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Rates rebates scheme passes $10 million mark
Rates rebates totalling some $10,864,633 have already been approved for 23,859 New Zealand households under the newly expanded rates rebates scheme, despite many councils having yet to send out their rates invoices. The number of applications already approved this year is up over 500 per cent on the 4,200 applications approved during the whole of the 2005/06 rating year under the previous scheme. Eligibility calculators and application forms are available from local councils and on the rates rebate website.
Kiwi 3D industry gets government support
A new economic development initiative will establish and support a world-leading 3D digital content and graphics industry in New Zealand. A key part of the initiative is an agreement between the government and software company Right Hemisphere to work together to boost the local 3D industry. The agreement will see Right Hemisphere retain the major part of its world-beating research and development in New Zealand in return for an interest-free US$8 million loan from the government to help its next stage of development. The agreement means that New Zealand brains, talent, and market experience stay in New Zealand, and reinforces the government's commitment to increasing the number of firms that can compete offshore as part of our agenda to transform New Zealand into an export-led, innovative, and high wage economy.
Visitors to New Zealand spend record amounts
Spending by international visitors to New Zealand has increased to a record $6.6 billion in the year to March 2006, up 8.2 per cent on the previous year. This is the highest recorded spending figure in New Zealand by international visitors and is great news for the industry, particularly following the poll by 30,000 readers of prestigious Condé Nast Traveller (UK) magazine showing New Zealand is the second-best country in the world to visit. The growth in spending came from the major markets of Australia (up 8.8 per cent to $1.5 billion), the United Kingdom (up 18.5 per cent to $1.1 billion) and the USA (up 5.6 per cent to $649 million). For further information on the release of International Visitor Survey data visit the Ministry of Tourism research website.
Government's fiscal record praised
Respected New York credit rating agency Standard & Poor's has again praised the Labour-led government's prudent fiscal management. In its latest Asia-Pacific Sovereign Report Card, the agency said the government's "solid fiscal profile" continues to offset risks from the large current account deficit. In June Standard & Poor's said New Zealand was one of the best prepared nations in the world to meet the challenges of an ageing population. The latest report reiterates that the government's "low level of debt" was a critical barometer of our ability to weather the current imbalances in the economy.
World Bank confirms NZ regulation on the right track
Further confirmation that New Zealand is on the right track came this week in the form of the World Bank rankings of the world's top reforming countries. New Zealand ranked in second place behind Singapore for ease of doing business, out of 175 countries surveyed. The ranking comes during the governments Quality Regulation Review, which is looking at ways in which the many arms of government can extend a single hand to business to cut down on unnecessary paperwork and duplication, enabling business to get on with business.
$16 million for urban Broadband Challenge projects
Five Broadband Challenge applications totalling $16.3 million have been approved, furthering the development of urban fibre networks that provide data transfer rates about 250 times faster than current broadband speeds. The $24 million Broadband Challenge Fund is to provide seed funding to improve the availability and quality of broadband Internet access and aims to establish a series of urban fibre networks by 2009 targeting rural and poorly served communities. This is a key step in the government's Digital Strategy and drive to transform the New Zealand economy.
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