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Advocacy for business by the BusinessNZ Network | |
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Relatively positive stats were released this week for GDP (0.9% growth in the June 2023 quarter) and the current account deficit (7.5% of GDP down from 7.9% the previous June year); meanwhile growth forecasts continue to diverge. The monthly BNZ-BusinessNZ PMI and PSI surveys support the Reserve Bank’s view of economic contraction returning rather than the Treasury’s forecast of moderate growth, BNZ economist Doug Steel said. The latest surveys show the services sector on 47.1 (readings below 50 show contraction) and the manufacturing sector on 46.1. | | | |
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By 2050 NZ’s income tax revenue will only pay for health and super, and there’ll be a massive deficit in our ability to pay for other government services - a prediction in BusinessNZ’s green paper Future Vision to 2050. The paper recommends more bipartisan agreement across the major political parties - on immigration, investment, infrastructure (including infrastructure enabling new house building) and decarbonisation - to bring more certainty in the business environment and help businesses contribute to overcoming the challenges of 2050. The green paper is here on the BusinessNZ website. | | | |
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Politicians locked horns over their election policies for business at the Deloitte and Chapman Tripp Election Conference hosted by BusinessNZ, with heat rising from a debate between Grant Robertson and Nicola Willis on fiscal holes, while the largest applause was for a complaint from the audience about Fair Pay Agreements. The conference heard the results of the Deloitte and Chapman Tripp Election Survey which showed 93% of businesses concerned about the costs of doing business. Hot topics at the conference included inflation, tax, government overspending, education, infrastructure and pot holes. | | | |
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Restraint of trade under threat |
Restraint of trade rules are critical for protecting business ownership of commercially sensitive information and should not be eroded, BusinessNZ says. Under a new Government Bill, higher-income employees breaching a restraint of trade agreement could still claim compensation from their previous employer, while employers of lower- and middle-income staff would not be able to make use of restraint of trade clauses at all. BusinessNZ says restraint of trade clauses are essential for business and should not be eroded under the guise of employee protection. | | | |
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The average cost of staff absences has increased significantly from under $1,000 to over $1,200 per employee per year, in the latest Southern Cross Health Insurance BusinessNZ Workplace Wellness Survey. Time lost to absence has risen from an average 4.5 to 5.5 days per year, with the total cost reaching $2.8 billion in 2022, compared with $1.8 billion in 2020. The large increase is partly attributed to the lift in statutory sick leave provision from 5 to 10 days per year, introduced to take account of Covid’s 7-day isolation requirements, the report notes.
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Recent election announcements show Labour would invest $100m in agritech and lead a delegation to India in the first 100 days; National would ditch the fuel excise in favour of RUCs for all vehicles, abolish most resource consents for farm water storage, and let in more RSE workers; ACT would give Councils a share of GST revenue for new homes built and let builders opt out of Council consents under certain conditions; and the Greens would ban new oil exploration and mining on conservation land, let councils introduce new taxes, and give everyone an extra week’s annual leave.
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AdvocacyUpdate is an update on recent activity & advocacy by the BusinessNZ Network | |
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