OECD Economic Surveys : New Zealand 2024.

Format:

Book

Author/Creator:

OECD

Series:

OECD Economic Surveys: New Zealand Series

Language:

English

Subjects (All):

Economic policy.

New Zealand.

Physical Description:

1 online resource (150 pages)

Edition:

1st ed.

Place of Publication:

Paris : Organization for Economic Cooperation & Development, 2024.

Summary:

This publication provides a comprehensive economic analysis of New Zealand, focusing on macroeconomic developments, policy challenges, and strategies to foster inclusive and sustainable growth. It examines key issues such as financial stability, monetary and fiscal policies, productivity growth, and educational equity. Special emphasis is placed on climate change adaptation, reducing greenhouse gas emissions, and enhancing competition in various sectors. The report also discusses the implications of high inward migration, declining educational performance, and infrastructure investment needs. Authored by OECD experts, it is designed for policymakers, economists, and researchers seeking insights into New Zealand's economic landscape and strategies for improvement. Generated by AI.

Contents:

Intro

FOREWORD

Glossary of acronyms

Country acronyms

Executive summary

The economy is rebalancing

Raising competition and productivity

Towards higher quality and more equality of opportunity in education

Adapting to climate change while reducing emissions

Main findings and key recommendations

1 Rebalancing towards more inclusive and sustainable growth

2 Macroeconomic developments and policy challenges

2.1. The economy is rebalancing

2.1.1. Labour market shortages are easing

2.1.2. Modest economic growth is projected

2.1.3. Risks originating offshore cloud the outlook

2.2. Financial stability risks appear to be contained but need to be monitored

2.3. Monetary policy will remain tight for an extended period

2.3.1. Monetary policy faces challenging waters

2.3.2. The mandate of the RBNZ has been clarified and narrowed

2.4. Fiscal policy should be gradually tightened

2.4.1. Spending slippage has played an important role in the deterioration in public finances

2.4.2. Ageing-related spending will put pressure on government finances

2.4.3. The fiscal framework needs to be strengthened

2.5. Investment has fallen behind the needs created by high net inward migration

2.6. Lifting productivity growth remains the key to sustainably improving living standards

References

3 Revamping competition

3.1. Introduction

3.2. Despite great strides, policy settings can be made more pro-competitive

3.2.1. Regulatory barriers are uneven in New Zealand

Business dynamism, the regulatory burden and access to public procurement

There is potential to increase foreign direct investment

State ownership remains high in New Zealand and SOE performance is mixed

3.2.2. The competition policy framework has become more comprehensive.

3.3. Using competition policy to offset the tyranny of size and distance

3.3.1. Bringing more competition to the retail, dairy and financial sectors

Market studies have revealed common factors behind a lack of competition in the retail sector

Favouring the emergence of new players in the dairy industry

Bank profitability is high in New Zealand

3.3.2. Making competition work in network sectors: transport, utilities and telecoms

New Zealand is highly reliant on air transport

Maintaining a level playing field between the different actors in the electricity market

Mobile telecommunications remain expensive and underutilised

3.4. Adapting the regulatory framework to new challenges

3.4.1. Giving more power and a stronger mandate to the Commerce Commission

Revising merger control, the consumer benefit test and 'call-in' powers

Narrowing exceptions and carveouts to the prerogatives of the Commerce Commission

Giving more voice to consumer protection in the legal system

3.4.2. Fostering growth and competition in digital markets

Assessing market power and market dominance in digital markets

Data access and portability

3.4.3. Corruption is low in New Zealand but ethics rules could be further strengthened

Findings and recommendations

4 Ensuring the tide lifts all boats: Improving quality and equity in schools across New Zealand

4.1. Declining school education performance and ongoing inequity are a serious threat to New Zealand's prosperity

4.2. Achievement has fallen and inequality remains high

4.2.1. Results have fallen in primary and secondary education

4.2.2. Equity in education outcomes is not improving

4.2.3. Raising attendance requires action on multiple fronts including reducing bullying.

4.3. Greater focus on policy implementation is the key to ensuring better quality and equity

4.3.1. There are obstacles to implementation: a high-trust model suffering from doubt

The Ministry of Education needs to continue developing its more active local support role

4.3.2. The education system's significant assets could be leveraged more

Collaboration between schools should be boosted further

An excellence fund to help spread best practice

Spreading best practice from the Kaupapa Māori and Māori medium pathway to the English medium pathway

The Education Review Office has an important role to play in spreading best practice

4.3.3. Improving the curriculum and its implementation are critical to lifting achievement

Content in the national curriculum should be set out more precisely

Teachers should be given more support to implement the curriculum

4.3.4. Student assessment should focus more on individual progress and encourage deeper and broader learning

4.3.5. Teachers need more support from initial teacher education to the end of their careers

The attractiveness of the teaching profession seems to be eroding

Raising the quality of teaching is a key lever to improve achievement for all children

More career paths should be available for teachers

4.3.6. There is room to ease the burden on school leadership

4.4. Socio-economic status is an important factor driving learning outcomes

4.4.1. Targeting public education funding better to improve achievement and equity

Lifting participation in high quality early childhood education and care would pay large returns

Continuously improving equity funding formulas

4.4.2. New Zealand has increased cultural awareness markedly but there is more to do

4.4.3. Addressing the needs of every child.

Tackling parent attitudes, bullying and discipline is key to increasing attendance rates

Ability grouping within classes at schools is extensive and may run counter to equity objectives

Assisting children with disabilities and extra learning needs

The objectives and regulation of partnership schools need to be carefully designed

5 A fight on two fronts: Adapting to climate change and reducing GHG emissions

5.1. Introduction

5.2. Adapting to climate change

5.2.1. An enhanced policy and implementation framework for adaptation

5.2.2. Insurance in a hotter world with more extreme weather

5.2.3. Land-use planning and infrastructure

5.2.4. Towards a low emission and secure electricity supply

5.3. Accelerating efforts to reduce GHG emissions

5.3.1. Policy priorities for emissions reduction

5.3.2. Improving the emissions reduction plan

5.3.3. The role of forest removals in the NZ ETS needs to be revisited

5.3.4. Reducing emissions in priority areas

Reducing emissions from agriculture

Reducing transport emissions

Reducing emissions from buildings

References.

Notes:

Description based on publisher supplied metadata and other sources.

Part of the metadata in this record was created by AI, based on the text of the resource.

ISBN:

9789264579088

OCLC:

1451797359