On Friday a few weeks back, I was thrilled to be part of the ceremony opening the new Best Start ECE at Kotātā Heights. I know that they are already doing a great job setting up our kids with the skills they need to have a bright future.
I’ve also met with some of our local businesses to talk about the positive things our Government is doing to rebuild the economy.
We’ve got more good news on the economy, as data out a couple of weeks ago showed inflation has dropped from 3.3% in the year to June 2024 to 2.2% in the year to September 2024 which is great news for New Zealanders, and another sign our economic plan is working.
That’s down from 5.6% just a year ago and over 7 % in 2022. It’s also the first time inflation has been back within the Reserve Bank’s target range of 1 to 3% since March 2021.
This means the era of crushing price rises is now over.
Combined with two cuts to the official cash rate by the Reserve Bank, Kiwis can now look forward to mortgage rate cuts, and businesses will find it easier to invest and innovate with lower borrowing costs.
Our Government is laser-focused on getting our economy growing so you and your family can get ahead. We’ve worked hard to stop wasteful government spending and get rid of the thicket of red and green tape that stifles investment in the economy.
Business confidence is also at its highest level in 10 years, which shows businesses believe our economy is turning the corner.
As you know, we’ve delivered income tax relief for hard-working New Zealanders for the first time in 14 years and, combined with FamilyBoost childcare payments and falling inflation, many families are seeing their cost of living move in the right direction.
If you’re eligible and haven’t yet registered for FamilyBoost, please do so by visiting the IR website.
There’s more work to be done to keep the economy moving but Kiwis can be confident we’re on the right track.
