Cost Of Living Remains Priority In Q3
Prime Minister
Continuing to address cost of living pressures over the coming months is key as Prime Minister Christopher Luxon reveals a fresh set of targeted Government actions in the Q3 Action Plan.
'While it's still tough out there for too many Kiwis, our Government's focus on unlocking economic growth is starting to show some promise with key indicators up across the board. Exports are rising, wages are increasing faster than inflation, and growth overall has been strong to start the year.
'Backing Kiwis to get on top of the cost of living is critical to that pro-growth agenda. It's not enough for businesses to grow and invest – New Zealanders deserve an economy that works for them, with more competition and lower prices.
'Whether it's the cost of food, housing, banking, or energy, we're taking action in the coming months to drive a better bargain for families across the country.
'That includes the Government's next steps to promote supermarket competition, ensuring more families have a shot at lower food prices and more choice.
'The cost of housing is also a priority, with significant improvements to the RMA enabling more construction in our biggest cities expected to become law.
'This quarter we'll also set out rules to enable and unleash open banking in New Zealand which will increase competition, transparency, drive down fees, and help Kiwis get a better deal on their mortgage.
'The cost of energy is also a focus. Kiwis are paying more for power because of the previous government's disastrous oil and gas ban.
'We're repealing that ban to unleash the energy New Zealand needs to keep the lights on and prevent power prices from skyrocketing in the years to come.
'Kiwis working hard deserve to be able to get ahead. Our Government is working at pace to make that a reality, with higher economic growth to create jobs and increase wages, and a plan to reduce the cost of living.'
Notes:
The Government's Q3 Action Plan is attached here.
36 of 38 actions from the Q2 Action plan were fully completed, two were partially completed and the Government will have more to say in the coming weeks.
Regarding the two partially completed actions: publication of the AI Strategy will occur in the coming weeks.
Regarding the action on capital markets: prospective financial information for initial public offerings is now voluntary. This change, which introduces flexibility and reduces the costs of listing, took effect in June. Further decisions on capital market settings are expected in quarter three.
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