some of New Zealand's major trading partners is likely and could
limit the expansion of world trade. The Government has, therefore,
been actively seeking alternative trading opportunities.

One of the most important Bills to be considered this session will
be that establishing the New Zealand Export-Import Corporation.
New Zealand exporters and industry will, as a matter of choice,
be able to use the corporation's facilities in the promotion of their
activities.

The past year has seen a substantial increase in the flow of migrants,
particularly from the United Kingdom. Ministers are concerned to
see that immigration policy is better designed in future so that it
will support stable growth rates, but at the same time avoid economic
or social strain. A complete review of the Government's immigration
policy is being undertaken at present. Special immigration schemes
will be implemented to alleviate specific labour shortages.

New Zealand has enjoyed a year of buoyant economic conditions.
Employment and productivity have risen sharply under the encouragement
of the Government's policies.

The manufacturing sector is an essential element in New Zealand's
economic growth. The Government will continue to create the
climate for the confident expansion of manufacturing in general; to
provide selective measures for the encouragement of desirable growth
industries; and to ensure that growth is better spread throughout
New Zealand. Measures taken over the past year have already
contributed to these aims and industrial expansion in the regions is
resulting.

Stabilisation measures, designed to bear equitably on all sectors of
the community, have been introduced and my Government believes
that these will enable expansion in manufacturing to proceed in a
more settled climate. The revaluation of the New Zealand dollar,
together with restraints on internal prices and margins will help to
blunt the rising cost of imported materials, components, and other
commodities. To promote stability, enhanced competition, and better
information for the consumer, the Government will, during the
session, introduce legislation on trade practices, monopolies, and
takeovers.

My Government will ensure through its policies that the economy
is insulated, as far as possible, from the oil crisis which will affect
energy resources and the supply of raw materials. However, because
of this situation an unprecedented rise in the prices of certain goods
and services produced overseas has to be faced, and this will
adversely affect costs in New Zealand. Nevertheless, some industries
may have to consider using local resources which in the past have
been regarded as less economic than the imported alternatives.

Ministers aim to improve the potential of the labour force. The
introduction of an integrated labour market policy is under study.
This will help workers develop their full capacities, and at the same
time increase productivity and reduce labour shortages. To this end
tax rebates for those working overtime and shift work have been
introduced. A Bill designed to help employees acquire shares in the
companies they work for is being considered by a Select Committee
of the House. This Bill will give employees a direct stake in their
industry.

To give my Government a more effective means of implementing its
monetary policy, the Reserve Bank Act has been amended. The Bank
now has wider powers over financial institutions and is able to exercise
its control more effectively.