partially caused by the Christchurch earthquakes. Quantity: 1 digital cartoon(s).
Hon PAULA BENNETT to the Prime Minister: Does she stand by all her statements? Dr DEBORAH RUSSELL to the Minister of Finance: What does the Treasury’s 2018 Investment Statement show about the state of the Government’s balance sheet? Hon AMY ADAMS to the Minister of Finance: How much capital expenditure is this Government forecast to spend in the period 2018-2022 compared to the previous Government over these same years, and how much of the difference is funded by an increase in debt? Hon PAUL GOLDSMITH to the Minister for Economic Development: Does this Government have a broad economic development strategy; if so, what is it? Dr DUNCAN WEBB to the Minister responsible for the Earthquake Commission: What announcements has the Government made about changes to how the Earthquake Commission operates? Hon DAVID BENNETT to the Minister of Corrections: Does he stand by his statement on the Marae programme that “the problem right now is that corrections doesn’t have any flexibility…we’re in a real bind”? Hon SCOTT SIMPSON to the Associate Minister for the Environment: Does she agree with the statements in the Annual Report of the Environmental Protection Authority, “we have our share of science deniers, who oppose fluoride, 1080, vaccinations, glyphosate, genetic modification, and much more” and “our Chief Scientist is prominent in emphasising the evidence, data, and science that underpins EPA decision making”; if so, why? JENNY MARCROFT to the Minister for Regional Economic Development: What recent announcements has he made pertaining to the Provincial Growth Fund? SIMEON BROWN to the Minister of Justice: Should maximum legislated sentences reflect the seriousness of the crime committed? Hon NICKY WAGNER to the Minister for Greater Christchurch Regeneration: Does she stand by all her answers to written questions? ANGIE WARREN-CLARK to the Minister for the Environment: What does he think New Zealanders have to celebrate on World Water Day? MELISSA LEE to the Minister of Broadcasting, Communications and Digital Media: Does she stand by all her Government’s policies and actions in the Broadcasting, Communications and Digital Media portfolio?
1. Dr RUSSEL NORMAN to the Minister of Trade: Does he still consider that the United States will benefit from being part of the Trans-Pacific Partnership; if so, how? 2. Hon PHIL GOFF to the Prime Minister: Does he believe that all persons who have served as Ministers in his Government have met the requirement of the Cabinet Manual to behave in a way that upholds, and is seen to uphold, the highest ethical standards in their ministerial capacity, their political capacity and their personal capacity; if so, why? 3. CRAIG FOSS to the Minister of Finance: What reports has he received on the Government's financial position? 4. Hon ANNETTE KING to the Minister of Tourism: How many full-time permanent jobs has his cycleway project created? 5. JONATHAN YOUNG to the Minister for Communications and Information Technology: What progress has been made on the Ultra-fast broadband initiative? 6. Hon TREVOR MALLARD to the Minister of Education: Which ministers, if any, did she personally consult with on the question of removing the requirement for police checks for employees of limited attendance early childhood centres before she introduced the Education Amendment Bill (No 2)? 7. AARON GILMORE to the Minister of Revenue: What examples can he give of families claiming social assistance for which they are not entitled and what has this Government done to stop this abuse? 8. Hon DAVID CUNLIFFE to the Minister of Finance: How much lower will the growth forecast be for the year to March 2011 in the Half Year Economic and Fiscal Update compared with the Budget 2010 forecast? 9. SHANE ARDERN to the Minister of Agriculture: What recent actions has the Government taken to improve the welfare of pigs in New Zealand? 10. Hon RUTH DYSON to the Minister of Health: Will he act to prevent closure of health services in Taihape? 11. AMY ADAMS to the Minister for Land Information: What steps has Land Information New Zealand taken to help in the rebuilding of Canterbury following the 4 September earthquake? 12. Hon DARREN HUGHES to the Minister of Transport: Which project has the higher benefit cost ratio: the Auckland CBD rail loop or the Puhoi to Wellsford Road of National Significance?
Questions to Ministers and lt;br / and gt; and lt;br / and gt; 1. Hon ANNETTE KING to the Prime Minister: Is he satisfied that all systems set up pursuant to commitments he has given to assist residents following the Christchurch earthquake are appropriate and working? and lt;br / and gt; and lt;br / and gt; 2. DAVID BENNETT to the Minister of Finance: What do this morning's Reserve Bank economic forecasts show? and lt;br / and gt; and lt;br / and gt; 3. Hon DAVID CUNLIFFE to the Minister of Finance: By what amount has the Reserve Bank lowered the official cash rate today, and what reason has the Bank given for this action? and lt;br / and gt; and lt;br / and gt; 4. GARETH HUGHES to the Minister of Finance: What will be the impact of the recent fuel price rise on the New Zealand economy, including impacts on GDP, consumer spending and the current account? and lt;br / and gt; and lt;br / and gt; 5. Hon DAVID PARKER to the Acting Minister for Economic Development: Has he been advised by the Prime Minister whether his appointment as Acting Minister for Economic Development is temporary or expected to carry on to the election? and lt;br / and gt; and lt;br / and gt; 6. KATRINA SHANKS to the Minister of Transport: What action is the Government taking to improve Wellington's train network? and lt;br / and gt; and lt;br / and gt; 7. Hon DAMIEN O'CONNOR to the Prime Minister: Can he assure the families of those killed in the Pike River Mine disaster that Government funding will be available for the recovery of bodies, given the mine is now in receiver's hands. and lt;br / and gt; and lt;br / and gt; 8. COLIN KING to the Minister of Civil Defence: Is the Government satisfied with the provision of replacement toilets for earthquake-affected Christchurch residents? and lt;br / and gt; and lt;br / and gt; 9. CAROL BEAUMONT to the Minister of Women's Affairs: Can she outline a significant improvement for women initiated by the current Government? and lt;br / and gt; and lt;br / and gt; 10. ALLAN PEACHEY to the Minister of Education: What provisions have been made to ensure continuity of early childhood education and schooling in the Christchurch region since the 22 February earthquake? and lt;br / and gt; and lt;br / and gt; 11. Hon TREVOR MALLARD to the Minister for Communications and Information Technology: What advice did he receive on any perceived conflict of interest before he took part in the Cabinet decision that led to the deferral of the requirement for MediaWorks to pay its frequency licence to the Crown? and lt;br / and gt; and lt;br / and gt; 12. KANWALJIT SINGH BAKSHI to the Minister of Internal Affairs: What reports has he received on the progress of urban search and rescue and firefighter teams working in Christchurch following the 22 February earthquake?
DAVID SHEARER to the Prime Minister: Does he believe that Hon John Banks has behaved in a manner that “upholds, and is seen to uphold the highest ethical standards” as required by the Cabinet Manual? BARBARA STEWART to the Prime Minister: Did Mr Banks explain to the Prime Minister’s Chief of Staff that he would use “obfuscation” in his dealings with the media over the “anonymous” donations from Kim Dotcom? MAGGIE BARRY to the Minister of Finance: How does the Government intend to strengthen the Public Finance Act 1989 in the Budget this month? Hon DAVID PARKER to the Minister of Finance: In the most recent World Economic Outlook published by the IMF in April 2012, which of the 34 advanced economies listed is forecast to have a worse current account deficit (as a percentage of GDP) than New Zealand in 2013? METIRIA TUREI to the Prime Minister: Does he stand by all the answers he gave to Oral Question No 4 yesterday? KANWALJIT SINGH BAKSHI to the Minister for Economic Development: What action is the Government taking to improve co-ordination of the business growth agenda? Hon PHIL GOFF to the Minister of Foreign Affairs: What damage, if any, has been done to staff confidence and retention by the change proposals for his Ministry announced on 23 February 2012, and does he intend to announce on 10 May 2012 a reversal of many of the proposals? SIMON O'CONNOR to the Minister of Labour: What steps is the Government taking to improve workplace health and safety? GARETH HUGHES to the Minister of Conservation: Does her proposed extension of the Marine Mammal Sanctuary for Maui’s dolphins allow the use of set nets, drift nets, and trawl nets within the sanctuary? IAN McKELVIE to the Minister of Corrections: What reports has she received about trade training within prisons? Hon LIANNE DALZIEL to the Minister for Canterbury Earthquake Recovery: Has he required that all his Ministers involved in the Canterbury earthquake recovery read the briefing paper dated 10 May 2011 prepared by Chief Science Advisor, Professor Sir Peter Gluckman, into the psychosocial consequences of the Canterbury earthquakes; if not, why not? NIKKI KAYE to the Minister of Education: What evidence has she seen of excellent achievement in scholarship exams?
RON MARK to the Prime Minister: Does he stand by all his statements; if so, how? ANDREW LITTLE to the Prime Minister: Does he stand by his statement that “if you see house prices rising, you might say the Government needs to do more” and “we take responsibility, we need to do a better job of it”? SARAH DOWIE to the Minister of Finance: What international reports has he received showing New Zealand’s economic growth remains robust? Hon ANNETTE KING to the Minister of Health: On what date was the Ministry of Health first made aware of data manipulation of the six-hour Emergency Department target by district health boards? CHRIS BISHOP to the Minister for Economic Development: What recent announcements has the Government made regarding support for earthquake-affected businesses? METIRIA TUREI to the Minister for Building and Housing: Ka tū a ia i runga i te mana o tana kōrero, “The proportion of New Zealanders living in rental homes is not changing dramatically and owner-occupiers will remain the dominant living arrangement for most Kiwi families into the future” i te mea, ā, e ai ki ngā tatauranga hou, nō mai anō i te tau Kotahi mano, iwa rau, rima tekau mā tahi, i taka ai te hunga whiwhi i tōna ake whare, ki raro rā nō? Translation: Does he stand by his statement that “The proportion of New Zealanders living in rental homes is not changing dramatically and owner-occupiers will remain the dominant living arrangement for most Kiwi families into the future” given that home ownership is at its lowest level since 1951, according to the latest census? STUART SMITH to the Minister for Primary Industries: What recent announcements has he made regarding support for earthquake-affected primary sectors? GRANT ROBERTSON to the Minister of Finance: Does he agree with the Prime Minister’s statement that Treasury forecasts are “a load of nonsense, because they can’t get predications in 44 days right, let alone 44 years”? ALFRED NGARO to the Minister for Building and Housing: What additional Auckland housing projects did he announce during last week’s recess, and what are the latest reports on the growth in construction across Auckland showing? Dr MEGAN WOODS to the Minister responsible for the Earthquake Commission: Is he confident EQC will be employing the necessary resource to process and settle claims, from both the Canterbury earthquake sequence and the earthquake sequence of a fortnight ago, after 16 December; if so, why? DAVID SEYMOUR to the Minister of Police: What reassurance can she give to Epsom residents concerned that their Community Policing Centre will cease to operate after 24 years? IAN McKELVIE to the Minister of Commerce and Consumer Affairs: What announcements has he made recently that support the continued growth of the New Zealand wine export market?
DAVID SHEARER to the Prime Minister: Does he stand by all his statements? PAUL GOLDSMITH to the Minister of Finance: What reports has he received on the performance of the public service? Dr RUSSEL NORMAN to the Prime Minister: Does he stand by his statement about asset sales that it was the Governments intention that “every New Zealander who wants shares gets them”? SIMON O'CONNOR to the Minister for Tertiary Education, Skills and Employment: What progress has been made in expanding the Youth Guarantee Scheme to provide more 16 and 17 year-olds with fees-free tertiary training this year? Hon DAVID CUNLIFFE to the Minister for Economic Development: Does he stand by his statement that “the global financial crisis and the Canterbury earthquakes were not projected in any of those forecasts”? Rt Hon WINSTON PETERS to the Minister of Local Government: Has he been in communication with the Auckland Council over financial management issues, and if so, on what occasions this year? MIKE SABIN to the Minister for Social Development: How will the Government’s recently announced changes target young people not in education, employment or training? DENISE ROCHE to the Prime Minister: Does he stand by his comment that the Government has a “sinking lid policy” for pokie machines? Hon CLAYTON COSGROVE to the Minister of Finance: Does he stand by the statement made on his behalf in answer to Oral Question No 1 on 1 March 2012, that “I do know what is in the coalition agreement” and, if so, does he agree that the United Future-National confidence and supply agreement does not require United Future to vote for the Government’s asset sales legislation? TODD McCLAY to the Associate Minister of Conservation: What benefits will the Game Animal Council Bill bring for recreational hunters? Hon ANNETTE KING to the Minister of Housing: What response has he received to the “Smarter. Faster. Fairer” tenancy service which provides an 0800 phone customer service centre response to people with housing needs? JAMI-LEE ROSS to the Minister for ACC: What initiatives are underway to help raise awareness about falls in the home?
DAVID SHEARER to the Prime Minister: Does he stand by his statement "I am deeply concerned about every child in New Zealand who is in poverty"; if so, why has the number of children living in material hardship grown under his watch? TODD McCLAY to the Minister of Finance: What measures has the Government taken to support vulnerable New Zealanders through the aftermath of the domestic recession and global financial crisis? METIRIA TUREI to the Prime Minister: When he said "we don't want to see any New Zealand child suffer … children don't get to make choices, they're often the victim of circumstance" does that mean he will take tangible steps to ensure children don't suffer because of circumstances beyond their control? Rt Hon WINSTON PETERS to the Prime Minister: Does he have confidence in the Minister of Immigration? Hon DAVID PARKER to the Minister of Finance: Compared to 2012, does the Reserve Bank forecast the New Zealand dollar (as measured by the Trade Weighted Index) to strengthen or weaken in the next two years, and does he believe this will make New Zealand exporters more competitive or less competitive? DAVID BENNETT to the Minister for Economic Development: How is the Government encouraging the sustainable use of natural resources to support jobs and grow the economy? Hon MARYAN STREET to the Minister of Health: Is he satisfied with the state of children's health in New Zealand; if not, why not? COLIN KING to the Minister of Energy and Resources: What recent announcement has he made about Block Offer 2012? EUGENIE SAGE to the Minister for the Environment: Does she agree with the New Zealand Freshwater Sciences Society in relation to freshwater that "failure to act with decisiveness and urgency risks further environmental degradation and erosion of our international environmental reputation"; if not, why not? Hon LIANNE DALZIEL to the Minister for Building and Construction: How quickly will he respond to the building performance, assessment and construction recommendations of the Royal Commission of Inquiry into Building Failure caused by the Canterbury Earthquakes? NICKY WAGNER to the Minister for Building and Construction: What is the Government doing in response to the Canterbury Earthquakes Royal Commission's full report? CLARE CURRAN to the Prime Minister: Does he stand by all his statements?
Hon DAVID PARKER to the Minister of Finance: Does he stand by his answer on Tuesday regarding jobs "I think that the number of 170,000 may come from the initial Budget forecast for 2009, perhaps. I cannot remember the year exactly."? Dr KENNEDY GRAHAM to the Minister for Climate Change Issues: Given the recent loss of Māori Party support for his Climate Change Response (Emissions Trading and Other Matters) Amendment Bill, will he consider working with opposition parties on amendments to improve it? LOUISE UPSTON to the Minister of Finance: How is the Government's infrastructure programme contributing to building a more competitive economy? Hon DAVID CUNLIFFE to the Minister for Economic Development: Does he agree with the NZIER shadow board that "the growth outlook for the second half of 2012 looks weak and unemployment remains stubbornly high."? IAN McKELVIE to the Minister for Social Development: What announcements has she made to review Child Youth and Family's complaints process? Hon MARYAN STREET to the Minister of Health: What progress has been made in the delivery of the Prime Minister's Youth Mental Health Project announced in April of this year with an extra $11.3 million provided to support it? JACQUI DEAN to the Minister for the Environment: What reports has she received on the time taken for decisions on notified consents issued under the Resource Management Act 1991? GARETH HUGHES to the Minister of Foreign Affairs: Why did New Zealand pull out of a joint proposal with the United States to create a marine reserve in Antarctica's Ross Sea? Rt Hon WINSTON PETERS to the Prime Minister: Does he stand by the answers he gave yesterday to supplementary question 5 on Oral Question No 7 and supplementary question 3 on Oral Question No 12? NICKY WAGNER to the Minister for Canterbury Earthquake Recovery: What progress has the Government made to support repairing damaged houses and infrastructure following the Canterbury earthquakes? SUE MORONEY to the Prime Minister: Does he stand by his statement on 3News last night, on the subject of Business New Zealand's assertion that women need retraining when returning to employment after extended parental leave that "no. It wouldn't be my view"? JAMI-LEE ROSS to the Minister of Immigration: What is the Government doing to ensure that New Zealanders have first priority for jobs in the Canterbury rebuild?
Questions to Ministers 1. Hon PHIL GOFF to the Prime Minister: In stating that "this Government introduced a balanced package of tax cuts" was he saying that his tax changes and the tax system are fair to all New Zealanders? 2. LOUISE UPSTON to the Minister of Finance: What will be the main objectives of Budget 2011 tomorrow? 3. Hon ANNETTE KING to the Prime Minister: When he said "in most cases the tax switch more than compensated people for the increase in GST", in which cases hadn't people been fully compensated? 4. JOHN BOSCAWEN to the Prime Minister: Does he stand by the statement he made in his post-Cabinet press conference on Monday that "Everyone needs to understand that what Don Brash is talking about is hardcore"; if so why? 5. Hon DAVID CUNLIFFE to the Minister of Finance: What is the total impact on the operating balance, over the forecast period, of the fiscal impact of the tax changes in Budget 2010 according to page 70 of the 2010 Budget and Economic Fiscal Update, and how does he reconcile that with the Prime Minister's statement in the House yesterday that "National's tax plan 2010…was fiscally neutral"? 6. ALLAN PEACHEY to the Minister of Corrections: What reports has she received about the first year of container units being used in New Zealand prisons? 7. RAHUI KATENE to the Minister for Communications and Information Technology: What was the motivation behind the decision to remove regulatory forbearance from the Telecommunications (TSO, Broadband, and Other Matters) Amendment Bill? 8. JACINDA ARDERN to the Minister for Canterbury Earthquake Recovery: Does he stand by the Prime Minister's statement in relation to Christchurch that "it looks like the residential rebuild alone will require up to 12,500 full-time workers", if not, how many full-time workers does he believe will now be needed? 9. Hon TAU HENARE to the Minister for Social Development and Employment: What recent announcements has she made to support community social services? 10. CLARE CURRAN to the Minister for Communications and Information Technology: What is the best estimate of the additional cost to the Crown of the change he announced to the ultrafast broadband network this morning? 11. TIM MACINDOE to the Minister of Housing: What recent announcements has he made regarding the Government's Housing Innovation Fund? 12. GARETH HUGHES to the Acting Minister of Energy and Resources: What is her response to the statement of leading scientist and NASA director Dr James Hansen, currently touring New Zealand, that "coal is the single greatest threat to civilisation and all life on our planet" and we should leave it in the ground?