As a leading economist recently put it, our economy is in uncharted waters at present, with no precedent to help determine the way forward. He was referring to very low interest rates, very low inflation, consistent GDP growth, a high New Zealand dollar and rapidly increasing asset values. This has not happened before – at least not all at the same time, hence predicting future outcomes is difficult.
The result is a very buoyant economy and, in Auckland, we are experiencing unprecedented growth, driven by high immigration, with both residential and commercial construction leading the charge. Many of our members are experiencing a high level of activity right across the export, services and manufacturing sectors, and this is set to continue for some time yet.
GETBA’s AGM was held on 29 September. The 2015-2016 Annual Report and audited financial statements were presented and adopted, as were the 2016-2017 Business Plan and Budget, and 2017-2018 Indicative Budget. Notably there is no increase planned in the targeted rate income. The GETBA Committee remains in place with the seven existing members re-elected. I would like to thank the committee for their voluntary efforts steering the Association over the past year.
I’m also pleased to announce that all ten inaugural Association sponsors have renewed their commitment for the 2016-2017 year. We very much appreciate their contribution and encourage you to support them where you can.