NZ | Economy Thread

[Melburnian_in_sydney]

Originally Posted by dubious

That's a major piss-off. Our surplus as a percentage of GDP is nearly higher than every other country in the OECD. What's even scarier is that Crown Revenue under the Labour regime has risen to 48.8% of GDP- meaning that we're now only 1.3% behind having a state which is larger than the private sector!

Communism here we come!!

ENIGMA:
"Our business savvy keeps surprising wealthier countries and our enterpreneurial spirit is second to none."

Maybe all NZ's savvy business minds are working in the public sector.

[SYDNEY]

Originally Posted by dubious

That's a major piss-off. Our surplus as a percentage of GDP is nearly higher than every other country in the OECD. What's even scarier is that Crown Revenue under the Labour regime has risen to 48.8% of GDP- meaning that we're now only 1.3% behind having a state which is larger than the private sector!

Communism here we come!!

It is time to use that Surplus and pump it into Auckland - just imagine what we can do with $2 billion Dollars !!

[SYDNEY]

New Zealand's Social Wellbeing Improving

The Ministry of Social Development's Social Report 2006 shows that, on key indicators of social wellbeing, New Zealanders' lives are better, on average, than they were a decade ago. Of the 22 indicators for which there is time series data in the report, 16 show improvement since the mid-1990s. "New Zealanders continue to be better off financially, healthier and better educated", Marcel Lauziere, Deputy Chief Executive of Social Development Policy and Knowledge said.

Strong growth in real GDP per capita has underpinned improved economic standards of living. The unemployment rate has fallen below 4 percent, while the employment rate and real wages have increased. There has been a decline in the proportion of the population with low incomes and in the proportion of households spending more than 30 percent of their income on housing costs. However, income inequality has increased slightly as a result of relatively larger rises in the incomes of middle and higher income households.

While poverty rates are still higher than they were in the late 1980s, outcomes for children relative to adults have improved substantially. The proportion of children living in low income families fell from 27 percent in 2001 to 21 percent in 2004. This compares to a fall from 22 to 19 percent in the proportion of the population aged 15 and over with low incomes. The poverty rate of older people aged 65 and over remained lower than that of other age groups, at 8 percent in 2004. Real median hourly wages have increased for young people aged 15-24 since 1997, but less so than for older age groups.

In the health domain, life expectancy has increased, while smoking, road casualties and suicide deaths have declined. The youth suicide rate fell by 41 percent between 1995 and 2005. In contrast, there was little change in the rate of child deaths from intentional injury over the 1990s. The five-year annual average rate was 1.1 per 100,000 for the period 1996-2000, almost twice the rate over 1981-1985 (0.6 per 100,000). Obesity among adults has become more prevalent, increasing from 17 to 21 percent between 1997 and 2005.

In the knowledge and skills domain, children starting school are more likely to have experienced early childhood education, participation in tertiary education has increased, and the proportion of adults with tertiary qualifications has risen. In the year ended June 2005, 16 percent of adults aged 25-64 years held a tertiary qualification at bachelor\'s degree or higher, up from 10 percent in 1996. However, there has been little change in the proportion of school leavers with higher qualifications.

The disparity between men and women has narrowed for some key indicators within the last decade. Life expectancy at birth - while still lower for men than women - has improved more for males since the mid-1980s. Falling rates of unemployment, suicide death and road casualty have improved men\'s outcomes relative to those of women. On the other hand, the employment rate has risen slightly faster for women than men, and growth in women\'s real median hourly earnings since 1997 has been double that of men. For two indicators - school leavers with higher qualifications and participation in tertiary study - the gap between the sexes has widened.

Several indicators show greater improvements for Maori than for European/Pakeha. These include life expectancy, suicide, participation in early childhood and tertiary education, school leavers with higher qualifications, adult achievement in education, unemployment, employment, low incomes and housing affordability. Three indicators show greater improvements for Pacific peoples than for European/Pakeha: housing affordability, median hourly earnings and participation in early childhood education. While these improvements have slightly reduced ethnic disparities, indicators of wellbeing remain relatively poor for Maori and Pacific peoples in a number of areas, particularly health, economic standard of living and education.

Other findings of the report show that most employed New Zealanders (66 percent) are satisfied with their work-life balance, and that four in five adults are satisfied with their leisure time. Levels of trust in other people are lower than average among Maori and Pacific peoples. Levels of loneliness are higher than average among people with low personal incomes. New Zealand has consistently demonstrated low levels of perceived corruption since surveys began in 1997.

The report uses a set of statistical indicators to monitor wellbeing across ten domains: health, knowledge and skills, paid work, economic standard of living, civil and political rights, cultural identity, leisure and recreation, physical environment, safety, and social connectedness. For the first time, the Social Report includes information about how social wellbeing varies across the country against the 19 social report indicators for which there is regional data. Canterbury, Wellington and Nelson are in the top quartile for at least half of the indicators. Northland, Gisborne and the West Coast are in the lower quartile for more than half the indicators. More detailed regional information is available on the social report website. This information is being provided to support central and local government to identify and develop responses to issues, and to monitor progress across time.

[globocentric]

Originally Posted by ENIGMA

New Zealand is an Island nation of 4.1 million people yet we are a developed nation and one of the richest countries in the world. Our business savvy keeps surprising wealthier countries and our enterpreneurial spirit is second to none. Let's celebrate all that is good regarding NZ's economy.

That's a pigheaded and eurocentric statement. New Zealand GDP per capita is not even among the top 25 in this world. Even Countries like Singapore and Taiwan have higher GDP per capita than NZ

[Melburnian_in_sydney]

Figures (IMF) for 2005 with countries of similar size to NZ:

NEW ZEALAND:
GDP (PPP) 2005 estimate
- Total 101.685 billion USD7 (58th)
- Per capita 24,797 USD8 (27th)


DENMARK:
GDP (PPP) 2005 estimate
- Total $187.9 billion2 (45th)
- Per capita $34,7402 (6th)

NORWAY:
GDP (PPP) 2005 estimate
- Total $195.13 billion (42nd)
- Per capita $42,364 (2nd)

IRELAND:
GDP (PPP) 2005 estimate
- Total $167.75 Billion (49th)
- Per capita $40,610 (4th)

FINLAND:
GDP (PPP) 2005 estimate
- Total $163 billion (52nd)
- Per capita $31,208 (13th)

UAE:
GDP (PPP) 2006 estimate
- Total $111.3 billion (59th)
- Per capita $27,957 (23rd)

SINGAPORE:
GDP (PPP) 2006 estimate
- Total $123.4 billion (57th)
- Per capita $29,900 (22nd)

[SYDNEY]

WOW, the figures are even better than I thought -

GDP (PPP) - 27th out of 181 Countires
GDP (NOMINAL) - 47th out of 180 Countries (http://en.wikipedia.org/wiki/List_of..._%28nominal%29)

GLOBAL COMPETETIVE INDEX - 23rd out of 125 Countries
HUMAN DEVELOPMENT INDEX - 19th out of 177 Countries

Denmark - 1.4 million people MORE than NZ
Norway - 400 000 people MORE than NZ (way to go Norway - you should be a very proud Nation)
Ireland - smaller than NZ (very impressive)
Finland - 1.1 million people MORE than NZ
UAE - smaller than NZ (if only we had their oil )
Singapore - 300 000 people MORE than NZ (one of Asia's tigers - way to go)

These figures definitely validate the fact that we are one of the World's richest Countries. Kiwi's - give yourself a pat on the back !

NB - let's not forget that NZ has hardly any mineral wealth and we are extremely isolated when compared to the above-mentioned countries who are surrounded by other wealthy countries, a huge population pool and countries like UAE have oil. In lieu of these facts, we are doing extremely well.

[SYDNEY]

Originally Posted by dubious

That's a major piss-off. Our surplus as a percentage of GDP is nearly higher than every other country in the OECD. What's even scarier is that Crown Revenue under the Labour regime has risen to 48.8% of GDP- meaning that we're now only 1.3% behind having a state which is larger than the private sector!

Communism here we come!!

Just watched the news - our surplus is the 2nd highest in the developed world (Norway is higher).

[Melburnian_in_sydney]

What is the point of having a thread dedicated simply to the 'good news'?

It serves no one any use and I am sure having both sides of the story would ensure that SSC members and visitors alike receive much more of a balanced account of what is happening in regards to NZ's economy.

A love fest is of no benefit except for making some within this forum feel good about the apparent economic strength of NZ.

I only say this because I have an interest in the NZ economy.

[SYDNEY]

Originally Posted by Melburnian_in_sydney

What is the point of having a thread dedicated simply to the 'good news'?

It serves no one any use and I am sure having both sides of the story would ensure that SSC members and visitors alike receive much more of a balanced account of what is happening in regards to NZ's economy.

A love fest is of no benefit except for making some within this forum feel good about the apparent economic strength of NZ.

I only say this because I have an interest in the NZ economy.

If you have such an interest in the NZ economy, you should know everything about our economy and you will not need to read about it at SSC - you obviously read all the newspapers, The Economist etc. what more do you need ?

The World is full of doom and gloom - people are starting to thrive on negativity - just watch the news, read the newspapers, read through some of the forums at SSC ... why not just focus on the positive news, after all, it still reflects what is happenning in NZ and is still an integral part of our economy.

Wellington has a great slogan - positively Wellington (and it is a very positive city) - it rubs off and it is very contagious. Join our little love fest or just IGNORE this thread.

[TonyNZ]

Imagine if we could get back the 700,000 odd kiwi's living overseas (mainly AUS) it would be pretty good if they did come back though. 4.8 million would be very cool.

[SYDNEY]

^ I agree with you but don't worry - South Africans, and the British are filling those gaps at a rapid rate

Spring boosts Auckland property market

The first month of spring was reflected in good sales volumes for the Auckland property market according to the latest transaction figures from leading Auckland real estate firm Barfoot & Thompson. Barfoot & Thompson recorded 1,059 sales for the month of September – making it the second busiest month so far this year and representing a 13 per cent increase on the volume of August sales. While there was plenty of activity in the market, prices were softer with the September average sale price dropping back from $483,777 in August to $476,524.

The increase in sales volume was reflected in good activity at the top end of the market. More than 25 percent of properties (by value) sold over the $750,000 mark and nearly 16 percent (by value) fetched prices of a million dollars or more. Director Peter Thompson says, “The overall picture is one of stability with good levels of activity, particularly in the upper end of the market. Now that we have the school holidays out of the way, I expect the market to get even busier through until Christmas.”

“This is a great time for new vendors to consider bringing their properties to market as the high number of sales during September means a shortage of listings is developing at a time when there is traditionally plenty of buyer interest and competition around.” On the property management front, September produced a steady month with the number of fresh lettings rising from 616 in August to 651 in September. The average weekly rent increased to $343 compared with $340 in August.

[Melburnian_in_sydney]

It's your 'love fest' Enigma you have posted 19 of the 30 posts on this thread. Cutting and pasting selective media releases must take up most of your day.

BTW TonyNZ there is a reason 400,000+ choose to call Australia home. They are called 'economic migrants' (most stay more than the usual 2 year sojourn seen in the UK) and this number will only increase for years to come.

Also Enigma I never said NZ wasn't doing well and from experience working with the NZT, the NZ public sector is extemely well oiled. I just don't see the point of this thread, very little of the information you post is in a wider context of what is really occuring in NZ.

[Neitzsche]

Originally Posted by Melburnian_in_sydney

What is the point of having a thread dedicated simply to the 'good news'?

It serves no one any use and I am sure having both sides of the story would ensure that SSC members and visitors alike receive much more of a balanced account of what is happening in regards to NZ's economy.

A love fest is of no benefit except for making some within this forum feel good about the apparent economic strength of NZ.

I only say this because I have an interest in the NZ economy.

I don't quite see why your worried about the point of this thread. I hate to state the obvious but SSC ain't a news website - it's full of people's opinions. Why people would go to a site about tall buildings for solid and objective information about economic conditions in a country, (something that can be hard to find even in the mainstream media) is beyond me. I think I've seen one or two other threads in this community that may also lack a point.....

[SYDNEY]

Originally Posted by Melburnian_in_sydney

It's your 'love fest' Enigma you have posted 19 of the 30 posts on this thread. Cutting and pasting selective media releases must take up most of your day.

BTW TonyNZ there is a reason 700,000 choose to call Australia home. They are called 'economic migrants' (most stay more than the usual 2 year sojourn seen in the UK) and this number will only increase for years to come.

Also Enigma I never said NZ wasn't doing well and from experience working with the NZT, the NZ public sector is extemely well oiled. I just don't see the point of this thread, very little of the information you post is in a wider context of what is really occuring in NZ.

You don't see the point of this thread and I don't see the point of you raining on my parade ?? Like I said before, ignore it .. trolling through this thread must take up most of your day and what I do with my time has got nothing to do with you.

P.S. I never said that you said that NZ wasn't doing well ?? Don't be so insecure. I appreciate your input and I am thrilled that you are interested in the NZ economy. It will be great to have you on board and I am sure that you can teach me alot.

This thread is going to stay POSITIVE ! that is that !

[TonyNZ]

holly crap i was just watching the news and apparently 680 kiwis leave our shores for Australia every week thats 35,360 kiwis a year. depressing is it not?...

[OverseasKiwi]

Originally Posted by ENIGMA

NB - let's not forget that NZ has hardly any mineral wealth and we are extremely isolated when compared to the above-mentioned countries who are surrounded by other wealthy countries, a huge population pool and countries like UAE have oil. In lieu of these facts, we are doing extremely well.

Sorry m8t just have to point out that location has practically no bearing on how well a country will develope. Mauritius is as isolated as us and they were one of the fastest growing nations of the past 10 years. Macao is surrounded by some of the fastest growing countries in the world and it is very stagnant.

You can argue however that for the EU countries close to our size, they are growing fast and are strong because of their ties to the EU and the fact there is a free movement of labour and goods between each others boarders. As well as the fact that the EU government subsidises a great deal of the agricultural produce and has a HUGE venture capital fund.

I'm very happy that New Zealand is doing as well as it is, but lack of good governance and direction will come bite us in the ass 10 years from now when all of a sudden the huge amounts of money NZ collects from taxes ( we are a freakin nanny state ffs, not to the extent of the the Slavic nations where some take 2/3 of income as tax, there was an excellent economist/time article on their issue not so long ago) but 40% + tax is ridiculous. No wonder everyone leaves for other countries. We pander to the families not to business, and business is what runs a country

[KIWIKAAS]

As a kiwi living overseas (just for the record, I didnt leave NZ because of the economy) and living in the € zone I have learnt to take many of these ppp statistics with a grain of salt. While a TV, fridge or groceries maybe a little cheaper for me to purchase here (on basis of ppp), leasure/free time activities are far more expensive (but these arent taken into account when judging a counties ppp income). For example:
1. a 250ml glass of beer at the pub = €2.50 / NZ$4.55
2. a basic main course at a restaurant = €12 / NZ$22
3. an introductory flying lesson (a hobby of mine) = €200 / NZ$361 (in NZ this costs between NZ$70 and NZ$90 (in 2006). Needless to say I've had to drop that hobby since I live here.
4. Lets not even start on the price of petrol
5. a pack of 25 cigarettes is cheaper though = €4.65 / NZ$8.45


All in all, I could afford far more freetime activities (with my lower NZ wage) in NZ than here. Whether that was going flying, parachuting, a weekend skiing etc, etc. Although officially my standard of living should be higher living here, I can not in all honestly say that my quality of life has improved.
Needless to say I don't intend to live the rest of my life here.

[property_boy]

Originally Posted by TonyNZ

holly crap i was just watching the news and apparently 680 kiwis leave our shores for Australia every week thats 35,360 kiwis a year. depressing is it not?...

A lot of my mates live in Australia, it's a natural progression though.. many people like big cities and in New Zealand where do you after Auckland?
I'm sure you will find that most Kiwi's live in the densely populated east coast of Australia. Climate is also a big drawcard, 'Sunbelts'.. why Florida and South East Queensland are growing at such rapid rates.

New Zealand's size cannot offer the scope and scale of what some desire.. but then there are many other people in the world that choose to move here for a quieter lifestyle.

We still, and have since 1999 had positive Net Migration. Peaked at over 44,000 in 2004.

[KIWIKAAS]

Agreed. Few people I know actually move to Australia for economic reasons (although this is offen portrayed as such in the media). Climate and citylife are generally the drawcards.

[TonyNZ]

Originally Posted by property_boy

A lot of my mates live in Australia, it's a natural progression though.. many people like big cities and in New Zealand where do you after Auckland?
I'm sure you will find that most Kiwi's live in the densely populated east coast of Australia. Climate is also a big drawcard, 'Sunbelts'.. why Florida and South East Queensland are growing at such rapid rates.

New Zealand's size cannot offer the scope and scale of what some desire.. but then there are many other people in the world that choose to move here for a quieter lifestyle.

We still, and have since 1999 had positive Net Migration. Peaked at over 44,000 in 2004.

I totally agree with you but i think 680 a week is to much, i would understand something like 200 or 300 but 680 is just to much people.