The strangulation of regulation: how do we deal to the New Zealand virus?
|
|
- Darleen Mason
- 5 years ago
- Views:
Transcription
1 The strangulation of regulation: how do we deal to the New Zealand virus? Roderick Deane Background charts for a discussion at the Wellington Club 8 August 2012 Sir Roderick Deane is Chairman of Pacific Road Group in Sydney & the NZ Seed Fund, & a Director of Woolworths Ltd in Sydney. He is also Patron of IHC & Chairman of the IHC Foundation. He was previously Chairman of Fletcher Building, ANZ National Bank, Telecom NZ, Te Papa Tongarewa (the Museum of NZ), City Gallery Wellington Foundation, & a Director of the ANZ Banking Group in Melbourne. At an earlier stage he was CEO of Telecom NZ, Electricity Corporation of NZ, Chairman of the State Services Commission, Deputy Governor & Chief Economist of the Reserve Bank of NZ. He was also Professor of Economics and Management at Victoria University of Wellington, a Director of TransAlta Corporation in Canada, and Alternate Executive Director of the International Monetary Fund.
2 Sensitive New Age Economic Rationalists (fellow economists - Sydney waterfront) 2
3 Some illustrations of our dilemmas The size & burden of Government Overseas debt will NZ be a Euro cot case? The crowding out of the private sector Telecommunications - Think Big revisited The erosion of our capital market Overwrought corporate governance High house prices & declining house ownership But we do know how to do much better 3
4 Slow productivity growth is the price of backing off reforms Index Pre-reform Sources: Statistics NZ; ANZ NZ multi-factor productivity growth Post the economic reform period Reform retreat After the Employment Contracts Act and 1991 Budget
5 A persistent risk factor is the external constraint % of GDP 5 NZ s external current account history 0 Forecast Sources: Statistics NZ; ANZ 5
6 The traded goods sector has been squeezed from Value-added in Non-Traded Goods Index 2000 = Value-added in Traded Goods Mar-1988 Oct-1988 May-1989 Dec-1989 Jul-1990 Feb-1991 Sep-1991 Apr-1992 Nov-1992 Jun-1993 Jan-1994 Aug-1994 Mar-1995 Oct-1995 May-1996 Dec-1996 Jul-1997 Feb-1998 Sep-1998 Apr-1999 Nov-1999 Jun-2000 Jan-2001 Aug-2001 Mar-2002 Oct-2002 May-2003 Dec-2003 Jul-2004 Feb-2005 Sep-2005 Apr-2006 Nov-2006 Jun-2007 Jan-2008 Aug-2008 Mar-2009 Oct-2009 May-2010 Running four quarter totals
7 7
8 Government debt and net foreign asset position Source: OECD, IMF, Statistics NZ, Savings Working Group
9 Kiwis have a much lower income than even Tasmania Trans-Tasman Per Capita Incomes Year Ended June 2010, $NZ Western Australia $100,220 Northern Territory $88,270 Queensland $67,460 South Australia $60,970 Victoria $67,800 New South Wales $70,140 ACT $96,560 New Zealand $43,260 Tasmania $57,370 9
10 The rebirth of growth in the core public service 70,000 FTEs Core Public Service staff (June years) 60,000 50,000 40,000 30,000 20,000 10, Source: SSC
11 For a fair selection everybody has to take the same exam: please climb that tree 11
12 Government pay rates are higher than private sector... and increase faster $ per hour 40 Public versus Private Sector Pay Rates (Average Hourly Earnings) Public Sector Private Sector 10 Sources: Statistics NZ, ANZ
13 Are Kiwis really this sick? 9% Trends in main benefit types among the working age population, Proportion of working age population 8% 7% 6% 5% 4% 3% 2% 1% 0% Domestic Purposes Benefit Invalid's and Sickness Benefit Unemployment Benefit Source: Ministry of Social Development Statistical Reports and Statistics New Zealand population estimates. 13
14 Dilemma: communications has fastest productivity growth; now ended up as the most regulated industry Labour and Multifactor Productivity in the New Zealand Measured Sector Average annual compounded growth rates % 9% Communication services Labour Productivity 8% 7% 6% 5% 4% 3% 2% 1% 0% -1% Mining Construction Furniture and other manufacturing Accommodation, cafes, and restaurants Electricity, gas, and water supply Forestry and fishing Finance and insurance Manufacturing Retail trade Wholesale trade Measured sector Agriculture, forestry, and fishing Transport and storage Textile and apparel manufacturing -2% -2% -1% 0% 1% 2% 3% 4% 5% 6% Multifactor Productivity 14
15 Telecommunications dilemmas Regulatory tsunami $3 billion cut off Telecom s value Telecom earnings decline sharply & continuously after that Govt. invests $ 1.5 billion in fast broadband Refuses to conduct a cost/benefit analysis But claims this will promote economic growth However most downloads are movies, music & porn UFB connected to 176 schools, 8 use it Rural broadband 485 schools, only 6 use it Fast broadband now being offered free to Dec 2012 Pacific Fibre cable project falls over 15
16 NZ has an inadequate capital market Domestic Stockmarket Capitalisation as % of GDP Australian Stock Exchange New Zealand Stock Exchange Sources: World Federation of Exchanges, Statistics NZ, ANZ. 16
17 Regulators at work 17
18 Decline of the capital market Decline in NZ market value relative to GDP Huge contrast now with Australia Takeover regulations Commerce Commission Few new listings in NZ Higher fees Burdensome listing structures Director liability Annual reports too much detail? Prospectus requirements too many risks? Financial advisers role Fund managers performance Finance companies 18
19 Housing in the doldrums Consents (sa) 3500 New Dwelling Consents and House Sales House sales (sa) C onsents (LHS) House sales (adv 4 mths, RHS) Sources: ANZ, National Bank, Statistics NZ, REINZ 19
20 The escalation of house prices 20
21 It s one of the earliest examples of builders flouting local planning laws 21
22 Why are houses so expensive? Regulatory costs NZ versus Australia Local body fees Urban land restrictions and scarcity Resource Management Act Time taken for approvals The Fletchers case study Leaky buildings Productivity Commission report - over 300 pages 22
23 Regulatory creep is an ever accumulating problem Number of Pages of New Primary Legislation by Decade 1900s to 2000s 35,000 30,000 25,000 20,000 15,000 10,000 5, s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s 2000s 23 Source: Parliamentary Library.
24 Regulation and taxes are the biggest problems Biggest problem facing small business Inflation Access to Finance Supply Shortages Management Rent Rate of Pay Interest Rates Cashflow Other Exchange Rates Turnover Competition Tax Burden Regulation Lack of Skilled Employees Percentage of respondents (300 respondents) 24 Source: National Bank of NZ; data for 2005
25 It s always Sit, Stay, Heel never Think, Innovate, Be Yourself. 25
26 Business adaptability has been severely eroded Regulatory Dilemmas Regulation begets regulation Regulation overrides commercial solutions Regulation and changes induce uncertainty It imposes high transactions costs Diverts energy into rent seeking behaviour And away from focussing on winning in the market Regulation always has unintended consequences It concentrates on past issues rather than future growth Success ironically attracts regulation Regulation reduces flexibility It ultimately impedes the competition it pretends to promote Reduces attractiveness of NZ for foreign direct investment 26
27 Regulators: the new rock stars 27
28 Some Regulatory Solutions Regulatory Standards Bill Compulsory published cost/benefit analysis Time frame regulatory processes Time frame each regulation Tighten consultation time frames Reduce the hordes of regulators Apply much more common sense Get over political correctness Change culture and attitude How can we help instead of how can we prevent Chances of all this happening low to zero 28
29 In summary The post reform period proved we could grow faster We were among the best for productivity growth But then we eroded the gains Government sector grew much faster than private sector The fiscal surplus became a deficit Overseas debt and government internal debt have been rising rapidly Regulations again became widespread and constraining The global financial crisis added to our woes We addressed inadequately the big policy challenges These relate to taxes and government spending Particularly in social welfare, health and education Infrastructure and the regulatory environment The private sector is getting crowded out Yet that is the source of growth and productivity gains 29
30 The essence for stronger economic growth Lower taxes Smaller government Less intrusive less costly regulation Protect property rights Stable fiscal and monetary policies Do not try to pick winners Get closer to Australia Grow with China, India and SE Asia Recognise that most economic growth comes from the private sector 30
31 Once again I find myself in the rather awkward position of having to ask one of you for a biscuit 31
The Economic State of the Nation, 2011
The Economic State of the Nation, 2011 Dr Roderick Deane An Address to the New Zealand Business Roundtable Strategy Retreat 17-18 February 2011 Formosa, Beachlands, Auckland. Dr Roderick Deane is Chairman
More informationThe Outlook for the Housing Industry in Western Australia
The Outlook for the Housing Industry in Western Australia Dr Harley Dale HIA Chief Economist HIA Industry Outlook Breakfast Perth March 2012 Europe muddles while China rebalances China is looking to rebalance
More informationThe Outlook for the Australian Residential Sector Presentation to Buildex
The Outlook for the Australian Residential Sector Presentation to Buildex Andrew Harvey HIA Senior Economist October 2010 Presentation Outline The economic backdrop global economy domestic economic outlook
More informationA Global Economic and Market Outlook
A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05
More informationEconomic and housing outlook for New South Wales. Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017
Economic and housing outlook for New South Wales Warwick Temby, Acting Chief Economist HIA Industry Outlook Breakfast Sydney, August 2017 Risks to residential building moving from global to local World
More informationAustralian Economy April Julie Toth Chief Economist Australian Industry Group
Australian Economy April 2018 Julie Toth Chief Economist Australian Industry Group No recession in 26 years (since 1991) but we re still quite slow and fragile. Real GDP grew by only 2.4% in Q4 of 2017
More informationAll Australian industries data summary, 18 December 2008
Australian industry summary 1 December All Australian industries data summary, 1 December Industry activity Businesses and profits Labour and wages Industry (ANZSIC divisions) Gross value a, ($mn) Gross
More informationA Health Check on the Economy: How Does it Measure UP?
A Health Check on the Economy: How Does it Measure UP? Roderick Deane Background material for an address to the NZ Retailers Association at Sky City Auckland on 2 September 29 Dr Roderick Deane is Chairman
More informationZambia s Economic Outlook
Zambia s Economic Outlook F R A N C I S C H I P I M O D I R E C T O R E C O N O M I C S B A N K O F Z A M B I A Z A M B I A I N V E S T M E N T C O N F E R E N C E N O V E M B E R 4, 2 0 1 5 L O N D O
More informationEconomic Indicator Movement Status (Favorable/Unfavorable)
Economic Indicator Movement Status (Favorable/Unfavorable) Monthly Unemployment Rate Weekly Job Advertisements Monthly Online Job Advertisements Monthly Domestic Building Activity Monthly Non-Domestic
More informationEMBARGOED UNTIL: 11:30AM AEDT, 30 JANUARY 2018 NAB MONTHLY BUSINESS SURVEY
EMBARGOED UNTIL: 11:3AM AEDT, 3 JANUARY 18 NAB MONTHLY BUSINESS SURVEY THE STATE OF PLAY ACCORDING TO BUSINESS - DECEMBER 17 NAB Australian Economics The NAB Monthly Business Survey indicate a strong business
More information20 April 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS. IMF upgrades forecasts for Australian economic growth
20 April 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS This week the RBA reiterated its view that there is no case for a near-term adjustment in the cash rate but that eventually it is likely that the next move
More information9 March 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS. Services and construction stay on track in February
AUSTRALIAN ECONOMIC DEVELOPMENTS 9 March 2018 This week the Reserve Bank of Australia (RBA) left the cash rate on hold at a record low of 1.50%, where it has been since August 2016. The accompanying statement
More information23 February 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS. IMF updates assessment and forecasts for Australia
AUSTRALIAN ECONOMIC DEVELOPMENTS 23 February 2018 This week the IMF updated its assessment of Australia s economy. It noted Australia has been relatively successful in adjusting to the end of the mining
More informationMonthly Bulletin of Economic Trends: Review of the Australian Economy
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Review of the Australian Economy December 7 Released on December 7 Outlook for Australia Economic Activity Actual
More informationJapan Chart Book. 5 February 2014
Japan Chart Book 5 February Japan: Economic Forecast Dashboard Forecast highlights Real GDP growth forecast at. in and. in 5 Slower consumption in -5 but offset by improved exports and investment Gradual
More informationNAB MONTHLY BUSINESS SURVEY JANUARY 2018 FURTHER CONFIRMATION OF BUSINESS STRENGTH
EMBARGOED UNTIL: :3AM AEDT, 3 FEBRUARY 28 NAB MONTHLY BUSINESS SURVEY JANUARY 28 FURTHER CONFIRMATION OF BUSINESS STRENGTH NAB Australian Economics Strong trend business conditions provide further confirmation
More informationThe Outlook for the Housing Industry in Western Australia
The Outlook for the Housing Industry in Western Australia Dr Harley Dale HIA Chief Economist HIA Industry Outlook Breakfast Perth March 2011 Overview Policy measures and directions The global backdrop
More informationAbenomics: From Stimulus to Sustainable Growth. Jerry Schiff Deputy Director Asia and Pacific Department International Monetary Fund
Abenomics: From Stimulus to Sustainable Growth Jerry Schiff Deputy Director Asia and Pacific Department International Monetary Fund Abenomics: from where to where? What is the right benchmark? Recovery,
More informationNAB MONTHLY BUSINESS SURVEY JUNE 2018
EMBARGOED UNTIL: 11:3AM AEST, 1 JULY 218 NAB MONTHLY BUSINESS SURVEY JUNE 218 CONFIDENCE AND CONDITIONS HOLD STEADY NAB Australian Economics There was little change in headline business conditions and
More informationThe Outlook for the Housing Industry in New South Wales
The Outlook for the Housing Industry in New South Wales Dr. Harley Dale HIA Chief Economist HIA Industry Outlook Breakfast Sydney March 2011 Where are we heading? The economic backdrop is improving and...
More informationMonthly Labour Force Survey Statistics December 2018
800 Monthly Labour Force Survey Statistics CALGARY CMA Table 282-0135 Labour force survey estimates (LFS), by census metropolitan area based on 2011 census boundaries, 3-month moving average, seasonally
More informationMonthly Labour Force Survey Statistics November 2018
800 Monthly Labour Force Survey Statistics CALGARY CMA Table 282-0135 Labour force survey estimates (LFS), by census metropolitan area based on 2011 census boundaries, 3-month moving average, seasonally
More informationVictoria University. David Gruen Australian Treasury 23 February Is the resources boom an example of Dutch
The resources boom and structural change in the Australian economy Victoria University David Gruen Australian Treasury February Outline The resources boom Structural change in the Australian traded sector
More informationZenith Monthly Economic Report October 2011
Zenith Monthly Economic Report October 211 ECONOMIC STATISTICS SUMMARY Cash Rate Inflation Rate (%) Unemployment Rate (%) GDP Annual Growth (%) Country Latest Last Change Latest Change Latest Change Past
More informationCrusade ABS Series Trust Collateral Pool Data
Period Ending: 30-Jun-2018 31-Mar-2018 31-Dec-2017 30-Sep-2017 Pool Summary Outstanding Balance (AUD) 1,870,533,655 1,724,103,195 1,900,741,017 1,766,565,555 Number of Loans 89,246 81,429 84,833 76,577
More informationA-REIT SECTOR UPDATE FOR THE SIX MONTHS TO 31 DECEMBER 2013
A-REIT SECTOR UPDATE FOR THE SIX MONTHS TO 31 DECEMBER 2013 A-REIT SECTOR UPDATE FOR THE SIX MONTHS TO 31 DECEMBER 2013 CONTENTS A-REIT SECTOR UPDATE FOR THE SIX MONTHS TO 31 DECEMBER 2013 1 SECTOR PERFORMANCE
More informationEmployment Outlook for. Public Administration and Safety
Employment Outlook for Contents INTRODUCTION... 3 EMPLOYMENT GROWTH... 4 EMPLOYMENT PROSPECTS... 5 VACANCY TRENDS... 8 WORKFORCE AGEING... 11 EMPLOYMENT BY GENDER AND FULL-TIME/PART-TIME... 13 HOURS WORKED...
More informationMacro outlook March 2019
Macro outlook 219 March 219 Asia: Brace, brace Asia has started to loose some steam of late PMI manufacturing orders (3 mma) 54 53 52 51 5 49 48 47 46 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16
More informationHow Long Will Wage Restraint Persist?
How Long Will Wage Restraint Persist? Prospects For Wage Inflation in Advanced Economies Jacob Funk Kirkegaard Senior Fellow 4/4/2018 Peterson Institute for International Economics 1750 Massachusetts Ave.,
More informationJune Summary. Business investment weighs on growth. 1Q15 GDP Growth. Components of GDP
Mar 95 Jul 96 Nov 97 Mar 99 Jul 00 Nov 01 Mar 03 Jul 04 Nov 05 Mar 07 Jul 08 Nov 09 GDP Australian 1Q15: GDP: An Export XXX Story June 2015 June 2015 Summary Business investment weighs on growth GDP grew
More informationSensis Business Index September 2018
Sensis Business Index September 20 A survey of confidence and behaviour of Australian small and medium businesses Released 27 November 20 OPEN www.sensis.com.au/sbi Join the conversation: @sensis #SensisBiz
More informationNew Zealand Economic Chart Pack. Key New Zealand Macroeconomic and Financial Market Graphs
New Zealand Economic Chart Pack Key New Zealand Macroeconomic and Financial Market Graphs January New Zealand Economic Chart Pack January Page Contents Aggregate Output... Prices... Households... Business...
More informationMONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 16 th November, 2016
1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2016 Governor s Presentation to the Media 16 th November, 2016 INTRODUCTION 2 This presentation is structured as follows: 1. Decision of the Monetary
More informationSUMMARY OF SELECTED ECONOMIC INDICATORS
SUMMARY OF SELECTED ECONOMIC INDICATORS RECENT DATA GRAPHS HISTORICAL DATA GRAPHS P.E.I. CONSUMER PRICE INDEX P.E.I. LABOUR FORCE STATISTICS CANADA/P.E.I. GROSS DOMESTIC PRODUCT, INCOME-BASED CANADA /
More information16 November 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS
16 November 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS Australia s labour market continues to expand strongly in 2018. Jobs growth seems to be stronger than had been anticipated by the RBA, Government and financial
More informationMonthly Bulletin of Economic Trends: Review of the Australian Economy
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Review of the Australian Economy March 2018 Released on 22 March 2018 Outlook for Australia 1 Economic Activity
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationEconomic influences on the Australian mortgage market
Economic influences on the Australian mortgage market Presentation to Choice Aggregation Services Saul Eslake Chief Economist ANZ Burswood Resort Perth 3 rd October 7 www.anz/com/go/economics Capital city
More informationUK Economic Outlook March 2017
www.pwc.co.uk/economics Contents 1 2 3 4 Global outlook UK economic trends and prospects Consumer spending prospects after Brexit Will robots steal our jobs? 2 Global growth in 2017 should be slightly
More informationCrusade ABS Series Trust Collateral Pool Data
31-Mar-2019 31-Dec-2018 30-Sep-2018 30-Jun-2018 Pool Summary Outstanding Balance (AUD) 1,320,405,365 1,493,280,673 1,676,342,131 1,870,533,655 Number of Loans 76,162 80,526 84,774 89,246 Weighted Average
More informationChina Economic Outlook 2018 Feb 13, 2018
Feb 13, Key Developments in Brief Economic Development Drivers of Growth Risks Predicted GDP growth of 6.5% in In 2017 growth exceeded the official target Service and modern production grow faster than
More informationAUSTRALIAN INDUSTRY DATA SUMMARY
ECONOMICS & MARKETS RESEARCH Australian industry data summary December 9 / of AUSTRALIAN INDUSTRY DATA SUMMARY DECEMBER 9 DATA FOR THE SEPTEMBER QUARTER 9 Australia s economy grew by.% in Q 9 (.% p.a.),
More informationBroad Money and Its Affecting Factors
Broad Money and Its Affecting Factors wa e Weaker growth of broad money (M2) remained in e. It grew 13.0, lower than 13.4 growth in. The deceleration of M2 growth was dragged by Quasi Money (Time and Saving
More informationUK Economic Outlook July 2018
www.pwc.co.uk/economics UK Economic Outlook July 2018 Contents 1 2 3 4 Global outlook UK economic prospects UK housing market outlook Impact of AI and related technologies on jobs in the UK UK Economic
More information1Q of FY ending December 31, (0.2) (1.9) 11.3 (0.2) (0.2) (0.2) (0.2) (1.2) (89.2) 0.1
August 6, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, June 30, ) I. Consolidated business results for the three months ended June 30, (Billions of yen, %) Year-on
More informationPoland s Economic Prospects
Poland s Economic Prospects Unicredit Conference Warsaw, June 8, 11 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe Recovery is driven by domestic demand Contributions to Real
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationThe Outlook for the Housing Industry in New South Wales
The Outlook for the Housing Industry in New South Wales Harley Dale HIA Chief Economist HIA Industry Outlook Breakfast Sydney March 2011 It s (apparently) all about Europe What s going on in Europe and
More information20 July 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS
20 July 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS This week the RBA reiterated its view that there is no case for a near-term change in the cash rate. Eventually the next move in the cash rate would more likely
More informationCondensed consolidated income statement For the six months ended 31 December 2010
Condensed consolidated income statement For the six months ended 31 December 2010 (Dollars in millions, except per share amounts) note NZ$ NZ$ NZ$ Operating revenues and other gains Local service 499 516
More informationCURRENT ECONOMIC CONDITIONS
Presentation to the FIA CURRENT ECONOMIC CONDITIONS 5 October 2017 Global economic outlook Has improved Global Economy Consolidating Healthy Growth Trajectory Global growth (%) Source: 2017 July IMF World
More informationNAB MONTHLY BUSINESS SURVEY FEBRUARY 2018 BUSINESS CONDITIONS SURGE
EMBARGOED UNTIL: 11:3AM AEDT, 13 MARCH 18 NAB MONTHLY BUSINESS SURVEY FEBRUARY 18 BUSINESS CONDITIONS SURGE NAB Australian Economics Business conditions were at a record high in February, with the broad-based
More informationA Overview MONTHLY ECONOMIC REVIEW JULY Parliamentary Library Research Paper
MONTHLY ECONOMIC REVIEW JULY 2018 (Latest data as at 10 July) Parliamentary Library Research Paper A Overview Recent trend 2016/17 2017/18 Economic Growth 3.7% 2.7% Annual average GDP Growth (March year)
More informationNAB MONTHLY BUSINESS SURVEY APRIL 2018 BUSINESS CONDITIONS AT RECORD LEVELS
EMBARGOED UNTIL: 11:3AM AEST, 7 MAY 218 NAB MONTHLY BUSINESS SURVEY APRIL 218 BUSINESS CONDITIONS AT RECORD LEVELS NAB Australian Economics There was a significant improvement in business conditions in
More informationAggregate Output Prices Households Business Government Taxation External Sector Labour Market...
March Contents Aggregate Output... Prices... Households... Business... Government... Taxation... External Sector... 9 Labour Market... Housing Market... Financial Market... Indicators of Productive Capacity...
More informationECONOMICS & MARKETS RESEARCH ANZ AUSTRALIAN ECONOMICS WEEKLY
ANZ Weekly / 11 March 2010 / 1 of 7 ECONOMICS & MARKETS RESEARCH ANZ AUSTRALIAN ECONOMICS WEEKLY ECONOMIC UPDATE: ECONOMY STAYS WELL ON TRACK 11 MARCH 2010 INSIDE Economic Update 1 Data Wrap 4 Forecasts
More informationIncome inequality and mobility in Australia over the last decade
Income inequality and mobility in Australia over the last decade Roger Wilkins Meeting of National Economic Research Organisations, OECD Headquarters, 18 June 2012 1993-94 1994-95 1995-96 1996-97 1997-98
More informationBusiness Trends Report
Business Trends Report June 2014 Introduction The Bankwest Business Trends Report tracks working trends for people that run a business either as an employer or as an own account worker. The report looks
More informationCommercial Cards & Payments Leo Abruzzese October 2015 New York
US, China and emerging markets: What s next for the global economy? Commercial Cards & Payments Leo Abruzzese October 2015 New York Overview Key points for 2015-16 Global economy struggling to gain traction
More informationMongolia Monthly Economic Brief
Mongolia Monthly Economic Brief June 21 Mongolia s economic growth in Q1 21, slowed to.% (y/y), down from % in the previous quarter. Investment sharply contracted by 1.% from the same quarter a year ago,
More informationKey statistics for Sensis Business Index (September 2018) SM B confidence: National average +42 7
Key statistics for Sensis Business Index (September 2018) The Sensis Business Index is a quarterly survey of 1,000 small and medium businesses, which commenced in 1993. Note: This survey was conducted
More informationState of Palestine Ministry of Finance. Fiscal Developments & Macroeconomic Performance: Fourth Quarter and Full year 2013 Report
State of Palestine Ministry of Finance Fiscal Developments & Macroeconomic Performance: Fourth Quarter and Full year 2013 Report Macro Macro Fiscal Fiscal Unit Unit Oct February,, 2013 2014 Section 1:
More informationAustralian Business Expectations Survey
Australian Business Expectations Survey Dun & Bradstreet Q2 2017 PRELIMINARY RESULTS RELEASED 7 FEBRUARY 2017 Index BUSINESS CONFIDENCE IS SOLID, BUT WHERE ARE THE JOBS? Employment expectations for the
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationGlobal Economic Overview. - Global Financial Instability & Outlook - Green shoots or weeds? - Ramifications for Australia
Global Economic Overview - Global Financial Instability & Outlook - Green shoots or weeds? - Ramifications for Australia Alan Oster - Group Chief Economist 1 Apr-2 Jan-3 Oct-3 Jul-4 Apr-5 Jan-6 Oct-6 Jul-7
More informationGDP Growth Outlook Heavily Dependent on Consumer Spending. Which Relies on Net Job Gains Plus Modest Pick Up in Wages Growth
GDP Growth Outlook Heavily Dependent on Consumer Spending Which Relies on Net Job Gains Plus Modest Pick Up in Wages Growth Plus Some Recourse to Increased Borrowings. 2 Introduction The only function
More informationInflation remains below RBA target band at 1.9% p.a. in Q1 2018
27 April 2018 AUSTRALIAN ECONOMIC DEVELOPMENTS Australia s consumer price index (CPI) held steady at 1.9% p.a. in the March quarter (Q1) of 2018, remaining below the RBA target band of 2 to 3% over the
More informationOutlook for Bond and Swap Yields. Besa Deda Chief Economist, St.George Banking Group 12 October 2017
1 Outlook for Bond and Swap Yields Besa Deda Chief Economist, St.George Banking Group 12 October 2017 Australian Cash Rate Outlook 2 20 15 10 5 Where Will the Cash Rate Be at the End of Jun 2018? Reuters
More informationObservations on Alaska s Economy and Economic Implications of Alaska s Fiscal Choices
Observations on Alaska s Economy and Economic Implications of Alaska s Fiscal Choices Gunnar Knapp Director and Professor of Economics Institute of Social and Economic Research University of Alaska Anchorage
More informationNarre Warren Assessment Local Economic Analysis 9 February 2011
Narre Warren Assessment Local Economic Analysis 9 February 211 MacroPlan has been commissioned by Providence Housing to undertake a local economic analysis of Narre Warren and prepare forecasts of economic
More informationMonitoring the Philippine Economy First Quarter Report for 2016
Monitoring the Philippine Economy First Quarter Report for 2016 Project of Angelo King Institute Mitzie Irene P. Conchada 1 Assistant Professor School of Economics Regina S. Villasor BS Applied Economics
More informationAfter the Rate Increase, What Then?
After the Rate Increase, What Then? Robert Eisenbeis, Ph.D. Vice Chairman & Chief Monetary Economist Bob.Eisenbeis@Cumber.com What the FOMC Did At Dec Meeting The Fed made the first step towards normalization
More informationMacroeconomic and Financial Development: Mongolia
Macroeconomic and Financial Development: Mongolia WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCs AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGs 14 December 201 Current state of macroeconomic and financial
More informationInvesting for now and the future. Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010
Investing for now and the future Co-opTrust Investment Services Presentation by Lydia Muchiri 26 June 2010 Outline Saving vs Investing Key Considerations before starting Stages of life and investing Set
More informationInitial assessment of the Federal Budget
Initial assessment of the 27-8 8 Federal Budget ANZ Budget Night dinner Saul Eslake with the assistance of Riki Polygenis & Amber Rabinov 8 th th May 27 1 The economic and political context 2 World economy
More informationFederal Budget : This Time It s Personal. May 2018
Federal Budget 2018-19: This Time It s Personal May 2018 Executive Summary The Federal Government and the nation s fiscal position have become the beneficiaries of an unexpected windfall primarily in the
More informationGDP growth above trend, while inflation pressures remain muted
NZ Economy - Overview 1 GDP growth above trend, while inflation pressures remain muted Leading indicators suggest a near-term annual GDP growth rate around a robust 3.-3.% YoY level Current supportive
More informationASIAN ECONOMIES. Economics, interest rates and currencies chart pack
ASIAN ECONOMIES Economics, interest rates and currencies chart pack Amy Auster Senior Economist Melbourne 2 May 25 E-mail: austera@anz.com Internet: http://www.anz.com/go/economics 1 Major revisions to
More informationAsda Income Tracker. Report: January 2012 Released: February Centre for Economics and Business Research ltd
Asda Income Tracker Report: January 2012 Released: February 2013 M a k i n g B u s i n e s s S e n s e Centre for Economics and Business Research ltd Unit 1, 4 Bath Street, London EC1V 9DX t 020 7324 2850
More informationTrade Balance (LHS) Exports (RHS) Imports (RHS)
14,000 RM Million % change y-o-y 50.0 12,000 40.0 10,000 30.0 8,000 20.0 6,000 10.0 4,000 0.0 2,000 (10.0) 0 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16
More informationSouth Region Committee Brexit and the Associated Challenges
South Region Committee Brexit and the Associated Challenges event in Tralee with Jim Power Tralee, 17 October 2017 Brexit and the Associated Challenges The Institute of Banking, Tralee October 17 th 2017
More informationAustralian Business Expectations Survey
Australian Business Expectations Survey Dun & Bradstreet Q4 2017 PRELIMINARY RESULTS RELEASED 1 AUGUST 2017 Index UPLIFT IN BUSINESS SENTIMENT Australian businesses are looking ahead to the final quarter
More informationState of the Turkish Economy. Emre Deliveli TOBB ETU, October
State of the Turkish Economy Emre Deliveli TOBB ETU, October 11 2005 State of the Turkish Economy Slide 2 Agenda Overview of the Turkish economy Risks and priorities New anchor: EU What are the policy
More informationPower of Travel Promotion Evolution
Power of Travel Promotion Evolution Promotion More Important than Ever Power of Promotion $7 million Median state = marketing budget FY 2014-15 OR 45 seconds worth of Super Bowl ads $100 million = Presidential
More informationIntroduction to the UK Economy
Introduction to the UK Economy What are the key objectives of macroeconomic policy? Price Stability (CPI Inflation of 2%) Growth of Real GDP (National Output) Falling Unemployment / Raising Employment
More informationSensis Business Index December 2018
Sensis Business Index ember 20 A survey of confidence and behaviour of Australian small and medium businesses Released February 2019 OPEN www.sensis.com.au/sbi Join the conversation: @sensis #SensisBiz
More informationNAB MONTHLY BUSINESS SURVEY NOVEMBER 2018
EMBARGOED UNTIL: 11:3AM AEDT, 11 DECEMBER 218 NAB MONTHLY BUSINESS SURVEY NOVEMBER 218 DOWNWARD TREND CONTINUES NAB Australian Economics Key Messages from the Survey: Both business conditions and confidence
More informationState Budget Briefing to IPAA. Grant Hehir Secretary, Department of Treasury & Finance
2009-10 State Budget Briefing to IPAA Grant Hehir Secretary, Department of Treasury & Finance Victorian Budget 2009-10 Victorian economy 2009-10 Budget financial results 2009-10 Budget initiatives World
More informationAustralian Dollar Outlook
Tuesday, 31 March 015 Australian Dollar Outlook Still Under Pressure We have revised our AUD forecasts for this year down slightly to reflect developments over recent months. We now expect the AUD to end
More informationMonthly Bulletin of Economic Trends: Households and Household Saving
MELBOURNE INSTITUTE Applied Economic & Social Research Monthly Bulletin of Economic Trends: Households and Household Saving November 2018 Released at 11am on 22 November 2018 Housing and households Consumption
More informationSada Reddy: Fiji s economy
Sada Reddy: Fiji s economy Presentation by Mr Sada Reddy, Deputy Governor of the Reserve Bank of Fiji, to the FIJI NZ Business Council, Suva, 3 October 2008. * * * Outline The outline of my presentation
More information2011 Australian APEC Study Centre Conference
Is Australia managing? The Impact of the Global Financial Crisis and The Outlook for Australia s Trade and Competitiveness AUSTRALIA S TRADE AND INVESTMENT PERFORMANCE IN ASIA Australia s future trade
More informationGlobal Outlook and Policy Challenges. Olivier Blanchard Economic Counsellor Research Department
Global Outlook and Policy Challenges Olivier Blanchard Economic Counsellor Research Department February, 29 Global Outlook Has Deteriorated, but Modest Turnaround Anticipated with Policy Stimulus 1 WEO
More informationRP Data HY09 Results Presentation
RP Data HY09 Results Presentation HY09 Highlights Strong Revenue Growth Strong Subscriber and ARPU Growth Further Expansion of Valuation Services Other Highlights HY revenue up 14% to $24.8m Growth in
More informationTHE IMPORTANCE OF PRODUCTIVITY GROWTH AS A DRIVER OF VICTORIA S ECONOMY
THE IMPORTANCE OF PRODUCTIVITY GROWTH AS A DRIVER OF VICTORIA S ECONOMY PRESENTATION TO MEMBERS OF THE PARLIAMENT OF VICTORIA MELBOURNE 24 TH NOVEMBER 2016 Victoria s economy is picking up after under-performing
More informationOntario Economic Accounts
SECOND QUARTER OF 2017 April, May, June Ontario Economic Accounts ONTARIO MINISTRY OF FINANCE Table of Contents ECONOMIC ACCOUNTS Highlights 1 Ontario s Economy Continues to Grow Expenditure Details 2
More informationMonetary Policy Report
CENTRAL BANK OF THE GAMBIA Monetary Policy Report November 20 The Central Bank of The Gambia Monetary Policy Report provides summary of reports presented at the Monetary Policy Committee Meeting. It entails
More informationLatest economic developments in Greece and Challenges for the Trade Finance Market
Latest economic developments in Greece and Challenges for the Trade Finance Market Peter Sanfey Deputy Director, Country Economics and Policy, EBRD 15 September 216, Bank of Greece, Athens The Greek economy:
More informationSTATE BY STATE ANALYSIS N E W H O M E B U I L D I N G
HALF YEARLY REVIEW STATE BY STATE ANALYSIS STATE RANKINGS N E W H O M E B U I L D I N G A state by state performance review of residential construction Summer 2018 STATES STAMP DUTY DEPENDENCE: WORST IN
More information