Good news for the economy in the last week

Dear John,

It's all go around here at the moment - Parliament is in recess, I've been out and about around the Hutt, plus speaking in Auckland, Hamilton and Christchurch, announcing big steps in our plan to the economy going again... and Jenna is due to give birth in a week!

Let me run you through a few of the big announcements of the last couple of weeks. First, the OCR was cut ([link removed]) on Wednesday by 50 basis points, following 25 points a couple of months ago. This is really good news - the OCR is now 4.75 and forecast to fall further. Interest rates coming down indicates the government's plan is working. We inherited an economy that had experienced a prolonged cost of living crisis, with high government debt and out of control government spending. After a year, inflation is coming down (it is expected to be back within the 1-3% band when the numbers are released next week) and now we're seeing the dividend. Business and consumer confidence is growing, and optimism is on the rise. Don't get me wrong, life is still tough out there, but we're seeing green shoots of change and the direction
is positive. What do you think? (mailto:[email protected]?subject=OCR%20cut)

Fast Track: On Sunday I took to the Beehive Theatrette to announce the 149 projects ([link removed]) we'll be fast-tracking as a government as part of our Fast Track Bill, which will be law by the end of the year. The projects will help rebuild the economy and fix our housing crisis, improve energy security, and address our infrastructure deficit. I'm really proud of the list - the 44 listed housing developments will enable up to 55,000 new homes to be consented in New Zealand’s major growth centres and across our regions, the seven aquaculture and farming projects are expected to have an output of up to 143,000 tonnes per annum, the 43 infrastructure projects will result in at least 180km of new road, rail and public transport routes and the 22 renewable electricity projects will help electrify the New Zealand economy, boost energy security and help New Zealand address its climate change goals

The simple truth is it is too hard to get things done in NZ and we need to get on with growing the economy - that's what Fast Track is all about. The reaction has been extremely positive, with commentators saying things like, "these developments are unambiguously positive for growth…" and the Bill "has the potential to give a much needed injection of energy into the downbeat NZ economy.." Fast Track is just one of many steps we're taking to rebuild the economy and get NZ back on track. Passing it into law is one of the 43 actions in the government's Quarter Four Action Plan. ([link removed])

School Property: Another big announcement last week was about school property, Erica Stanford and I visited Niche Modular in the Hutt, who are doing great work locally in modular offsite classroom design and manufacturing. School property is hugely important and worth $30 billion, but the way its managed has been a dog's breakfast in recent years. When we came into government, we inherited a struggling system with a pipeline of unfunded school upgrades that were over scoped and couldn’t be delivered. The gap between what schools were led to expect compared with the reality of funding available has resulted in a huge loss of confidence in the current system and uncertainty for school communities.

The first thing we did was instruct the Ministry of Education to focus on offsite manufacturing solutions and improve communication with schools. In Q1 2024, over 60% of new classrooms were initiated as offsite manufacturing, up from under 20% in Q4 2023 (including at Niche in the Hutt!) The next step is to appoint a dedicated Chief Executive with expertise in delivering infrastructure to have responsibility for all operational aspects of school property, establish a new independent investment panel, and then look at a new permanent model or entity for operational school property, with decisions expected in 2025.

There's lots more I could talk about - our new Residential Underwrite Scheme ([link removed]) , investment to increase childhood immunisations by training the Plunket workforce as vaccinators, Keytruda becoming available... but I'll leave it there this week on what the government is up to!

Around the Hutt: I've really enjoyed getting out and about in the Hutt in the last couple of weeks - Erica Stanford and I caught the Boulcott School production (which was amazing), I saw the Acting Out production of Madagascar, I enjoyed "running the first hoop" for the opening of the Wainuiomata Croquet Club, as well as the Lowry Bay Yacht Club season opening, to name a few. Thank you to everyone who has said hello as I've been out and out.

I hope you have a great weekend. As I mentioned at the start of this email, Jenna is due to give birth to our second child (a wee girl) in a week or so. Once the baby arrives I'll be taking a few weeks off on paternity leave, so you won't see me for a while. However my offices will both be open and Dawn, Robyn and Monique will be able to assist you if you need help, so please reach out!

P.S My Ministerial credit card expenses got a bit of publicity last week ([link removed]) - namely buying Maccas. As my spokesperson says: "The Minister takes seriously his responsibility to be a prudent guardian of taxpayer money. He also really likes fast-food. His waistline is proof of that."

P.P.S I'll be at the Riverbank Markets on Saturday from 9am to midday if you're around and want to stop by.
Announcing Fast Track
The 149 projects released for inclusion in the Government’s one-stop-shop Fast Track Approvals Bill will help rebuild the economy and fix our housing crisis, improve energy security, and address our infrastructure deficit.
Opening Life Direct in Petone
Opened the new Life Direct office on Jackson St, Petone on Friday arvo last week, with Deputy Mayor Tui Lewis. Great to see Hutt Valley legends and current Black Caps Rachin Ravindra and Ben Sears there too, just back from Sri Lanka, as well as White Fern Polly Inglis. Congrats to the Life Direct team on the new store. Gutted I couldn't get down to the Hutt Rec to face Ben in the nets - hope you had a fun afternoon!
Young Entrepeneur
Lachlan is a local Hutt student and came to see me with his Young Enterprise company, Christmas Chaos! ([link removed]) He’s created a really fun family card game called ‘Christmas Chaos’ - and he’s already sold nearly 200 games. It retails for $30 and is suitable for ages 8 upwards. Great Christmas present and perfect for family holiday fun. It was really inspiring to meet you Lachlan and see how you are following your dreams. Well done! Check out the game (and buy a copy) here. ([link removed])
Hutt Valley SuperBlues
Wonderful to have Erica Stanford in the Hutt last Friday speaking at the Hutt Valley SuperBlues. If you're keen to join this regular morning tea club, flick me a message! (mailto:[email protected]?subject=SuperBlues)
With the Boss at the All Blacks

Great test by the All Blacks at the Stadium. Was fun to go down to the ground with the PM!
Visit to Niche with Erica
Niche are doing great work building offsite modular school classrooms for schools in the Hutt and around the country.
Opening new social houses in Porirua
It was a privilege to help open 12 new social homes in Porirua last week. The Government is committed to supporting community housing providers as an important part of fixing our housing crisis. A big congratulations to Te Āhuru Mōwai and Ngāti Toa on these beautiful new homes they have built.
Wainuiomata High School visit
Thank you to Principal Lea Vellenoweth and student rep on the Board, Keelan Renata, for the tour of Wanuiomata High a couple of weeks ago. The building work is coming along so well!
Quarter Four Action Plan
Launching our Quarter Four Action Plan ([link removed]) with the PM on Monday in Auckland last week. Lots of focus on infrastructure!
I'm In - Get work ready company in Lower Hutt
Catching up with the team at I’m In in the Hutt. They provide pre-employment, placement, and pastoral care designed to support jobseekers to enter and sustain employment. Some fantastic results so far! It was founded by Hutt legend Tommy Maharaj. Well done!
Boulcott School Production
Erica Stanford and I just loved the Boulcott School production! Brilliant stuff. Well done to all involved, most importantly, the students.
Date Night at Ruchi!
Date night at Ruchi Indian Cuisine last night in Petone. One of our faves! Delicious curry and excellent service.
Opening The Wainuiomata Croquet Club
Running the first hoop at the opening of Wainuiomata Croquet Club’s season last Sunday.
I've been rumbled
Amazing what the media are interested in!
Collecting for Heart Kids at Queensgate Countdown

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