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 one of the most globalised economies and depends greatly on international trade, mainly with China, Australia, the European Union, the United States, Japan and Korea. New Zealand's 1983 Closer Economic Relations agreement with Australia means that the economy aligns closely with that of Australia. Among OECD nations, New Zealand has a highly efficient and strong social security system; social expenditure stood at roughly 19.4% of GDP.
Rogernomics were the neoliberal economic reforms promoted by Roger Douglas, the Minister of Finance between 1984 and 1988 in the Fourth Labour Government of New Zealand. Rogernomics featured 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.
Sir Michael John Cullen was a New Zealand politician. He was a Member of the New Zealand House of Representatives from 1981 to 2009, the Deputy Leader of the New Zealand Labour Party from 1996 to 2008 and a senior minister in the Fifth Labour Government from 1999 to 2008, serving as Deputy Prime Minister, Minister of Finance, and Attorney-General.
Kiwibank Limited is a New Zealand state-owned bank and financial services provider. As of 2023, Kiwibank is the fifth-largest bank in New Zealand by assets, and the largest New Zealand-owned bank, with a market share of approximately 9%. In December 2023, the bank's assets totaled about $35 billion.
David William Parker is a New Zealand lawyer, businessman and politician who has been a Labour Party Member of Parliament since 2002.
Taxes in New Zealand are collected at a national level by the Inland Revenue Department (IRD) on behalf of the New Zealand Government. National taxes are levied on personal and business income, and on the supply of goods and services. Capital gains tax applies in limited situations, such as the sale of some rental properties within 10 years of purchase. Some "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.
KiwiSaver is a New Zealand savings scheme which has been operating since 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use 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.
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.
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.
A Personal Retirement Savings Account (PRSA) is a type of savings account introduced to the Irish market in 2003. In an attempt to increase pension coverage, the Pensions Board introduced a retirement savings account, that would entice the lower paid and self-employed to start making some pension provision. The intention was for PRSAs to supplement any State Retirement Benefits that would be payable in years to come.
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.
The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to increase as a result of New Zealand's ageing population. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds.
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 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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