The New Zealand Herald’s Mood of the Boardroom 2020 Election Survey has been released showing business confidence at the lowest it’s ever been in the survey’s 19-year history.
The annual boardroom barometer of 165 CEOs and high-profile directors were asked to rate their level of optimism in the New Zealand economy and collectively scored it a 1.36 out of 5.
The survey is taken in association with BusinessNZ and was launched at a business breakfast held at the Cordis Hotel in Auckland on September 28 with both finance minister Grant Robertson and National’s finance spokesperson Paul Goldsmith.
Mainfreight chief executive Don Braid questioned Prime Minister Jacinda Ardern’s heavy reliance on government bureaucrats for advice and execution and her apparent unwillingness to listen to the private sector for ideas.
“There are many willing to devote time, energy and ideas in areas that allow New Zealand to find the right environment to operate in a post-lockdown economy,” Braid says.
Westpac chief executive David McLean says the future has never been so uncertain, but that means that the need for crisp and clear policies and plans has never been greater.
“We need to see pathways mapped, not just for how to escape from the current COVID-19 crisis, but to take us toward a better future by addressing some of the big challenges we face beyond COVID-19, such as increasing our productivity and tackling climate change,” McLean says.
Deloitte chief executive Thomas Pippos points to tax policy being a key issue.
“Though Labour’s proposal to increase the highest personal tax rate doesn’t impact on the majority, National has upped the ante by helicoptering in temporary tax relief across the board to stimulate economic growth. Tax therefore promises to be a very complicated and emotive topic, that will either be centre stage this election or not far from it,” Pippos says.
BusinessNZ chief executive Kirk Hope says Labour’s economic policy response to Covid has underpinned the economy in a challenging time.
“However, the long-term plans are less well understood. They will need to do a hard sell. National’s plans are slightly more pro-business. But both parties need to talk about how quantitative easing enables them to maximise a reduction in borrowing costs to help grow the economy.”
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