New Zealand is a net importer of capital and reliant on strong credit standing (though less critically so than in the past).6 We welcome international financial institutions and open capital markets for the innovation, networks and lower cost of capital they bring.
15  Slide 16  Corporate Profits and Labor Market Conditions Corporate Profits 7  Job Openingsto-applicants Ratio  Unemployment Rate  s.a., %  6  s.a., %  2.4  Ratio of current profits to sales (all industries and enterprises)  6  s.a., ratio New job openings-toapplicants ratio  2.2 2.0 5  5  Active Job Openingsto-Applicants Ratio  1.8 1.6  4  1.4 4 1.2  3  1.0 2  0.8  3  0.6  1  0.4 0 CY 05 06 07 08 09 10 11 12 13 14 15 16 17  2 CY 05 06 07 08 09 10 11 12 13 14 15 16 17  0.2 CY 05 06 07 08 09 10 11 12 13 14 15 16 17  16  Note: Figures for corporate profits are based on the Financial Statements Statistics of Corporations by Industry, Quarterly.