Click here for the latest updates from the Government's job summit.
KEY POINTS:
Finance Minister Bill English today said it would ultimately be up to taxpayers to decide whether today's job summit in Auckland was a "talk-fest or a do-fest".
Mr English, who delivers his first Budget on May 28, said the ideas put forward amounted to a "giant pre-Budget brainstorm".
He has previously said tough conditions, which are here to stay, will inform his decisions.
Mr English said today that the summit "scares the hell out of bureaucracy" but he was happy to see business take a leadership role, something which hasn't always happened in the past.
Of the many proposals put forward, "some of them we'll do and some of them we won't be able to do". However, as the recession gets worse, the Government will need every idea available, he said.
He did not specifically spell out how taxpayers would be able to give their verdict on the summit.
'Pet topics'
Meanwhile, a union leader has claimed company bosses are using today's the event to put forward some of their "pet topics" on workers' rights.
National Distribution Union secretary Laila Harre said one business leader had suggested extending the 90-day probationary period for new jobs and another had proposed reducing entitlements under the Holidays Act.
She said unions had been "spread far too thinly" at today's conference but they had still managed to get some "silly ideas" rejected.
"Some people from the business community are putting forward pet topics," Ms Harre said.
Her comments came after Prime Minister John Key told the summit that all ideas were on the table and reserve Bank governor Alan Bollard said the world may be in the midst of the "biggest destruction of global wealth ever".
Ms Harre said her union has put forward proposals around Government procurement and building a stronger local manufacturing industry.
"Hidden redundancies" among the casual work force were a concern as workers who leave are not replaced, which amounts to a redundancy.
"There's a challenge to large employers like The Warehouse and other large retailers to tai-ho on any plans to reduce staff," Ms Harre said.
'Destruction'
Reserve Bank Governor Dr Bollard told the job summit that the global recession is thought by some to be the "biggest destruction of global wealth ever".
He said the amount of money lost was in the trillions of dollars and that if one dollar notes were strung together, they would reach the sun.
Dr Bollard said if the 30 trillion dollars lost on equity markets was handed out to the third world, global poverty would be eradicated in 10 years.
He said in his speech that both the "western" and "eastern" worlds would need to change their approaches to expenditure and saving or lack of it.
New Zealand's banking sector was sound, he said, but he issued a warning that they had made good profits in the good times, and they were therefore expected to help out in the bad times.
Dr Bollard said the banks should not underestimate the level of corporate anger that existed because of the onerous lending conditions imposed on businesses.
He urged the banks to lend, but to be sensible in doing that.
Economic development minister Gerry Brownlee told nzherald.co.nz that one of the key things coming out of the discussions he had had at the summit today was that small and medium-sized businesses were struggling to raise money.
People also complained about the "layer upon layer of regulation in this country", which he said the National-led Government was tackling.
Gritty
John Key earlier told the summit that New Zealand is not a country of whiners and slackers and has the right attitude to get through the global recession.
He told more than 200 business, community and union leaders we would see unemployment grow in the coming year as the world recession bites.
Mr Key said: "We are not a country of whiners. We are not a country of slackers. We are not a country of selfish individuals.
"We are a gritty little country with the smarts and determination needed to weather this storm."
Mr Key said in his speech that the Government was looking for practical, achievable steps that could be taken to save and create as many jobs as possible.
"Our job today is not to promise the impossible," he said. "But we can all play a part in lessening the blow."
Mr Key added: "We will not gain anything today or in the months ahead if we become lost in hand-wringing and crystal ball gazing about how bad things are or could be.
"What we do know is that we are in uncharted waters."
Mr Key called the summit to discuss ideas to protect and create jobs as the economy is hit by the international financial crisis and ongoing recession.
Ideas already floated included troubled firms going to four-day weeks and having the Government subsidise the fifth day while workers do training or community work.
The Herald understands one of the proposals at today's summit will be for a nine-day working fortnight in manufacturing with the tenth day a Government-funded training day.
Mr Brownlee told nzherald.co.nz that nothing was ruled in or out and all suggestions put on the table today would be looked at.
Those in the building industry have asked for subsidies for wood frame homes arguing it will boost both the construction and forestry sectors.
One manufacturers' group has called for businesses to be given a year long tax holiday to encourage investment.
