New Zealand (/njuːˈziːlənd/new-ZEE-lənd, Māori:Aotearoa[aɔˈtɛaɾɔa]) is an island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses – that of the North Island, or Te Ika-a-Māui, and the South Island, or Te Waipounamu – and numerous smaller islands. New Zealand is situated some 1,500 kilometres (900mi) east of Australia across the Tasman Sea and roughly 1,000 kilometres (600mi) south of the Pacific island areas of New Caledonia, Fiji, and Tonga. Because of its remoteness, it was one of the last lands to be settled by humans. During its long isolation, New Zealand developed a distinctive biodiversity of animal, fungal and plant life. The country's varied topography and its sharp mountain peaks, such as the Southern Alps, owe much to the tectonic uplift of land and volcanic eruptions. New Zealand's capital city is Wellington, while its most populous city is Auckland.
Somewhere between 1250 and 1300 CE, Polynesians settled in the islands that were to become New Zealand, and developed a distinctive Māori culture. In 1642, Abel Tasman, a Dutch explorer, became the first European to sight New Zealand. In 1840, representatives of the British Crown and Māori Chiefs signed the Treaty of Waitangi, making New Zealand a British colony. Today, the majority of New Zealand's population of 4.5 million is of European descent; the indigenous Māori are the largest minority, followed by Asians and Pacific Islanders. Reflecting this, New Zealand's culture is mainly derived from Māori and early British settlers, with recent broadening arising from increased immigration. The official languages are English, Māori and New Zealand Sign Language, with English predominant.
The 2011 Rugby World Cup was the seventh Rugby World Cup, a quadrennial international rugby union competition inaugurated in 1987. The International Rugby Board (IRB) selected New Zealand as the host country in preference to Japan and South Africa at a meeting in Dublin on 17 November 2005. The tournament was won by New Zealand, who defeated France 8–7 in the final. The defending champions, South Africa, were eliminated by Australia 11–9 in the quarter-finals. The result marked the third time that the tournament was won by the country that hosted the event (following New Zealand in 1987 and South Africa in 1995).
It was the largest sporting event ever held in New Zealand, eclipsing the 1987 Rugby World Cup, 1990 Commonwealth Games, 1992 Cricket World Cup and the 2003 America's Cup. Overseas visitors to New Zealand for the event totalled 133,000, more than the 95,000 that the organisers expected. However, there was a drop in non-event visitors, meaning the net increase in visitors over the previous year was less than 80,000.
The New Zealand Treasury (Māori: Kaitohutohu Kaupapa Rawa) is the central public service department of New Zealand charged with advising the government on economic and financial policy, assisting with improving the performance of New Zealand's economy, and managing financial resources.
Treasury has four main functions:
Provide advice to improve economic and fiscal conditions for high levels of economic growth and improved living standards.
Monitor and manage the financial affairs of the Crown.
Assess and test other Government agencies’ advice and proposals that have economic and financial implications.
Provide leadership, with other central agencies, to develop a high-performing State sector.
History
The Treasury is one of New Zealand’s oldest institutions, having been first established in 1840. Initially the Treasury consisted of just a few officials responsible for managing the Government’s day-to-day financial affairs. In the 1920s the department took on a supervisory role over other departments’ spending and oversight of government borrowing.
The NZ Hawks wear a distinctive silver and black ADIDAS uniform which consists of a guernsey (singlet), shorts and socks. The guernsey contains New Zealand's silver fern and the Hawks logo. Before every match, similar to the all blacks, the NZ Hawks will perform a haka.
Want to know what it's like to work at the Treasury? Check out this video about our people and life in the creative capital.
published: 11 Mar 2014
Treasury Presentation - Budget 2024: The economic and fiscal outlook
About the presentation
The Treasury published the Budget 2024 Economic and Fiscal Update on 30 May 2024, as part of the wider package of Budget documents. Join this seminar if you would like to better understand the Treasury economic and fiscal forecasts which underpinned Budget 2024.
The Treasury’s Chief Economic Advisor will outline the Treasury’s position on the international and New Zealand economic outlook; and the implications for forecasts of aggregate fiscal indicators, such as revenue and the Government’s operating balance and debt indicators. Dominick will also explore the reasons for the recent downward revisions to the Treasury’s productivity forecasts, as outlined in a recent Treasury Paper on the global and New Zealand productivity slowdown.
About the presenter
Dominick...
published: 17 Jun 2024
Treasury Profile (Ben - Analyst)
published: 11 Mar 2014
Treasury Guest Lecture with Danielle Wood
About this presentation
In this session, Danielle Wood, Chair of Australia’s Productivity Commission, will explore why competition policy is back in fashion in advanced economies. She will examine the ongoing debate in Australia – and elsewhere – about economic dynamism and how competition policy might be used as a level to revitalise productivity and economic growth.
About the presenter
Danielle Wood commenced a 5-year term as Chair of the Productivity Commission in November 2023.
Prior to joining the Commission, she was CEO of the Grattan Institute and Head of its Budgets and Government Program. During her time at Grattan, Danielle also held roles as member of the Australian Government’s Women’s Economic Equality Taskforce, the Parliamentary Budget Office Expert Advisory Committee, t...
published: 19 Aug 2024
Rethinking indicators of well-being: A discussion with New Zealand’s Treasury Secretary
India is among the many countries rethinking what it means to be a prosperous and developed country. The concept of Gross National Happiness in Bhutan and the United Nations’ World Happiness Report are some examples of this re-thinking on human development around the world.
To discuss some of the ways to rethink indicators of well-being, Brookings India and the New Zealand High Commission organised a private discussion with Gabriel Makhlouf, Secretary and Chief Executive to the Treasury of New Zealand and Shamika Ravi, Director of Research at Brookings India.
For more details: https://brook.gs/2AKeeAO
Follow us on social media.
Facebook: http://www.Facebook.com/Brookings.India
Twitter: http://www.twitter.com/BrookingsIndia
published: 06 Aug 2018
Treasury Guest Lecture: Wellbeing Report Seminar Series - Kate Raworth & Andrew Fanning
About this presentation
If humanity’s 21st century challenge is to create a world that meets the needs of all within the means of the living planet, right now all countries need to transform to achieve it - albeit in different ways given unique contexts and histories. Kate Raworth and Andrew Fanning will present the core concepts and tools of Doughnut Economics and share perspectives for Aotearoa / New Zealand with examples from change-makers worldwide –in communities, cities, and government - who are working to turn these ideas into transformative action.
About the presenters
Kate Raworth is an ecological economist focused on making economics fit for 21st century realities. She is the creator of the Doughnut of social and planetary boundaries and author of the best-selling book, Doughn...
published: 13 Mar 2023
What does a Treasury Graduate Analyst do? Danielle Lucas
For more information about opportunities for graduates at the Treasury visit http://www.treasury.govt.nz/abouttreasury/careers/graduateopportunities
published: 05 Mar 2018
KEYNOTE SPEAKER Dr Caralee McLiesh, New Zealand Treasury
published: 22 Feb 2024
Where have the children of China gone?
Kia ora,
Welcome to Wednesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.
I'm David Chaston and this is the international edition from Interest.co.nz.
Today we lead with news the last few days of the northern summer holiday period that is quiet but basically positive.
First, American retail sales at physical stores (https://www.redbookresearch.com/PDF/products-np.pdf) were up +5.0% last week from the same week in 2023, another pointer that the consumer side of the American economy (https://www.atlantafed.org/-/media/documents/cqer/researchcq/gdpnow/realgdptrackingslides.pdf) hasn't stumbled yet.
But there are of course pockets of regional variation. The Richmond Fed's factory survey (https://www.richmondfed.org/-/media/Richmo...
published: 27 Aug 2024
New Zealand Treasury Now Sees House Prices Declining Into 2024
About the presentation
The Treasury published the Budget 2024 Economic and Fiscal Update on 30 May 2024, as part of the wider package of Budget documents. Joi...
About the presentation
The Treasury published the Budget 2024 Economic and Fiscal Update on 30 May 2024, as part of the wider package of Budget documents. Join this seminar if you would like to better understand the Treasury economic and fiscal forecasts which underpinned Budget 2024.
The Treasury’s Chief Economic Advisor will outline the Treasury’s position on the international and New Zealand economic outlook; and the implications for forecasts of aggregate fiscal indicators, such as revenue and the Government’s operating balance and debt indicators. Dominick will also explore the reasons for the recent downward revisions to the Treasury’s productivity forecasts, as outlined in a recent Treasury Paper on the global and New Zealand productivity slowdown.
About the presenter
Dominick Stephens is responsible for ensuring that the Treasury’s policy advice on lifting New Zealand living standards is supported and strengthened by sound economic theory and evidence. As part of that role, Dominick is responsible for the Treasury’s economic forecasts.
Prior to coming to the Treasury in 2021, Dominick was Chief Economist at Westpac New Zealand for a decade, leading its team providing forecasts and research on the New Zealand economy. He is a respected analyst, adviser and commentator on a range of economic and market issues, from housing policy to monetary policy and climate change. He was formerly an Economist in the Reserve Bank of New Zealand’s forecasting team and modelling unit.
Dominick is from Christchurch and graduated from the University of Canterbury with a Bachelor of Science with Honours in Economics.
About the presentation
The Treasury published the Budget 2024 Economic and Fiscal Update on 30 May 2024, as part of the wider package of Budget documents. Join this seminar if you would like to better understand the Treasury economic and fiscal forecasts which underpinned Budget 2024.
The Treasury’s Chief Economic Advisor will outline the Treasury’s position on the international and New Zealand economic outlook; and the implications for forecasts of aggregate fiscal indicators, such as revenue and the Government’s operating balance and debt indicators. Dominick will also explore the reasons for the recent downward revisions to the Treasury’s productivity forecasts, as outlined in a recent Treasury Paper on the global and New Zealand productivity slowdown.
About the presenter
Dominick Stephens is responsible for ensuring that the Treasury’s policy advice on lifting New Zealand living standards is supported and strengthened by sound economic theory and evidence. As part of that role, Dominick is responsible for the Treasury’s economic forecasts.
Prior to coming to the Treasury in 2021, Dominick was Chief Economist at Westpac New Zealand for a decade, leading its team providing forecasts and research on the New Zealand economy. He is a respected analyst, adviser and commentator on a range of economic and market issues, from housing policy to monetary policy and climate change. He was formerly an Economist in the Reserve Bank of New Zealand’s forecasting team and modelling unit.
Dominick is from Christchurch and graduated from the University of Canterbury with a Bachelor of Science with Honours in Economics.
About this presentation
In this session, Danielle Wood, Chair of Australia’s Productivity Commission, will explore why competition policy is back in fashion in...
About this presentation
In this session, Danielle Wood, Chair of Australia’s Productivity Commission, will explore why competition policy is back in fashion in advanced economies. She will examine the ongoing debate in Australia – and elsewhere – about economic dynamism and how competition policy might be used as a level to revitalise productivity and economic growth.
About the presenter
Danielle Wood commenced a 5-year term as Chair of the Productivity Commission in November 2023.
Prior to joining the Commission, she was CEO of the Grattan Institute and Head of its Budgets and Government Program. During her time at Grattan, Danielle also held roles as member of the Australian Government’s Women’s Economic Equality Taskforce, the Parliamentary Budget Office Expert Advisory Committee, the Jobs and Skills Australia Consultative Forum and the Australia and New Zealand School of Government Research Committee.
Danielle holds an Honours degree in Economics from the University of Adelaide and two Masters degrees, one in Economics and one in Competition Law, from the University of Melbourne.
Danielle is an Honorary Fellow and former President of the Economic Society of Australia and a Research Fellow of the Women’s Leadership Institute. She was the co-founder and first Chair of the Women in Economics Network.
She is currently an ex-officio member of the Australian Government’s Competition Review Expert Advisory Panel.
About the seminars
Through the Guest Lecture Series, the Treasury aims to foster debate and provide a source of intellectual stimulation on important issues that underpin its policy advice across these broad areas. We believe these objectives can be served by involving a wide spectrum of speakers from various disciplines, drawing on the wealth of academic scholarship and casting it in a way that helps inform the process of formulating policy advice.
Please note that the views, opinions, findings, and conclusions expressed in the Treasury Guest Lecture Series are those of the individual presenters. They do not necessarily reflect the views of the New Zealand Treasury or the New Zealand Government.
For updates and our latest research visit https://www.treasury.govt.nz/
About this presentation
In this session, Danielle Wood, Chair of Australia’s Productivity Commission, will explore why competition policy is back in fashion in advanced economies. She will examine the ongoing debate in Australia – and elsewhere – about economic dynamism and how competition policy might be used as a level to revitalise productivity and economic growth.
About the presenter
Danielle Wood commenced a 5-year term as Chair of the Productivity Commission in November 2023.
Prior to joining the Commission, she was CEO of the Grattan Institute and Head of its Budgets and Government Program. During her time at Grattan, Danielle also held roles as member of the Australian Government’s Women’s Economic Equality Taskforce, the Parliamentary Budget Office Expert Advisory Committee, the Jobs and Skills Australia Consultative Forum and the Australia and New Zealand School of Government Research Committee.
Danielle holds an Honours degree in Economics from the University of Adelaide and two Masters degrees, one in Economics and one in Competition Law, from the University of Melbourne.
Danielle is an Honorary Fellow and former President of the Economic Society of Australia and a Research Fellow of the Women’s Leadership Institute. She was the co-founder and first Chair of the Women in Economics Network.
She is currently an ex-officio member of the Australian Government’s Competition Review Expert Advisory Panel.
About the seminars
Through the Guest Lecture Series, the Treasury aims to foster debate and provide a source of intellectual stimulation on important issues that underpin its policy advice across these broad areas. We believe these objectives can be served by involving a wide spectrum of speakers from various disciplines, drawing on the wealth of academic scholarship and casting it in a way that helps inform the process of formulating policy advice.
Please note that the views, opinions, findings, and conclusions expressed in the Treasury Guest Lecture Series are those of the individual presenters. They do not necessarily reflect the views of the New Zealand Treasury or the New Zealand Government.
For updates and our latest research visit https://www.treasury.govt.nz/
India is among the many countries rethinking what it means to be a prosperous and developed country. The concept of Gross National Happiness in Bhutan and the U...
India is among the many countries rethinking what it means to be a prosperous and developed country. The concept of Gross National Happiness in Bhutan and the United Nations’ World Happiness Report are some examples of this re-thinking on human development around the world.
To discuss some of the ways to rethink indicators of well-being, Brookings India and the New Zealand High Commission organised a private discussion with Gabriel Makhlouf, Secretary and Chief Executive to the Treasury of New Zealand and Shamika Ravi, Director of Research at Brookings India.
For more details: https://brook.gs/2AKeeAO
Follow us on social media.
Facebook: http://www.Facebook.com/Brookings.India
Twitter: http://www.twitter.com/BrookingsIndia
India is among the many countries rethinking what it means to be a prosperous and developed country. The concept of Gross National Happiness in Bhutan and the United Nations’ World Happiness Report are some examples of this re-thinking on human development around the world.
To discuss some of the ways to rethink indicators of well-being, Brookings India and the New Zealand High Commission organised a private discussion with Gabriel Makhlouf, Secretary and Chief Executive to the Treasury of New Zealand and Shamika Ravi, Director of Research at Brookings India.
For more details: https://brook.gs/2AKeeAO
Follow us on social media.
Facebook: http://www.Facebook.com/Brookings.India
Twitter: http://www.twitter.com/BrookingsIndia
About this presentation
If humanity’s 21st century challenge is to create a world that meets the needs of all within the means of the living planet, right now ...
About this presentation
If humanity’s 21st century challenge is to create a world that meets the needs of all within the means of the living planet, right now all countries need to transform to achieve it - albeit in different ways given unique contexts and histories. Kate Raworth and Andrew Fanning will present the core concepts and tools of Doughnut Economics and share perspectives for Aotearoa / New Zealand with examples from change-makers worldwide –in communities, cities, and government - who are working to turn these ideas into transformative action.
About the presenters
Kate Raworth is an ecological economist focused on making economics fit for 21st century realities. She is the creator of the Doughnut of social and planetary boundaries and author of the best-selling book, Doughnut Economics: Seven Ways to Think like a 21st Century Economist, which has been translated into more than 20 languages. Kate is also the co-founder of Doughnut Economics Action Lab, which is putting these ideas into action with communities, cities, businesses, and educators.
Dr Andrew Fanning is an ecological economist exploring how to move our interconnected societies towards the goal of meeting the needs of all people within the means of the living planet. He is passionate about finding ways to make progress towards this goal visible in data. Andrew is Research & Data Analysis Lead at Doughnut Economics Action Lab, and a Visiting Research Fellow at the University of Leeds. His research has been published in leading journals, such as Nature Sustainability and Lancet Planetary Health, and he presents ideas and results regularly in different settings.
About this seminar series
Te Tai Waiora is part of Treasury’s wider work to consider the broader impacts of policy advice in a systematic and evidenced way. We hope that the findings and analysis in Te Tai Waiora will stimulate robust public debates about our shared future and the priorities for improving wellbeing in Aotearoa New Zealand, both inside and outside of the public service. The report is supported by a number of background papers.
As part of our engagement approach, we have been running a wellbeing seminar series with leading academics and experts in the field. Watch the Wellbeing Report Seminars
Find out more at https://www.treasury.govt.nz/
About this presentation
If humanity’s 21st century challenge is to create a world that meets the needs of all within the means of the living planet, right now all countries need to transform to achieve it - albeit in different ways given unique contexts and histories. Kate Raworth and Andrew Fanning will present the core concepts and tools of Doughnut Economics and share perspectives for Aotearoa / New Zealand with examples from change-makers worldwide –in communities, cities, and government - who are working to turn these ideas into transformative action.
About the presenters
Kate Raworth is an ecological economist focused on making economics fit for 21st century realities. She is the creator of the Doughnut of social and planetary boundaries and author of the best-selling book, Doughnut Economics: Seven Ways to Think like a 21st Century Economist, which has been translated into more than 20 languages. Kate is also the co-founder of Doughnut Economics Action Lab, which is putting these ideas into action with communities, cities, businesses, and educators.
Dr Andrew Fanning is an ecological economist exploring how to move our interconnected societies towards the goal of meeting the needs of all people within the means of the living planet. He is passionate about finding ways to make progress towards this goal visible in data. Andrew is Research & Data Analysis Lead at Doughnut Economics Action Lab, and a Visiting Research Fellow at the University of Leeds. His research has been published in leading journals, such as Nature Sustainability and Lancet Planetary Health, and he presents ideas and results regularly in different settings.
About this seminar series
Te Tai Waiora is part of Treasury’s wider work to consider the broader impacts of policy advice in a systematic and evidenced way. We hope that the findings and analysis in Te Tai Waiora will stimulate robust public debates about our shared future and the priorities for improving wellbeing in Aotearoa New Zealand, both inside and outside of the public service. The report is supported by a number of background papers.
As part of our engagement approach, we have been running a wellbeing seminar series with leading academics and experts in the field. Watch the Wellbeing Report Seminars
Find out more at https://www.treasury.govt.nz/
Kia ora,
Welcome to Wednesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.
I'm David Chaston and this is...
Kia ora,
Welcome to Wednesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.
I'm David Chaston and this is the international edition from Interest.co.nz.
Today we lead with news the last few days of the northern summer holiday period that is quiet but basically positive.
First, American retail sales at physical stores (https://www.redbookresearch.com/PDF/products-np.pdf) were up +5.0% last week from the same week in 2023, another pointer that the consumer side of the American economy (https://www.atlantafed.org/-/media/documents/cqer/researchcq/gdpnow/realgdptrackingslides.pdf) hasn't stumbled yet.
But there are of course pockets of regional variation. The Richmond Fed's factory survey (https://www.richmondfed.org/-/media/RichmondFedOrg/region_communities/regional_data_analysis/regional_economy/surveys_of_business_conditions/manufacturing/2024/pdf/mfg_08_27_24.pdf) wasn't so flash in its August survey with a tenth straight contraction. The service sector (https://www.richmondfed.org/-/media/RichmondFedOrg/region_communities/regional_data_analysis/regional_economy/surveys_of_business_conditions/service_sector/2024/pdf/svc_08_27_24.pdf) in the region was stable however.
But the Texas Dallas Fed service sector survey is contracting (https://tradingeconomics.com/united-states/dallas-fed-services-index) just as we reported yesterday its manufacturing sector was.
But these regional business sentiment pockets might be outliers. As we noted for the Redbook retail survey, consumers seem upbeat. And that is reinforced by the latest Conference Board survey of consumer sentiment (https://www.conference-board.org/topics/consumer-confidence) . The rise in optimism on a national level contrasts with a few pockets of business pessimism.
A very well supported US Treasury 2yr bond auction (https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240827_2.pdf) brought a median yield of 3.83% overnight, down more than -50 bps from 4.39% at the prior equivalent event (https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240723_2.pdf) a month ago. It's a bond rally directly related to the Fed signals at Jackson Hole.
Across the Pacific, China said (https://www.stats.gov.cn/sj/zxfb/202408/t20240827_1956106.html) profits at its largest industrial firms (mostly SOEs) rose +3.6% in the first seven months of 2024. This was little-changed from June. They were up +4.1% in July from the same month a year ago. That they are still profitable overall is a good sign, and they are not getting worse.
As China returns from its summer holidays, one thing may be missing - childcare. The sharp demographic shifts are moving faster now and a nationwide causality is childcare centers (https://asia.nikkei.com/Spotlight/Asia-Insight/China-s-kindergarten-closures-foreshadow-economic-hit-from-falling-births) . Businesses providing these services closed for summer and a rather large number of them aren't re-opening. Enrolments are diving reflecting the swift shift in attitudes from the 'last generation (https://www.theguardian.com/world/2023/jan/20/the-last-generation-young-chinese-people-vow-not-to-have-children) '. (Of course, China doesn't have this problem on its own, but it is particularly fierce there.)
Taiwan however has reported (http://rcted.ncu.edu.tw/cci/cci_1130827.pdf) a continuing rise in consumer sentiment there. In fact, these levels are now back at levels last seen in March 2020 before the pandemic hit the island nation. From June this year, you may even call the rise a surge.
The UST 10yr yield is now at just under 3.84% and up +3 bps from yesterday.
The price of gold (http://www.interest.co.nz/charts/commodities/precious-metals) will start today up +US$1 from yesterday at US$2519/oz, another record high.
Oil prices are down -US$1.50 at US$75.50/bbl in the US while the international Brent price is now just over US$78.50/bbl.
The Kiwi dollar starts today up nearly +40 bps from yesterday at 62.5 USc. Against the Aussie we are up about the same to 92 AUc. Against the euro we are up +30 bps to 55.9 euro cents. That all means our TWI-5 starts today at 70.1 and also up +40 bps.
The bitcoin price starts today at US$61,804 and down -3.2% from this time yesterday. Volatility over the past 24 hours has been modest at just on +/- 1.8%.
You can find links to the articles mentioned today in our show notes.
You can get more news affecting the economy in New Zealand from interest.co.nz.
Kia ora. I'm David Chaston. And we will do this again tomorrow.
Kia ora,
Welcome to Wednesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.
I'm David Chaston and this is the international edition from Interest.co.nz.
Today we lead with news the last few days of the northern summer holiday period that is quiet but basically positive.
First, American retail sales at physical stores (https://www.redbookresearch.com/PDF/products-np.pdf) were up +5.0% last week from the same week in 2023, another pointer that the consumer side of the American economy (https://www.atlantafed.org/-/media/documents/cqer/researchcq/gdpnow/realgdptrackingslides.pdf) hasn't stumbled yet.
But there are of course pockets of regional variation. The Richmond Fed's factory survey (https://www.richmondfed.org/-/media/RichmondFedOrg/region_communities/regional_data_analysis/regional_economy/surveys_of_business_conditions/manufacturing/2024/pdf/mfg_08_27_24.pdf) wasn't so flash in its August survey with a tenth straight contraction. The service sector (https://www.richmondfed.org/-/media/RichmondFedOrg/region_communities/regional_data_analysis/regional_economy/surveys_of_business_conditions/service_sector/2024/pdf/svc_08_27_24.pdf) in the region was stable however.
But the Texas Dallas Fed service sector survey is contracting (https://tradingeconomics.com/united-states/dallas-fed-services-index) just as we reported yesterday its manufacturing sector was.
But these regional business sentiment pockets might be outliers. As we noted for the Redbook retail survey, consumers seem upbeat. And that is reinforced by the latest Conference Board survey of consumer sentiment (https://www.conference-board.org/topics/consumer-confidence) . The rise in optimism on a national level contrasts with a few pockets of business pessimism.
A very well supported US Treasury 2yr bond auction (https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240827_2.pdf) brought a median yield of 3.83% overnight, down more than -50 bps from 4.39% at the prior equivalent event (https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240723_2.pdf) a month ago. It's a bond rally directly related to the Fed signals at Jackson Hole.
Across the Pacific, China said (https://www.stats.gov.cn/sj/zxfb/202408/t20240827_1956106.html) profits at its largest industrial firms (mostly SOEs) rose +3.6% in the first seven months of 2024. This was little-changed from June. They were up +4.1% in July from the same month a year ago. That they are still profitable overall is a good sign, and they are not getting worse.
As China returns from its summer holidays, one thing may be missing - childcare. The sharp demographic shifts are moving faster now and a nationwide causality is childcare centers (https://asia.nikkei.com/Spotlight/Asia-Insight/China-s-kindergarten-closures-foreshadow-economic-hit-from-falling-births) . Businesses providing these services closed for summer and a rather large number of them aren't re-opening. Enrolments are diving reflecting the swift shift in attitudes from the 'last generation (https://www.theguardian.com/world/2023/jan/20/the-last-generation-young-chinese-people-vow-not-to-have-children) '. (Of course, China doesn't have this problem on its own, but it is particularly fierce there.)
Taiwan however has reported (http://rcted.ncu.edu.tw/cci/cci_1130827.pdf) a continuing rise in consumer sentiment there. In fact, these levels are now back at levels last seen in March 2020 before the pandemic hit the island nation. From June this year, you may even call the rise a surge.
The UST 10yr yield is now at just under 3.84% and up +3 bps from yesterday.
The price of gold (http://www.interest.co.nz/charts/commodities/precious-metals) will start today up +US$1 from yesterday at US$2519/oz, another record high.
Oil prices are down -US$1.50 at US$75.50/bbl in the US while the international Brent price is now just over US$78.50/bbl.
The Kiwi dollar starts today up nearly +40 bps from yesterday at 62.5 USc. Against the Aussie we are up about the same to 92 AUc. Against the euro we are up +30 bps to 55.9 euro cents. That all means our TWI-5 starts today at 70.1 and also up +40 bps.
The bitcoin price starts today at US$61,804 and down -3.2% from this time yesterday. Volatility over the past 24 hours has been modest at just on +/- 1.8%.
You can find links to the articles mentioned today in our show notes.
You can get more news affecting the economy in New Zealand from interest.co.nz.
Kia ora. I'm David Chaston. And we will do this again tomorrow.
About the presentation
The Treasury published the Budget 2024 Economic and Fiscal Update on 30 May 2024, as part of the wider package of Budget documents. Join this seminar if you would like to better understand the Treasury economic and fiscal forecasts which underpinned Budget 2024.
The Treasury’s Chief Economic Advisor will outline the Treasury’s position on the international and New Zealand economic outlook; and the implications for forecasts of aggregate fiscal indicators, such as revenue and the Government’s operating balance and debt indicators. Dominick will also explore the reasons for the recent downward revisions to the Treasury’s productivity forecasts, as outlined in a recent Treasury Paper on the global and New Zealand productivity slowdown.
About the presenter
Dominick Stephens is responsible for ensuring that the Treasury’s policy advice on lifting New Zealand living standards is supported and strengthened by sound economic theory and evidence. As part of that role, Dominick is responsible for the Treasury’s economic forecasts.
Prior to coming to the Treasury in 2021, Dominick was Chief Economist at Westpac New Zealand for a decade, leading its team providing forecasts and research on the New Zealand economy. He is a respected analyst, adviser and commentator on a range of economic and market issues, from housing policy to monetary policy and climate change. He was formerly an Economist in the Reserve Bank of New Zealand’s forecasting team and modelling unit.
Dominick is from Christchurch and graduated from the University of Canterbury with a Bachelor of Science with Honours in Economics.
About this presentation
In this session, Danielle Wood, Chair of Australia’s Productivity Commission, will explore why competition policy is back in fashion in advanced economies. She will examine the ongoing debate in Australia – and elsewhere – about economic dynamism and how competition policy might be used as a level to revitalise productivity and economic growth.
About the presenter
Danielle Wood commenced a 5-year term as Chair of the Productivity Commission in November 2023.
Prior to joining the Commission, she was CEO of the Grattan Institute and Head of its Budgets and Government Program. During her time at Grattan, Danielle also held roles as member of the Australian Government’s Women’s Economic Equality Taskforce, the Parliamentary Budget Office Expert Advisory Committee, the Jobs and Skills Australia Consultative Forum and the Australia and New Zealand School of Government Research Committee.
Danielle holds an Honours degree in Economics from the University of Adelaide and two Masters degrees, one in Economics and one in Competition Law, from the University of Melbourne.
Danielle is an Honorary Fellow and former President of the Economic Society of Australia and a Research Fellow of the Women’s Leadership Institute. She was the co-founder and first Chair of the Women in Economics Network.
She is currently an ex-officio member of the Australian Government’s Competition Review Expert Advisory Panel.
About the seminars
Through the Guest Lecture Series, the Treasury aims to foster debate and provide a source of intellectual stimulation on important issues that underpin its policy advice across these broad areas. We believe these objectives can be served by involving a wide spectrum of speakers from various disciplines, drawing on the wealth of academic scholarship and casting it in a way that helps inform the process of formulating policy advice.
Please note that the views, opinions, findings, and conclusions expressed in the Treasury Guest Lecture Series are those of the individual presenters. They do not necessarily reflect the views of the New Zealand Treasury or the New Zealand Government.
For updates and our latest research visit https://www.treasury.govt.nz/
India is among the many countries rethinking what it means to be a prosperous and developed country. The concept of Gross National Happiness in Bhutan and the United Nations’ World Happiness Report are some examples of this re-thinking on human development around the world.
To discuss some of the ways to rethink indicators of well-being, Brookings India and the New Zealand High Commission organised a private discussion with Gabriel Makhlouf, Secretary and Chief Executive to the Treasury of New Zealand and Shamika Ravi, Director of Research at Brookings India.
For more details: https://brook.gs/2AKeeAO
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About this presentation
If humanity’s 21st century challenge is to create a world that meets the needs of all within the means of the living planet, right now all countries need to transform to achieve it - albeit in different ways given unique contexts and histories. Kate Raworth and Andrew Fanning will present the core concepts and tools of Doughnut Economics and share perspectives for Aotearoa / New Zealand with examples from change-makers worldwide –in communities, cities, and government - who are working to turn these ideas into transformative action.
About the presenters
Kate Raworth is an ecological economist focused on making economics fit for 21st century realities. She is the creator of the Doughnut of social and planetary boundaries and author of the best-selling book, Doughnut Economics: Seven Ways to Think like a 21st Century Economist, which has been translated into more than 20 languages. Kate is also the co-founder of Doughnut Economics Action Lab, which is putting these ideas into action with communities, cities, businesses, and educators.
Dr Andrew Fanning is an ecological economist exploring how to move our interconnected societies towards the goal of meeting the needs of all people within the means of the living planet. He is passionate about finding ways to make progress towards this goal visible in data. Andrew is Research & Data Analysis Lead at Doughnut Economics Action Lab, and a Visiting Research Fellow at the University of Leeds. His research has been published in leading journals, such as Nature Sustainability and Lancet Planetary Health, and he presents ideas and results regularly in different settings.
About this seminar series
Te Tai Waiora is part of Treasury’s wider work to consider the broader impacts of policy advice in a systematic and evidenced way. We hope that the findings and analysis in Te Tai Waiora will stimulate robust public debates about our shared future and the priorities for improving wellbeing in Aotearoa New Zealand, both inside and outside of the public service. The report is supported by a number of background papers.
As part of our engagement approach, we have been running a wellbeing seminar series with leading academics and experts in the field. Watch the Wellbeing Report Seminars
Find out more at https://www.treasury.govt.nz/
Kia ora,
Welcome to Wednesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.
I'm David Chaston and this is the international edition from Interest.co.nz.
Today we lead with news the last few days of the northern summer holiday period that is quiet but basically positive.
First, American retail sales at physical stores (https://www.redbookresearch.com/PDF/products-np.pdf) were up +5.0% last week from the same week in 2023, another pointer that the consumer side of the American economy (https://www.atlantafed.org/-/media/documents/cqer/researchcq/gdpnow/realgdptrackingslides.pdf) hasn't stumbled yet.
But there are of course pockets of regional variation. The Richmond Fed's factory survey (https://www.richmondfed.org/-/media/RichmondFedOrg/region_communities/regional_data_analysis/regional_economy/surveys_of_business_conditions/manufacturing/2024/pdf/mfg_08_27_24.pdf) wasn't so flash in its August survey with a tenth straight contraction. The service sector (https://www.richmondfed.org/-/media/RichmondFedOrg/region_communities/regional_data_analysis/regional_economy/surveys_of_business_conditions/service_sector/2024/pdf/svc_08_27_24.pdf) in the region was stable however.
But the Texas Dallas Fed service sector survey is contracting (https://tradingeconomics.com/united-states/dallas-fed-services-index) just as we reported yesterday its manufacturing sector was.
But these regional business sentiment pockets might be outliers. As we noted for the Redbook retail survey, consumers seem upbeat. And that is reinforced by the latest Conference Board survey of consumer sentiment (https://www.conference-board.org/topics/consumer-confidence) . The rise in optimism on a national level contrasts with a few pockets of business pessimism.
A very well supported US Treasury 2yr bond auction (https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240827_2.pdf) brought a median yield of 3.83% overnight, down more than -50 bps from 4.39% at the prior equivalent event (https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240723_2.pdf) a month ago. It's a bond rally directly related to the Fed signals at Jackson Hole.
Across the Pacific, China said (https://www.stats.gov.cn/sj/zxfb/202408/t20240827_1956106.html) profits at its largest industrial firms (mostly SOEs) rose +3.6% in the first seven months of 2024. This was little-changed from June. They were up +4.1% in July from the same month a year ago. That they are still profitable overall is a good sign, and they are not getting worse.
As China returns from its summer holidays, one thing may be missing - childcare. The sharp demographic shifts are moving faster now and a nationwide causality is childcare centers (https://asia.nikkei.com/Spotlight/Asia-Insight/China-s-kindergarten-closures-foreshadow-economic-hit-from-falling-births) . Businesses providing these services closed for summer and a rather large number of them aren't re-opening. Enrolments are diving reflecting the swift shift in attitudes from the 'last generation (https://www.theguardian.com/world/2023/jan/20/the-last-generation-young-chinese-people-vow-not-to-have-children) '. (Of course, China doesn't have this problem on its own, but it is particularly fierce there.)
Taiwan however has reported (http://rcted.ncu.edu.tw/cci/cci_1130827.pdf) a continuing rise in consumer sentiment there. In fact, these levels are now back at levels last seen in March 2020 before the pandemic hit the island nation. From June this year, you may even call the rise a surge.
The UST 10yr yield is now at just under 3.84% and up +3 bps from yesterday.
The price of gold (http://www.interest.co.nz/charts/commodities/precious-metals) will start today up +US$1 from yesterday at US$2519/oz, another record high.
Oil prices are down -US$1.50 at US$75.50/bbl in the US while the international Brent price is now just over US$78.50/bbl.
The Kiwi dollar starts today up nearly +40 bps from yesterday at 62.5 USc. Against the Aussie we are up about the same to 92 AUc. Against the euro we are up +30 bps to 55.9 euro cents. That all means our TWI-5 starts today at 70.1 and also up +40 bps.
The bitcoin price starts today at US$61,804 and down -3.2% from this time yesterday. Volatility over the past 24 hours has been modest at just on +/- 1.8%.
You can find links to the articles mentioned today in our show notes.
You can get more news affecting the economy in New Zealand from interest.co.nz.
Kia ora. I'm David Chaston. And we will do this again tomorrow.
New Zealand (/njuːˈziːlənd/new-ZEE-lənd, Māori:Aotearoa[aɔˈtɛaɾɔa]) is an island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses – that of the North Island, or Te Ika-a-Māui, and the South Island, or Te Waipounamu – and numerous smaller islands. New Zealand is situated some 1,500 kilometres (900mi) east of Australia across the Tasman Sea and roughly 1,000 kilometres (600mi) south of the Pacific island areas of New Caledonia, Fiji, and Tonga. Because of its remoteness, it was one of the last lands to be settled by humans. During its long isolation, New Zealand developed a distinctive biodiversity of animal, fungal and plant life. The country's varied topography and its sharp mountain peaks, such as the Southern Alps, owe much to the tectonic uplift of land and volcanic eruptions. New Zealand's capital city is Wellington, while its most populous city is Auckland.
Somewhere between 1250 and 1300 CE, Polynesians settled in the islands that were to become New Zealand, and developed a distinctive Māori culture. In 1642, Abel Tasman, a Dutch explorer, became the first European to sight New Zealand. In 1840, representatives of the British Crown and Māori Chiefs signed the Treaty of Waitangi, making New Zealand a British colony. Today, the majority of New Zealand's population of 4.5 million is of European descent; the indigenous Māori are the largest minority, followed by Asians and Pacific Islanders. Reflecting this, New Zealand's culture is mainly derived from Māori and early British settlers, with recent broadening arising from increased immigration. The official languages are English, Māori and New Zealand Sign Language, with English predominant.
When they say We were never old enough to care It's like first of November And when they say We were never good enough to love They've been washed in the holy waters So I wanna die With my eyes full life All the years I survived I knew nothing about Nothing about So I wanna die With my head full life All the years I survived I knew nothing about Nothing about so much Hope we got far 'Cause here it's the same as for a bear To be stuck inside a bird cage And if we swim To see New Zealand with our friends Oh would you please bury me there And sing Together for the new start I'm sailing Through the mighty coast lines As a ghost on a holiday So I wanna die With my eyes full life All the years I survived I knew nothing about Nothing about So I wanna die With my head full life All the years I survived I knew nothing about
The Treasury has published information on ... New Zealand Treasury published this content on March 06, 2025, and is solely responsible for the information contained therein.
Chinese warships conducting unusual exercises near Tasmania are armed with “extremely capable” long-range ballistic missiles, New Zealand’s defence minister warned ...Judith Collins, the New Zealand defence minister, said.
It was actually a New Zealand frigate, Te Kaha, which is in the vicinity of the task group now, and I've been in close contact with my New Zealand counterpart Defense MinisterJudith Collins about this.".
Before joining the royal household the American-born former corporate affairs executive worked for a range of institutions, from the office of the New Zealand prime minister to HM Treasury and the Royal Bank of Scotland.
Before joining the royal household, the American-born former corporate affairs executive worked for a range of institutions, from the office of the New Zealand prime minister to HM Treasury and the Royal Bank of Scotland.