An economy that is growing and working for all of us
We are building a modern economy that is fit for the 21st century. That means being smarter in how we work. It means an economy that produces and exports higher value goods, one that protects our environment, supports our regions to grow, and one that makes sure all New Zealanders share in the rewards of economic growth.
We cannot continue to rely on an economy built on population growth, an overheated housing market and the export of raw commodities. That has led to the gap between rich and poor widening, our regions being neglected, and too many people being left behind.
A. Grow and share New Zealand’s prosperity more fairly
Partnering with business to encourage innovation, productivity and build a skilled workforce through:
- R&D - incentivising business to expand their investment in research and development
- Trade for All Agenda – backing exporters through modern free trade agreements like the CPTPP, and seeking trade deals with the EU and UK
- The $100m Green Investment Fund – supporting investment in smart, low carbon industries
- Ensuring the Reserve Bank works to keep both inflation and unemployment low
- Immigration – helping regions get the skilled workers they need
- The Future of Work Tripartite Forum – working with business and unions to help workers and workplaces adapt to future challenges
We are unlocking new growth through investment in infrastructure. We are investing $42 billion in net capital spending over the next five years to support our plan to rebuild New Zealand’s infrastructure and critical public services.
We are easing financial pressure on families. Too many New Zealanders are struggling to make ends meet. We are:
- Boosting the income of 384,000 families through the Families Package
- Helping superannuitants with their power bills with the Winter Energy Payment
- Increasing the minimum wage
- Enhancing the SuperGold card
- Closing the gender pay gap
- Extending Paid Parental Leave
- Extending pay equity for new groups like mental health workers
B. Support thriving, sustainable regions
We are supporting regions to flourish by creating new opportunities for regional economies through:
- The Provincial Growth Fund’s $3b investment in new jobs and opportunities
- The One Billion Trees programme to create jobs and environmental benefits
- Investing in tourism industries and infrastructure through the International Visitor Conservation and Tourism Levy
- Boosting the value of primary sector exports
C. Govern responsibly
Through our Budget Responsibility Rules we are carefully managing the government books, running surpluses, and being prudent with debt so we can cope with any future challenges. At the same time, we are developing broader measures, over and above just GDP, to better reflect New Zealanders’ lives. The Wellbeing Budget in 2019 will demonstrate the Government’s commitment to a people-centred approach.
D. Transition to a clean, green carbon neutral New Zealand
We want our country to be in great shape for the next generation, so we are building a sustainable future through:
- Setting a target for a net zero carbon economy by 2050
- Phasing out offshore oil and gas exploration carefully over time so there is a just transition
- Better managing waste
- Phasing out single use plastic bags
- Encouraging the use low emission vehicles
Our unique biodiversity will be protected by investing in pest eradication, lifting the quality of freshwater and other measures.