Obama’s Former Budget Chief Says NZ Alone Has Done It Right 18 Oct 2012
- More buildings cleared in review News
- Patricia Grace objects to land taken by Public Works Act News
- EPA wrongly gave Anadarko duty to Maritime NZ: Greenpeace Business
- NZ property values rise at 9.2% annual pace in November: QV Business
- Auckland Big Day Out Widens the Festival Experience Living
- Win No 622 a first for shears legend Fagan Living
- StarJam Girl Wins New Zealand’s Got Talent Living
- Last OCR review for 2013 to keep rate at 2.5% Business
- PM to lead small delegation to South Africa News
- Foss to progress TV talks in China News
Hon Tony Ryall
Minister for State Owned Enterprises
Minister of Health
18 October 2012 Media Statement
Obama’s Former Budget Chief Says New Zealand Alone Has Done It Right
One of US President Barack Obama’s top financial advisors has given New Zealand a ringing endorsement for the way the National Government is handling the deepening world debt crisis, State Owned Enterprises and Health Minister Tony Ryall said.
‘This week, in a major international BBC debate on rescuing the world economy, Peter Orszag, Obama’s Director of the Office of Management and Budget until 2010, opposed the austerity only position taken by the IMF’s Chairman Christine Lagarde, and Wolfgang Schauble, German Minister of Finance,’ Mr Ryall said..
‘Mrs Lagarde and Mr Schauble said cutting spending was difficult but necessary. But Mr Orszag said it was better to take a mixed approach – with stimulus for the economy combined with deficit reduction that is put in place now but which takes effect over time.
‘President Obama’s former senior aide singled out New Zealand alone as the model for its balanced approach to the deepening international debt crisis,’ Mr Ryall said.
‘Mr Orszag said: … “for most countries it’s better to combine deficit reduction that you put in place now but that takes effect over time, with if anything, additional support, and that means stimulus, for the economy, effective immediately. And what’s interesting about the fiscal monitor the IMF published also as part of these meetings, is if you look across all the developed countries, there is only one country… which has actually done that, which is New Zealand- who have coupled additional stimulus with medium-term fiscal consolidation. That’s the right policy combination.”(BBC ‘World Debate - Rescuing the Global Economy – What Next?’)
‘This statement by one of President Obama’s top advisors acknowledged the balanced approach taken by the Key led Government over the last four years. The National government has borrowed to take the sharp edges off recession, at the same time maintaining strong fiscal discipline,’ said Mr Ryall.
‘Around $2 billion of borrowings over the last four years have been to protect and grow public health services. This has contributed to the improved health services New Zealanders are seeing every day, including free doctors’ visits for children under 6, and 35,000 more patients getting elective surgery a year than four years ago.
‘It is also important the Government completes its government share offer programme, so that we can control our debt, and build the hospitals and schools and broadband we need ,but would otherwise have to borrow to complete.
Link to the BBC debate:
6 Dec 2013 News
New Zealand First was saddened to hear of the death of Nelson Mandela, South Africa’s first democratically elected... more
6 Dec 2013 News
Prime Minister John Key today expressed his sadness at the death of former South African President Nelson Mandela. “Nelson... more
6 Dec 2013 Business News
Article - BusinessDesk Chatham Rock granted mining permit for Chatham rise, still needs EPA sign-off Dec. 6 (BusinessDesk) - ... more
5 Dec 2013 Business News
Article - BusinessDesk SkyCity earnings to get kicker from Adelaide redevelopment in 2017, brokerage says By Tina ... more
6 Dec 2013 Arts
Audio Foundation Audio Foundation Artist Residency program 2014 awarded The Audio Foundation is pleased to announce Thomas Lambert... more
4 Dec 2013 Property
Auckland house prices rose at the rate of $677 a day in November, based on the average price increase from October to... more
4 Dec 2013 Property
New Zealand Government Hon Dr Nick SmithMinister of Housing 3 December 2013 Bill to rein in housing development charges passes first... more
4 Dec 2013 Migration
The typical Kiwi on Census day 2013 was aged 38, earned $28,500 a year, worked in a service job and owned his or her own... more
4 Dec 2013 Travel & Tourism
Afghanistan, North Korea and Somalia are seen as the world's most corrupt countries while Denmark and New Zealand are nearly ... more
6 Dec 2013 Rugby
The International Rugby Board and the global Rugby family have been paying tribute to Nelson Mandela, who passed away today.The... more
6 Dec 2013 Motor Sport
NZV8 Ute Racing Supercars and Highlands headline 2014 UDC V8 Ute Series A fifth year on the bill for the V8 Supercars and an opening... more
8 Dec 2013 Column
To some, it would appear that I’m living the dream. Professional Kiwi living in London, with a great apartment, great friends,... more
6 Dec 2013 Column
Column - Gordon Campbell Gordon Campbell on oil drilling permits, and Iris Dement by Gordon Campbell Yesterday, the ... more
2 Dec 2013 People
Universal College Of Learning Media Release Monday 2 December 2013 UCOL salutes its Top Scholars UCOL Bachelor of Nursing... more
29 Nov 2013 Recruitment
Article - BusinessDesk Unemployment to hit 4% by 2021, says MBIE Nov. 29 (BusinessDesk) – Job growth and higher... more