The economy of New Zealand is a highly developed free-market economy. It is the 52nd-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 63rd-largest in the world when measured by purchasing power parity (PPP). New Zealand has a large GDP for its population of 5 million, and sources of revenue are spread throughout the large island nation. The country has one of the most globalised economies and depends greatly on international trade – mainly with Australia, Canada, China, the European Union, Japan, Singapore, South Korea and the United States. New Zealand's 1983 Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia.
The term Rogernomics, a portmanteau of "Roger" and "economics", was coined by journalists at the New Zealand Listener by analogy with Reaganomics to describe the neoliberal economic policies followed by Roger Douglas. Douglas was Minister of Finance in the Fourth Labour Government of New Zealand, 26 July 1984 to 2 November 1990. Rogernomics was characterised by market-led restructuring and deregulation and the control of inflation through tight monetary policy, accompanied by a floating exchange rate and reductions in the fiscal deficit. Douglas came from a background of Labour Party politics. His adoption of policies more usually associated with the political right, and their implementation by the Fourth Labour Government, were the subject of lasting controversy.
Sir Michael John Cullen is a former New Zealand politician. He served as Deputy Prime Minister of New Zealand, also Minister of Finance, Minister of Tertiary Education, and Attorney-General. He was the Deputy Leader of the Labour Party from 1996 until November 2008, when he resigned following a defeat in the general election. He resigned from Parliament in April 2009, to become the deputy chairman of New Zealand Post from 1 November 2009 and chairman from 1 November 2010. On 6 March 2020 he announced that he had resigned from the Lakes and Bay of Plenty district health boards, respectively. At the same time he also announced that he had been diagnosed with stage 4 small-cell lung cancer, which had also spread to his liver.
Kiwibank Limited is a subsidiary of the state-owned enterprise New Zealand Post Limited, New Zealand Superannuation and the Accident Compensation Corporation. Kiwibank provides some of its banking services through its PostShops and more recently through financial services only branches as well. Kiwibank is owned by the New Zealand Government, with New Zealand Post owning 51% and the Accident Compensation Corporation and New Zealand Superannuation Fund owning the other 49%. The company's Board of Directors was chaired by former New Zealand Prime Minister Jim Bolger from 2001–2010. The current Chair of the Board of Directors is Jon Hartley.
A registered retirement savings plan (RRSP), or retirement savings plan (RSP), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts. They were introduced in 1957 to promote savings for retirement by employees and self-employed people.
Taxes in New Zealand are collected at a national level by the Inland Revenue Department (IRD) on behalf of the Government of New Zealand. National taxes are levied on personal and business income, and on the supply of goods and services. There is no capital gains tax, although certain "gains" such as profits on the sale of patent rights are deemed to be income – income tax does apply to property transactions in certain circumstances, particularly speculation. There are currently no land taxes, but local property taxes (rates) are managed and collected by local authorities. Some goods and services carry a specific tax, referred to as an excise or a duty, such as alcohol excise or gaming duty. These are collected by a range of government agencies such as the New Zealand Customs Service. There is no social security (payroll) tax.
The New Zealand budget for fiscal year 2006–2007 was presented to the New Zealand House of Representatives by Finance Minister Dr Michael Cullen on 18 May 2006.
The 2008 New Zealand general election was held on 8 November 2008 to determine the composition of the 49th New Zealand Parliament. The liberal-conservative National Party, headed by its parliamentary leader John Key, won the largest share of votes and seats, ending nine years of government by the social-democratic Labour Party, led by Helen Clark. Key announced a week later that he would lead a National minority government with confidence-and-supply support from the ACT, United Future and Māori parties. The Governor-General swore Key in as New Zealand's 38th Prime Minister on 19 November 2008. This marked the beginning of the Fifth National Government which governed for the next nine years, until the 2017 general election, when a government was formed between the Labour and New Zealand First parties, with support on confidence and supply by the Green Party.
The KiwiSaver scheme, a New Zealand savings scheme, came into operation from Monday, 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can also use them as a deposit for a first home.
Social welfare has long been an important part of New Zealand society and a significant political issue. It is concerned with the provision by the state of benefits and services. Together with fiscal welfare and occupational welfare, it makes up the social policy of New Zealand. Social welfare is mostly funded through general taxation. Since the 1980s welfare has been provided on the basis of need; the exception is universal superannuation.
The Inland Revenue or Inland Revenue Department is the public service department of New Zealand charged with advising the government on tax policy, collecting and disbursing payments for social support programmes, and collecting tax.
The Fifth Labour Government of New Zealand was the government of New Zealand from 10 December 1999 to 19 November 2008. Labour Party leader Helen Clark negotiated a coalition with Jim Anderton, leader of the Alliance Party. While undertaking a number of substantial reforms, it was not particularly radical compared to previous Labour governments.
Peter Neilson is a New Zealand businessman and politician, and a former Labour Party Member of Parliament in the New Zealand House of Representatives.
Auckland railway electrification occurred in phases as part of investment in a new infrastructure for Auckland's urban railway network. Electrification of the network had been proposed for several decades. Installation started in the late 2000s after funds were approved from a combination of regional and central government budgets.
The Fifth National Government of New Zealand was the government of New Zealand for three parliamentary terms from 19 November 2008 to 26 October 2017. John Key served as National Leader and Prime Minister until December 2016, after which Bill English assumed the premiership until the National Government's defeat following the October 2017 government-forming negotiations.
Huljich Wealth Management (NZ) Ltd was a New Zealand funds management company associated with Peter Huljich and the politicians Don Brash and John Banks. By the time of its sale in 2010 the company had grown the largest privately managed KiwiSaver Scheme in the country.
The New Zealand budget for fiscal year 2010-2011 was presented to the New Zealand House of Representatives by Finance Minister Bill English on 20 May 2010.
The New Zealand budget for fiscal year 2011-2012 was presented to the New Zealand House of Representatives by Finance Minister Bill English on 19 May 2011.
The New Zealand budget for fiscal year 2009-2010 was presented to the New Zealand House of Representatives by Finance Minister Bill English on 28 May 2009.
The New Zealand budget for fiscal year 2008-2009 was presented to the New Zealand House of Representatives by Finance Minister Dr Michael Cullen on 22 May 2008.
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