Time for a coherent plan for NZ’s economic recovery

Chartered Accountants Australia and New Zealand calls for the new Labour Government to put in place a coherent plan for economic recovery and a sustainable future.

In Brief

  • Labour comprehensively won the 2020 election with nearly half the vote while the National Party collapsed to a distant second
  • Prime Minister Jacinda Ardern says the next Government will be formed “within the next two to three weeks”.
  • Chartered Accountants Australia and New Zealand says this Government must be bold and transformational

Updated 19 October 2020

Lofty aspirations heard during the election campaign will not be enough for New Zealand, says Peter Vial FCA, New Zealand Country Head of Chartered Accountants Australia and New Zealand.

“That approach will not work at a time of unprecedented stress on the economy, businesses and the lives of New Zealanders.”

COVID-19 has blown out Government debt and highlighted long-standing issues of inequality, productivity and with the state of the health system and the environment.

“This next Government faces once-in-a-lifetime challenges … and opportunities,” Vial said.

He called for a bold transformational plan “that allows itself to be a little bit radical.

“A plan that does not rule out sound policies just because they may be hard to sell politically.

"And that plan must be delivered via a coherent evidenced-based portfolio of policies which together support sustainable long-term prosperity, a productive and competitive economy, and inter-generational equity.”

Policies must:

  1. Collectively enhance long-term shared prosperity, looking to the next 30 years, not just the next three
  2. Be fair to both current and future generations of New Zealanders
  3. Promote sustainability, recognising that the economy and the environment are inextricably linked
  4. Provide clarity, certainty and coherence
  5. Be evidence-based and
  6. Be fiscally robust and costed in a transparent and measurable way.

New policies also need to be underpinned by fiscal and environmental sustainability, international competitiveness, enhanced productivity and the stability of New Zealand’s financial markets.

“If there were ever a time for bold reforms to tax and welfare, it is now.”
Peter Vial FCA

“There is not only a mandate to accelerate, there is a crying need to do so.”

Accelerating? Please give us a map first

New Zealand’s new Labour Government says it has a “mandate to accelerate”. New Zealand Country Head Peter Vial FCA says sound policies are required that stack up against our six principles and knit together to form a coherent plan.

Read moreAbout Accelerating? Please give us a map first

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