Overview

Economic growth is key to raising living standards, creating higher-paying jobs, and delivering the vital infrastructure and public services that New Zealanders want and deserve.

Going For Growth sets out 5 pillars driving the push for economic growth:

• Developing talent
• Competitive business settings
• Promoting global trade and investment
• Innovation, technology and science
• Infrastructure for growth.

Under each pillar is a raft of actions already underway to support growth – and there is much more to come. 

​​Strong foundations to foster economic growth

Stable macroeconomic settings and sound fiscal policy are essential for economic growth.

Low inflation, low interest rates and good fiscal management create the conditions for growth. Stability in these settings provides certainty for businesses and households, supporting their investment and long-term decision-making.

The Government will keep prioritising spending to areas where it matters most and will drive change to ensure that regulatory and tax settings do not hinder productivity. Ensuring that government expenditure represents value for money, and pursuing a credible path to surplus will allow fiscal headroom for the government to pursue ambitious policies for economic growth.

Going For Growth sets out the Government’s interest in a combination of reforms to support:

• increased capital investment by firms, supported by higher domestic savings and inbound overseas investment
• secure, affordable and abundant electricity supply, and
• tax and regulatory settings that support greater competition in key sectors (including banking, grocery and energy).

​​1. Developing talent

New Zealand’s most powerful asset is its people. The Government wants to maximise the potential of Kiwis. This means raising the earnings potential of New Zealanders and their living standards. It also means ensuring businesses can access the people needed to help them compete globally and grow.

Going For Growth sets out steps to:

• ensure education, training and immigration settings support economic growth, and
• improve education and skills performance.

​​​2. Competitive business settings

Well-designed regulatory settings provide a predictable environment that promotes competition and one where businesses are confident to employ more staff, invest, innovate and enter new markets. This drives growth that benefits all New Zealanders.

Going For Growth sets out steps to ensure regulatory settings:

• promote competition to boost productivity and living standards
• do not impose unnecessary complexity and compliance costs, and
• enable economic activity and growth.

​​3. Promoting global trade and investment

Global trade and investment are essential for New Zealand to maximise its potential and for New Zealanders to enjoy higher incomes and better public services. New Zealand’s economy is export-oriented, with the food and fibre and tourism sectors significantly contributing to foreign currency earnings.

Going For Growth sets out steps to:

• attract more high-quality foreign direct investment into New Zealand to grow the economy, and
• support exporters to grow their offshore markets, creating more jobs and opportunities.

​​4. Innovation, technology and science

Using new ideas, knowledge and technology to develop better ways of doing things helps the New Zealand economy grow.

Having more businesses investing in technology and innovation will create higher-paying jobs for New Zealanders and diversify the economy into new industries and markets.

Smarter use of advanced technologies and more investment in capital will enable New Zealand businesses to be internationally competitive.

Going For Growth sets out steps to:

• reform and modernise the innovation, technology and science system
• update regulatory settings to enable more timely decision making, free up innovators to test their technology and ideas, and support businesses to demonstrate the integrity of their products so they can access export markets, and
• accelerate uptake of automation, Artificial Intelligence, data analytics and better technology across both the public sector and the wider economy.

​5. Infrastructure for growth

Well-planned infrastructure supports the efficient and sustainable movement of people, goods, and information. It facilitates trade and investment while improving living standards and is key to enabling and driving economic growth.

Going For Growth sets out steps to:

• enable more quality infrastructure, by reducing the roadblocks to its delivery, and
• deliver significant reforms in key infrastructure sectors, including transport, energy, housing and public services.