NZ economy is moving in the right direction, creating more scope for business growth - Shane Reti

Niwa's newly completed Recirculating Aquaculture System can produce up to 600 tonnes of high-value kingfish annually. Photo / Stuart Mackay

THREE KEY FACTS

• The new state-of-the-art land-based farming facility in Ruakākā is capable of producing about 600 tonnes of kingfish yearly
• In only 12 months a tiny, millimetre-long egg is being grown into a high-value, 3kg white-fleshed fish.
• The Reserve Bank has cut the Official Cash Rate by 25 basis points to 5.25%. It is the first cut since March 2020.

Dr Shane Reti is the Minister of Health and Minister for Pacific Peoples. He is the MP for Whangārei.

OPINION

I had the privilege of officially opening the Niwa Aquaculture Centre in Ruakākā. It is not only an outstanding facility producing a large export opportunity and showcasing Whangārei, but is also creating jobs and generating revenue into our local community.

Recently, our Government was pleased to see a cut in the Official Cash Rate (OCR) to 5.25%, because of the very welcome relief this will be to families who have been struggling with the cost of living.

This is the first time the Reserve Bank has cut the OCR since March 2020 and families and businesses have endured the very real fallout of a stagnating economy.

I know how hard this has been for those of us in Whangārei. Many of you have talked to me about how your weekly food budget has been stretched, your mortgage repayments have soared and the state of our economy has made it harder for you and your family to get ahead.

The Reserve Bank’s decision to lower the OCR is very good news. It is a clear indication that inflation is coming under control and the Government’s economic plan is working. We have had to make some very hard decisions, just as you have had to make difficult decisions in your family or business just to make ends meet.

This is a very real sign that our economy is moving in the right direction and creates more opportunities for business growth like the Niwa Aquaculture Centre.

The lowering of the OCR and cooling of inflation will ease the financial pressure you have been under for so long and is the beginning of more affordable mortgages and lower credit card repayments.

In addition to this, our tax relief and Family Boost packages have recently kicked in, and by now most of you should have seen this reflected in your pay packet. This will further help in our efforts to end the cost-of-living struggles. For businesses, this OCR cut is a signal that it’s time to invest, hire and grow, knowing our economic environment is improving.

We’ve been working hard since we became the Government to create the environment that will ensure these changes. Our plan to manage inflation has been careful and deliberate, and it’s starting to show results. We know that we aren’t out of the woods yet – and that there’s more work ahead, but this change is a positive sign that we can look forward to a brighter economic outlook.