- Title: NEW ZEALAND: New Zealand's new coalition government swearing- in ceremony
- Date: 19th November 2008
- Summary: (W1) AUCKLAND, NEW ZEALAND (FILE) (REUTERS) AUCKLAND SKYLINE NEW ZEALAND FLAG
- Embargoed: 4th December 2008 12:00
- Keywords:
- Location: New Zealand
- Country: New Zealand
- Topics: Domestic Politics
- Reuters ID: LVA88A6AF1ODMD7DFO504H5RO3B7
- Story Text: New Zealand's new government is sworn-in, promising quick action to pull the country out of recession.
New Zealand's new government was sworn in on Wednesday (November 19) with Prime Minister John Key promising quick action to start pulling the country out of recession.
The centre-right government led by the National Party promised a swift program of tax cuts, infrastructure spending and regulatory reform to stimulate the economy.
It has struck deals with the free-market Association of Consumers and Taxpayers (ACT), centrist United Future and indigenous Maori parties, giving them ministerial posts outside of cabinet and some policy concessions in return for guaranteed support on confidence and financial matters.
The 47-year-old Key, a former foreign exchange dealer with only six years political experience, said his government would be one of change.
The formation and swearing in of the new government had been accelerated to allow Key to attend the Asia Pacific Economic Cooperation (APEC) summit in Peru.
New Zealand has been in recession since the start of the year and some analysts believe it will not pull out until 2009 as weak consumer spending, falling house prices and the global credit crisis bite.
The National government has promised to move quickly to legislate for further income tax cuts to take effect in April, increase spending on infrastructure projects, and start the reform of planning laws to stimulate the economy.
The new Parliament will sit for the first time on Dec. 8 National had the biggest share of the vote in the Nov. 8 general election, ending nine years of centre-left Labour Party rule under Helen Clark, but was short of a majority.
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