National’s prudent management of the economy over the last seven years has made New Zealand one of the fastest growing economies in the developed world. Latest figures show the economy is expected to grow by 3% a year over the next five years, better than the US, UK, Japan, Canada and the Euro area.
Interest rates are staying lower for longer, with mortgage rates still just above the lowest in fifty years. Meanwhile Incomes are rising faster than inflation, and is forecast to continue to grow over the next five years. The economy is also expected to add another 153,000 jobs by 2017 and already there are 72,000 more people employed now than this time last year.
People from around New Zealand and the world continue to make Auckland their home and choose it as the place to do their business. I have been a great supporter of the council’s move to increase the Major Events budget. In the last four years we have had the economic benefit of the Rugby World Cup and this year Auckland will again be at the centre of the sporting world hosting major games in the Cricket World Cup and FIFA U-20 football World Cup. These events will no doubt have a huge impact on Auckland’s economy and tourism industry.