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Positive business indicators for Southland, reflect well on the Government’s economic policies.
A recent Southland Business Chamber business confidence survey, for the first quarter of 2024, showed 93 percent of respondents were confident in the plan for the region, while 44 percent expected to see stronger financial business performance in the coming year.
This reflects that the Government is taking our country in the right direction, creating an environment where Southland business confidence can grow.
The data also showed that 23 percent of respondents thought the Southland economy would be stronger in the next 12 months, and 79 percent were confident that they would be able to weather disruption.
A growing tourism sector and the strength of the dairy industry were also seen as factors adding optimism to the Southland economy.
ASB’s regional economic scoreboard recently named Southland the fastest-growing region in the country, while Seek’s NZ Employment Dashboard showed Southland was the only region to have an increase in job advertisements from May to June 2024.
I acknowledge times continue to be difficult for many businesses, but I am confident that we are heading in the right direction.
Last week’s Government tax cuts will be another positive boost for Southland’s economy.
From last Wednesday 83 percent of New Zealanders and 94 percent of households enjoyed financial benefits from the new tax package.
The increase in personal income tax thresholds, along with boosts to the in-work tax credit and the independent earner tax credit, will offer critical cost of living relief.
The new FamilyBoost payment also provides up to $150 a fortnight for early childhood education fees.
Inflation is coming down. This time a year ago it was 6 percent, today it’s 3.3 percent, while annual food prices have seen the smallest increase in more than five years.
The recent announcement that the Tiwai Point aluminium smelter will remain open for at least another 20 years, is more great news.
What’s more, Southland’s population is growing, tipping the 100,000 mark with almost 3000 more people, to 100,143.
The development of new industries in the South, like aquaculture, are also significant for future growth.
I’m proud of the progress our province is making. The Government is determined to reduce inflation, cut red tape, provide tax relief and keep costs down for business, so that Southland can continue to thrive.
Published by arrangement.