I know things are tough right now for many households, but there’s good reason for kiwis to feel optimistic about the future. I wanted to share some of the ways that we’re supporting people with the cost of living now, and our plan to grow New Zealand’s economy into the future.
To help ease the pressure on New Zealand households, we’ve delivered practical cost of living support. This includes scrapping the $5 co-payment for prescription medicines, making childcare cheaper by extending 20 hours ECE to two-year-olds, and permanently cutting the cost of public transport for young people. We’ve also worked hard to lift incomes, and earlier this year we made changes to give families, seniors, and students – among others – an income boost.
While these measures won’t fix everything, and we still have more work to do to bring down the cost of living, they will make a difference for many – and right now, I know every bit counts when making ends meet.
There’s no question that our economy has taken a knock following the extreme weather events, but New Zealand is in a good position to get through these challenging times and come out stronger.
Record numbers of people are in work and wages are rising faster than inflation. Tourists are returning in greater numbers, overseas workers are filling job vacancies, we’re upskilling more Kiwis, and our debt levels are among the lowest in the world.
As part of our plan to build for the future, we’re making investments in areas that are critical to growing our economy – skills, science and technology, and infrastructure. We’re also positioning New Zealand to take on the opportunities ahead. For example, we’re backing new industries, like the video game sector, to diversify our economy and create high-wage jobs.
We’re also focused on locking in New Zealand’s high value export potential. Just last week we announced that the food and fibre sector is on track to set a new record high, with export earnings to hit $56.2 billion by 30 June 2023. This is great news for kiwis, and it’s a testament to the hard work of famers and growers.
It also reflects our strong record on trade, which has seen us unlock access to some of the world’s biggest and most lucrative markets. Since taking office, we’ve secured seven new or upgraded Free Trade Agreements, including with the United Kingdom – which is expected to boost our GDP by up to $1 billion, supporting businesses and jobs right across the economy.
Of course, these are just some of the ways that we’re working to grow the economy and build a better future.
