Hi John,

Today, Treasury released the latest Crown accounts, giving a snapshot of the Government’s economic performance so far, and projections for what’s ahead. There’s a lot to digest, so I wanted to make sure you heard the important points out of today’s announcement.

The key takeaway is that despite an increasingly volatile global economy, New Zealand is in a strong position.

In the interests of keeping this update short, I’ll spare you an in-depth analysis (although if you are interested in taking a deeper dive into the numbers, you can do so here), but I did want to share a few graphs that I think sum up our current position.

Together, these graphs are clear evidence that our economic approach throughout the pandemic and beyond is working. Our plan has meant we’re now in a stronger position than many other countries - and we’re recovering faster than we did after the Global Financial Crisis.

Here's a quick look at how our economy is tracking:

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Through initiatives like free trades training and apprenticeships, we’re supporting people into work, moving more than 100,000 people off a benefit and into jobs in the past year alone. Māori unemployment is also at the lowest rate on record.

Our debt levels are far lower than most other countries’, giving us a good buffer.

While this is positive news for the economy overall, I know things still feel tough for many New Zealanders in the face of global pressures. We’ve rolled out a number of measures to help ease this pressure, including the final instalment of our Cost of Living Payment which was paid this week. We’ll continue to support people through, with our plan to create jobs, lift wages and provide economic security for all.

There are big challenges ahead, as the world continues to grapple with the global inflation crisis, the war in Ukraine, supply chain issues and ongoing geopolitical tensions. However, there’s a lot to be optimistic about too. Today’s results show we’re in the strongest possible position to navigate through the uncertainty, and seize the opportunities created by our COVID response.

I’ll be back in touch soon with another update on our economic approach. For now though, you can read more about our plan to build a high wage, low emissions economy here.

Thanks,
Grant Robertson

P.S. The latest tourism numbers are also good news, showing that more than 100,000 tourists visited New Zealand in July alone. This demand will continue to ramp up as we look forward to a summer of big events, kicking off this weekend with the Rugby World Cup in Auckland - so I wanted to finish this email by wishing the very best of luck to the Black Ferns!