Key Notes: Building a stronger economy

14 Comments
07 October 2011
Key Notes: Building a stronger economy

In this issue of Key Notes, I talk about the credit rating downgrades and what we're doing to build a stronger economy in a time of global uncertainty, a report that shows New Zealand's crime rate is dropping, the death and funeral of SAS soldier Lance Corporal Leon Smith, retiring Members of Parliament, and a few things from my diary.

Click here to watch my latest video journal on YouTube

BUILDING A STRONGER ECONOMY

New Zealand is not immune to the slowdown in growth in Europe and the United States. This is a time of global uncertainty, but National has a clear and balanced plan to navigate through the challenges ahead. It's a plan we've been implementing since we came into office almost three years ago, and it's a plan we're making good progress on.

We've cut personal and business taxes. We've overhauled regulation to reduce costs to businesses and consumers. We're spending billions to improve infrastructure such as roads, rail and broadband. We're getting on top of government debt. And we've set a faster path back to surplus.

Last week ratings agencies Fitch and Standard & Poor's downgraded New Zealand's long-term foreign currency rating to AA with a stable outlook, noting the more uncertain global environment. However, they acknowledge that the Government has made progress in getting its deficits and debt under control, despite the global financial crisis and cost of the Canterbury earthquakes. New Zealand retains a top notch AAA rating with a stable outlook with Moody's.

BUILDING A SAFER NEW ZEALAND

This week Police Minister Judith Collins announced that recorded crime dropped 7 per cent per head of population in the year ended 30 June. This is a good result and it reflects the hard work by Police and other government agencies to make our communities safer.

National will continue to back our police and build a safer New Zealand. We've already provided hundreds of extra frontline officers, passed no-nonsense new legislation, and given police new tools to fight crime.

REMEMBERING LANCE CORPORAL LEON SMITH

It was with sadness that New Zealanders learnt of the death of New Zealand SAS soldier Lance Corporal Leon Smith in Afghanistan last week. Lance Corporal Smith was shot while the SAS were mentoring the Afghan Crisis Response Unit during an operation.

I was privileged to attend the private funeral yesterday, to celebrate the life of this remarkable soldier and to pass on my condolences to his family and friends.

Lance Corporal Smith's death doesn't alter New Zealand's commitment to helping Afghanistan. It remains our intention to keep the SAS in Afghanistan until March as planned.

RETIRING NATIONAL MPS

On Wednesday, four National MPs who will retire at the election gave their final speeches. They were Coromandel MP Sandra Goudie, North Shore MP and Minister Wayne Mapp, Minister Georgina te Heuheu, and Rangitikei MP and Minister Simon Power.

These MPs have all made an outstanding contribution to New Zealand and will be missed. On behalf of the National caucus, I wish them well for the future.

This week Tamaki MP Allan Peachey also announced his retirement due to ill health. Allan has been a great representative for the people of Tamaki and valued member of our caucus, and we wish him all the best for his treatment and recovery.

LOOKING FORWARD TO THE QUARTER-FINALS

Although Dan Carter is out of the Rugby World Cup due to injury, we know the mighty All Blacks can still bring home the Webb Ellis Cup. I'm looking forward to watching the quarter-final against Argentina from the Christchurch fan zone on Sunday.

The World Cup and REAL New Zealand Festival are going really well. I've had great feedback from the locals and visitors I've chatted to throughout the country, and I know the atmosphere will get only better as we head towards the quarters, semis and finals.

FROM MY DIARY

Today I'm in Northland. Tomorrow I'll be back in Auckland to celebrate the Diwali Festival of Lights in Aotea Square.

Parliament has now risen until after the November 26 general election, so I'll be on the road a bit more. I'll be visiting electorates up and down the country, listening to the concerns of people in our communities, and explaining National's plan to build a brighter future for New Zealanders.

Best wishes

John Key
Prime Minister

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#1 - Carol Gilchrist 2011-10-07 18:59 - (Reply)

Thank you for your updates. I am personally opposed to any deep sea oil drilling by New Zealand. I guess the oil spill near Tauranga may make New Zealanders think more about this topic. What is the Government's latest position on this extremely risky practice? Thank you

#2 - lawry wootton 2011-10-07 19:46 - (Reply)

Newsletter ok> But what about Coronation Street? I thought you were going to do something about it. Shame on them for upsetting us oldies who at that time will be eating our meals. We will do more than boycott tv1 if we dont get 7.30 back. Lawry

#3 - Moreen 2011-10-08 06:35 - (Reply)

I previously requested from john key, an indication of where these 160, 000 jobs he was creating were, what region or even what industry, he did not bother to reply. if he cannot be bothered replying maybe he could advise the newspapers when these jobs are created as I pointed out I only read about redundancies, cutbacks, liquidations and morgagee sales. all I am looking for is a little light at the end of a very black tunnel

#3.1 - Louisa said:
2011-10-22 15:31 - (Reply)

Hey, good to find someone who areges with me. GMTA.

#4 - Trish Heikoop 2011-10-08 07:34 - (Reply)

I love getting these newsletters, and John's comments are always positive. He always seems to know the right thing to say and (hopefully) do when things are tough. Thanks for all that you do and the laughter that you have bought to the position. At last we have a politician who can not only laugh at himself but can laugh with the ordinary people. Trish

#5 - Chris Feltham 2011-10-08 08:09 - (Reply)

The Government economic plans are generally good but the country will return to surplus faster if you raise the age of eligibility for superannuation from 65 to at least 67 NOW. I say this as somebody about to turn 70 and still working.

#6 - John Finch said:
2011-10-08 11:27 - (Reply)

It is obvious that the nats will win the next election,proberbly not with my help. I wonder what will happen after,I am inclined to believe we will early next year have a black budget or part there of,Because national will have to answer to its lunatic fringe,like they always have before.....

#7 - Jean Lenoir said:
2011-10-08 13:07 - (Reply)

RhtHon Prime Minister, I wish to take the opportunity of your message, to thank you for having speeded the process for the Business that has been granted to me. As an investor I feel better for a 20 months delay than in a 36 months... and I do hope that a further progress to make investors come in NZ in shorter delays will increase the attraction of my new land. I do hope I will deserve in the closest possible future citizenship. I wish you all success in your campaign for the general elections in November; Yours Very Truly Jean Lenoir

#8 - Stuart Mathieson 2011-10-08 15:39 - (Reply)

Dear PM Key, Cutting tax rates is not in itself the answer to a stronger economy. A fair distribution of taxes and what it is spent on is. The "no hands on" policy is demonstratably a failure in all western economies. Tax concessions for exporting industries that create jobs does make sense as it reduces benefit payments and produces IRD revenue from wage earners. These jobs should be based on adding value to industries we have a comparative advantage in (according to economic orthodoxy). That is undoubtedly what our farms produce and are capable of producing. For example cheap kitset housing for export. The Indians are doing it and claim to have the most affordable basic residential unit in the world. This kind of industry (forestry and added value processing) can also produce hi-tech downstream potential. The latest deal with Spain for electric locomotives looks promising and could entail local assembly and servicing. We should be offering reciprocal arrangements with Spain who have very high levels of unemployment. Joint venture farming including dairy processing for example.

#9 - Graham Coldicutt 2011-10-09 18:15 - (Reply)

My wife Margaret and I enjoy your very positive newsletters keeping us up to date with subjects that are important to all New Zealanders.It is nice to have a Prime Minister that we can trust implicitly.Also we appreciated the good wishes you sent us on the special occasion of our 50th wedding anniversary.We had a wonderful day with family and friends.We look forward to your next newsletter.

#10 - John Napier 2011-10-10 17:51 - (Reply)

I wish to comment on a previous issue, namely, the partial sale of state assets. I cannot see why a system such as used by Air NZ some time ago cannot be used to stop control passing into foreign hands. As you will recall there were 2 classes of shares and only NZ residents could hold one category and presumably the policing was done by the share registry. This could help allay the fears of some of the opposition to the floats.

#11 - Francois Joubert 2011-10-11 17:10 - (Reply)

Thanks for a great job John.I am not against safe guard measures being put into to place,but it appears that we are being so bogged down with permits and licensing to do this and that in industry and trade in particular that we are cutting the throat of that entrepeneur developer inventor New Zealand - I can make it and it will work spirit - and increasing production and developement costs to such a level as to make us non productive.Why are we importing almost everything?Protection should be by making people responsible for the consequenses of their actions.Not stopping them from being active.How are people going to learn to be inventive and do something new or differently if they cannot do anything that they are not licenced to do?

#12 - Nigel Wade 2011-10-12 23:45 - (Reply)

John, all New Zealander's wished for a better result. We collectively see a failing in leadership and ability. We collectively seek a solution to the obvious. Respectfully, this is not good enough.

#13 - rovelyn munoz 2011-10-16 19:16 - (Reply)

Hi PM JK, before anything else, i salute you for job well done.I believe in your government, i can see that you really are putting a big effort for NZ to make it BIG economic wise. I salute you for opening doors to India's Bollywood, to China's investors, inviting US TV/ movie personalities to visit NZ,and making good relationship with US government. What NZ lacks at the moment is TOURISM, and INVESTORS for NZ to be productive. NZ needs your government for another 10 years..

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