Reserve Bank chief economist Paul Conway
The Reserve Bank chief economist Paul Conway says New Zealand has a long-running productivity problem. In its latest Monetary Policy Statement, the Reserve Bank took a neutral position on any further cuts to the official cash rate, the benchmark for retail bank interest rates. The 'uncertainty' in economic conditions was a key theme in its messaging. Paul Conway, who has been the Reserve Bank's chief economist for three years, and a former director of research at the Productivity Commission, has long campaigned on the importance of lifting productivity as a means to higher wages and higher tax revenue. However, New Zealand's productivity growth has been languishing, averaging only 0.2 per cent in the last 10 years. Stats NZ estimated earlier this year that labour productivity, one component, fell 0.9 per cent in the year to March last year. Paul talks to Kathryn about what will be needed if the country is to turn around its productivity.
To embed this content on your own webpage, cut and paste the following:
See terms of use.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
an hour ago
- RNZ News
AgriZeroNZ on methane-cutting technologies
AgriZeroNZ - a partnership between the government and major agribusiness - has invested $191 million into methane-cutting technologies with the aim of cutting emissions by 30 percent by 2030. Head of engagement and strategy Ruth Leary spoke to Corin Dann. Tags: To embed this content on your own webpage, cut and paste the following: See terms of use.
Techday NZ
an hour ago
- Techday NZ
Genesis picks Workday to modernise finance for NZD $1 billion push
Genesis Energy has chosen Workday to overhaul its finance systems as part of a strategic programme aimed at modernising the company's core financial operations. The decision will see Genesis deploy Workday's cloud-based platform, working with support from consulting firm Accenture. The initiative forms part of Genesis' wider effort to build a finance function that is adaptive and robust enough to support the company's future ambitions as it executes its Gen35 energy transition strategy. Finance transformation The Workday system offers a scalable foundation to streamline processes and equip Genesis' staff with improved tools. According to Genesis, these enhancements are expected to enable better integration of critical systems, help the business manage evolving financial requirements and, ultimately, support both customer outcomes and shareholder value. The programme comes as Genesis commits to over NZD $1 billion in renewable generation investments by the 2030 financial year, as the energy provider aligns with New Zealand's net zero 2050 objectives and works to ensure a resilient and affordable electricity supply. Julie Amey, Chief Financial Officer at Genesis, outlined several anticipated benefits of the Workday platform. Amey said: "Implementing the Workday Finance platform will provide Genesis with an out-of-box solution to leverage best practice finance and business processes with future-ready technology. By automating routine tasks, enhancing reporting capabilities, improving data accessibility, and significantly boosting both finance and business usability, the new system allows our finance community to focus on higher-value activities and enhanced business partnering." The company's Chief Transformation and Technology Officer, Ed Hyde, noted that Workday's implementation will support the efficient management of Genesis' portfolio during New Zealand's transition towards more renewable sources of electricity. Building out digital capability Jonathan Brabant, Regional Sales Director for Workday New Zealand, welcomed Genesis to a roster of local employers using the platform, stating: "Organisations like Genesis are vital to New Zealand's economy and communities. We're proud to support their ambition through their Gen35 strategy, helping enable the digital foundation needed to deliver a more sustainable, renewable energy future for Aotearoa." Genesis now joins more than 30 New Zealand-based employers who have selected Workday, including major corporations across the banking, energy, and construction sectors, as well as over a dozen public sector organisations such as government agencies and academic institutions. The platform's adoption across these groups demonstrates its increased market presence and recognition in both public and private arenas. Sector-wide adoption Workday's momentum in New Zealand's energy sector is further evidenced by Mercury's recent migration to the system. Mercury announced last year that it was moving from a legacy SAP finance system to a suite of Workday Financials tools including Core Finance, Financial Planning, Projects, and Prism Analytics. At the time, Mercury's Chief Financial Officer William Meek explained the expected advantages of the transition: "Along with changes in the way our wonderful finance people work, the Workday system will create more financial visibility for everyone at Mercury, enabling better informed financial and business decisions. Our finance team will be freed from many manual tasks to focus on being trusted advisors, and all of our people will have access to a streamlined, natural user experience and embedded workflow management across functional areas." Mercury anticipated that Workday Financials would help transform its finance function into a more effective business partner, with the ability to drive business growth through simplified processes and new operating approaches. According to Mercury, the cloud-based system promises ongoing adaptability and evolution, as well as actionable insights to improve business performance across the company. Platform features Workday's platform incorporates artificial intelligence and machine learning features designed to enhance the user experience, increase operational efficiency and enable quicker, data-driven decision-making. These technologies are expected to contribute to more responsive, effective finance functions and improved organisational outcomes as more New Zealand employers move to modern digital systems.
RNZ News
3 hours ago
- RNZ News
Agriculture Minister arrives at Fieldays
Government ministers will be arriving at Fieldays on mass on Wednesday as the country looks to the agricultural sector to drive the economy over the next year. Agriculture minister Todd McClay spoke to Corin Dann. To embed this content on your own webpage, cut and paste the following: See terms of use.
