Statistics New Zealand and accounting software firm Xero have signed a trial data supply agreement that could improve the quality of statistics and produce new ones for the benefit of both government and business.
According to Statistics Minister Craig Foss says, the move is an “excellent example of the government working better for business.”
“Data is an invaluable resource,” Foss says. “It has the potential to revolutionise the way we govern and the way we do business - the opportunities are endless.”
Under the agreement, the financial data of some Xero customers, including information from profit/loss statements and balance sheets, will be sent to Statistics NZ for analysis.
“Better statistics lead to a better understanding of the economy and better decision making, which is good for everyone, including business,” Foss adds.
“It could also save business owners time by reducing the number of surveys they need to fill in.”
Foss says privacy and confidentiality of customers’ data is top priority and only those businesses that opt in to the trial will be included.