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No 9 June 2005

 

← No 10 July 2005 | eNewsletters | No 8 May 2005 →

1.  Economic Development Indicators 2005 confirm messages in 2004 Monitoring Report

A recently published report from the Ministry of Economic Development and The Treasury reinforces key messages in the 2004 Monitoring Report on the development of skills in New Zealand and the relationship of skills to our economic development.

Economic Development Indicators 2005 updates and expands on the Growth and Innovation Framework Benchmark Indicators Report published in August 2003. The indicators cover New Zealand’s economic performance, as it results from the actions of business, sectors, regions and central and local government. Many of the indicators are benchmarked to other OECD countries.

The high level findings are that:

• New Zealand’s economy has performed well, and in many areas, there is a more solid platform for growth
• New Zealand has a high rate of labour utilisation but low rates of productivity (by OECD standards).

The findings of particular relevance to the tertiary education sector are that:

• while New Zealand adopts new products and processes at a similar rate to the EU, expenditure on R&D remains low by OECD standards, particularly in the private sector
• international tertiary students and international research projects are an important part of building and maintaining international economic connections
• New Zealand’s skill levels are improving at a similar rate to other OECD countries. Educational attainment and participation are increasing. However, New Zealand is below the OECD median for adult literacy and the percentage of school leavers with no qualifications has remained reasonably constant since 1990 at around 15 percent.
• labour and skill shortages have recently become a major problem. Increasing the supply of skilled and talented peoples needs to remain a priority for government, education providers and employers.

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2.  Department of Labour forecasts continued skill shortages

The Monitoring Report 2004 included analysis of demand for skills in the labour market (see Skills in the Labour Market).

The latest Skills in the Labour Market report from the Department of Labour highlights further skill shortages being experience throughout the labour market, and most severly in the construction industry.

It notes that ‘we have witnessed several responses to skill shortages, including a higher rate of labour force participation, steadily rising wage growth, and more people studying and training, but we are yet to see higher growth in productivity’.

They forecast that skill shortages will continue through 2005 and may ease in 2006 as the construction boom moderates and labour productivity gains are made.

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3.  Updating of Monitoring Information

Information for 2004 enrolments has been added to most of the relevant indicators in the Monitoring Information section. Information from the 2004 Research and Development Survey has also been added.

4.  Related information of interest

Economic Development Indicators 2005

Report on the growth and innovation framework indicators, produced by Ministry of Economic Development and The Treasury, as referred to above. Available in HTML and pdf.

Skills in the Labour Market - March 2005

A report summarising the latest information on the extent of skill shortages and looking at the issues related to labour market capacity contrainsts. Produced by the Department of Labour. Available in HTML and pdf.

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