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  1. Policies that support a high degree of regulatory efficiency are in place. The entrepreneurial environment is one of the most competitive, with start-up companies benefiting from great flexibility in licensing and other regulatory frameworks. The labor regulations facilitate a dynamic labor market. New Zealand has a vibrant agriculture sector with the lowest subsidies of any OECD country. Business Freedom : 91.0 Labor Freedom : 86.7 Monetary Freedom : 87.5 The combined value of exports and imports is equal to 51.3 percent of GDP. The average applied tariff rate is 1.3 percent. As
  2. Private property rights are strongly protected, and New Zealand ranks among the world’s top countries for contract security. The judicial system is independent and functions well. New Zealand ranked first out of 180 countries surveyed in Transparency International’s 2017 Corruption Perceptions Index. The country is renowned for its efforts to ensure a transparent, competitive, and corruption-free government procurement system. Property Rights : 95.0 Government Integrity : 96.7 Judicial Effectiveness : 83.5 The top income tax rate is 33 percent, and the top corporate tax rate is 2
  3. The former British colony of New Zealand is one of the Asia–Pacific region’s more prosperous countries. The center-right National Party, led by Prime Minister John Key, returned to power in 2008 and won reelection in 2011 and 2014. When Key resigned, his deputy, Bill English, succeeded him in late 2016. Elections in September 2017 resulted in a hung parliament, with the “kingmaker” and populist New Zealand First party subsequently forming a minority coalition, enabling new Prime Minister Jacinda Ardern’s Labor Party to return to power. Far-reaching deregulation and privatization since the 1980
  4. New Zealand’s economic freedom score is 84.4, making its economy the 3rd freest in the 2019 Index. Its overall score has increased by 0.2 point, with higher scores for trade freedom and labor freedom narrowly exceeding declines in judicial effectiveness and monetary freedom. New Zealand is ranked 3rd among 43 countries in the Asia–Pacific region, and its overall score is far above the regional and world averages. A global leader in economic freedom, New Zealand has generally followed a long-term market-oriented policy framework that fosters economic resilience and growth. The new governme
  5. Australia - Fiscal Balance Australian government presents 2016/2017 budget, revises upwards expected fiscal deficits On 3 May, Australia Treasurer Scott Morrison presented the Federal budget to the Australian Parliament for fiscal year 2016/2017, which runs from 1 July 2016 to 30 June 2017. This is the first budget to be presented by Prime Minister Malcolm Turnbull’s administration and was announced approximately 60 days before the upcoming double-dissolution election that is scheduled to be held on 2 July. Aside from the political dimension surrounding the budget release, its actual conte
  6. Australia - Unemployment Employment rebounds sharply in November Seasonally-adjusted employment jumped by 39,900 in November, following a revised 24,800 job shed in October (previously reported: -19,000). November’s result beat market expectations of a 14,000 jobs addition and was driven by an increase in both full-time and part-time employment. Seasonally-adjusted unemployment inched down to 5.2% in November, reversing October’s uptick. Moreover, the seasonally-adjusted underemployment rate decreased to 8.3% in November, from 8.5% in October, while the seasonally-adjusted participati
  7. Australia - Public Debt Australian government presents 2016/2017 budget, revises upwards expected fiscal deficits On 3 May, Australia Treasurer Scott Morrison presented the Federal budget to the Australian Parliament for fiscal year 2016/2017, which runs from 1 July 2016 to 30 June 2017. This is the first budget to be presented by Prime Minister Malcolm Turnbull’s administration and was announced approximately 60 days before the upcoming double-dissolution election that is scheduled to be held on 2 July. Aside from the political dimension surrounding the budget release, its actual content
  8. Australia - Exports Goods and Services Growth disappoints in Q3, held down by weak domestic demand GDP expanded 0.4% quarter-on-quarter in seasonally-adjusted terms in Q2, following a revised 0.6% quarter-on-quarter increase in the second quarter (previously reported: +0.5% quarter-on-quarter), according to figures released by Australia’s Statistical Institute (ABS) on 4 December. The result disappointed market analysts’ expectations of a 0.5% quarter-on-quarter expansion and underlined soft growth dynamics. Meanwhile, on an annual basis, the economy grew 1.7%, marginally up from Q2’s revi
  9. Australia - Investment Growth disappoints in Q3, held down by weak domestic demand GDP expanded 0.4% quarter-on-quarter in seasonally-adjusted terms in Q2, following a revised 0.6% quarter-on-quarter increase in the second quarter (previously reported: +0.5% quarter-on-quarter), according to figures released by Australia’s Statistical Institute (ABS) on 4 December. The result disappointed market analysts’ expectations of a 0.5% quarter-on-quarter expansion and underlined soft growth dynamics. Meanwhile, on an annual basis, the economy grew 1.7%, marginally up from Q2’s revised 1.6% (previous
  10. Australia - GDP Australian gross domestic product (GDP) is the most important measure with which to evaluate the performance of Australia’s economy. The Australian Bureau of Statistics (ABS) publishes GDP figures on an annual and quarterly basis. The table below shows the change of price-adjusted GDP for Australia, typically referred to as Australia’s economic growth rate. Overview Gross domestic product (GDP) measures the economic performance of a country over a given period, typically a year or a quarter. It is therefore the most important economic indicator to evaluate the country
  11. Human Rights Commission Report 2010 The Human Rights Commission periodically releases an intensive report documenting human rights in New Zealand, mapping how they are being "promoted, protected and implemented." Of the thirty 'priority areas for action on human rights' released in the 2010 report, three were workplace and employment related. These included: Implementing a new framework for equal opportunities that addresses access to decent work for disadvantaged groups such as Maori, Pacific youth and disabled people Timetabling pay and employment-equity implementation with a minimu
  12. Minimum rights and entitlements A number of rights and entitlements arise from the various employment enactments. Under New Zealand law, an employee cannot be asked to agree to less than the minimum rights and obligations as provided by the law. An employee must have a written agreement and the minimum employment rights must be met whether or not they are included in this agreement. Minimum wage The minimum wage rates apply to all employees and must be paid if a person is over 16 years of age and not a starting-out or trainee worker. The wage rates are reviewed annually by the governm
  13. Other important labour related legislation includes: Health and Safety at Work Act 2015: This Act requires employers and employees to take steps to maintain a safe work place; Holidays Act 1981: This Act sets out minimum entitlements and requirements with regards to annual holidays, public holidays and special leave; Parental Leave and Employment Protection Act 1987: sets out entitlements of employees to parental leave. It currently gives employees 22 weeks of government funded parental (maternity) leave. Employees may also take an additional extended leave for child care (up to
  14. Human Rights Act 1993 The Human Rights Act 1993 expressly prohibits discrimination on certain stated grounds including sex, race, family status, political opinion and the like. It applies to almost all aspects of employment including job advertisement, application forms, interviews and job offers. It also applies to unpaid workers and independent contractors. The ERA expressly applies the HRA to employment matters. Discrimination Workplace discrimination is dealt with under the Human Rights Act 1993. Discrimination in employment can involve: Refusal or failure to offer and employ
  15. Employment Relations Act 2000 The Employment Relations Act 2000 (the "ER Act") is the most fundamental employment law statute in New Zealand. The ER Act repealed the Employment Contracts Act 1991 (the "ECA"). It enacts a number of core provisions on freedom of association, recognition and operation of unions, collective bargaining, collective agreements, individual employment agreements, employment relations education leave, strikes and lockouts, personal grievances, disputes, enforcement of employment agreements, the Mediation Service, the Employment Court, the Employment Relations Authorit
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