NewsBrief
No.45 - february 2004		TM

Welcome to the Year of the Monkey and “Kung Hei Fat Choy”! to our Chinese readers.

The 4,702 nd year of the Chinese calendar presents many challenges, particularly for Business. The government continues to prosper from unexpectedly robust and protracted economic growth, reflecting economic reforms it largely inherited.

Despite a record Budget surplus, the government's rejection of key economic measures most commentators consider essential ensures we continue to fall short of achieving our stated goal of being in the top half of the OECD economies by 2010. For many, the much vaunted “Knowledge Waves” have, like the “Halcyon days of Summer” come and gone, leaving Kiwi “Surfers” bobbing aimlessly about in the eddies.

New legislation covering Holiday Pay, Employment Agreements, and Sick Leave come into effect 1 April 2004, followed by a minimum entitlement of four weeks Annual Leave from 1 April 2007. These cost increases, together with further changes proposed in the Employment Relations Act Amendment Bill, presently before a Select Committee, have attracted trenchant criticism, particularly by Employer groups.

Encouraging signs for 2004 include the New Zealand and Australian governments Resuscitating discussions to advance our “Common Economic Market”. Rationalising trading conditions, particularly regulatory compliance requirements, would significantly reduce the Compliance burden, mainly affecting smaller businesses constituting the “heart “ of both economies.

The international chemical industry's Responsible Care ™ initiative is presently undergoing a searching and comprehensive review to ensure this unique, voluntary programme will continue to effectively address the emerging issues facing global chemical suppliers. Of immediate interest is the next major advance in the long-running saga of the Hazardous Substances Legislation; namely the Transfer of Dangerous Goods and Scheduled Single Component Toxic Substances into the new Control regime commencing 1 April 2004 (see following story).

Those born in the Year of the Monkey are enthusiastic, clever, business-minded and inventive. Add “inquisitive” and perhaps “mischievous” and we have most of the key traits needed by chemical industry leaders to successfully address the challenges which confront us all.