New Zealand Fin Min: Government Accounts Show Need For Economic Action
He was commenting on a Treasury report earlier that showed the government's core operating surplus improved by NZ$117 million for its fiscal four-month period but its operating balance showed a deficit as the downturn in markets battered its asset fund entities.
"New Zealand, like other countries, is feeling the impact of the global downturn," said English, whose center-right National Party was elected to power last month.
"2009 is going to be a challenging year for everyone, including the government - our books are going to get worse before they get better."
He said the government would introduce a series of measures to remove barriers that have prevented the country becoming more competitive and achieving higher productivity growth.
These include income taxes reductions on April 1 2009, 2010 and 2011, spending on infrastructure and new capital projects worth NZ$8.6 billion over the next six years.
-By Simon Louisson, Dow Jones Newswires; 64-4-471-5990; simon.louisson@dowjones.com
(END) Dow Jones Newswires
December 04, 2008 17:40 ET (22:40 GMT)
Publié le 04 Décembre 2008 Copyright © 2008 Dowjones
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