New Zealand will only achieve higher living standards and sustained economic growth through a far-sighted economic development programme, Economic Development Minister Jim Anderton said today following the release of Treasury briefing papers.

'The value of the Treasury briefing is that it makes plain the choice New Zealand faces. If we go down the road the National party was taking us, we will continue to suffer very poor growth and massive overseas deficits.

'The Treasury papers make it clear that a hands-off approach means cuts to retirement incomes, increasing decline in regional New Zealand and a growing gap between rich and poor.

'Treasury briefing papers make it plain that industry policies such as venture capital schemes, research and development assistance and the promotion of industry clusters are common in developed countries.

'Successful economic development requires partnership between the government and the private sector.

'The incoming government will promote job-rich new industries, especially in struggling regions. Instead of abandoning regions and accepting high unemployment and rural decline as inevitable, we will work in partnership to develop the economy with high-value, high-skill new industries,' Jim Anderton said.

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