In terms of housing affordability, Sir Jerry said the Government would create more Special Housing Areas to ensure more new housing developments.
"Changes to the Resource Management Act will assist housing supply in the longer term", he said.
One of Mr Key's first key announcements following the formation of his new Government was a controversial review of current laws around New Zealanders who went to fight or planned to fight for Islamic State and other terrorist groups.
"The rapid rise of the Islamic State of Iraq and Levant poses international, regional and local risks which the Government will respond to in a responsible way", Sir Jerry said.
A more comprehensive review would begin next year as part of the Government's commitment to "a strong security and intelligence community which operates within a clear legal framework and with the security of New Zealanders at its heart".
Mr Key's Government is also likely to meet controversy with its planned changes to employment law and the Resource Management Act.
Speaking about the Government's plan to look at changing the flag, Sir Jerry said the possible change would be put to the public.
"There will be no presumption of change, but there will be a very open process which will welcome and encourage full public input and debate."
Sir Jerry said the Government was "privileged to have won the trust and goodwill of New Zealanders for a third Parliamentary term, and will seek to re-earn that trust and goodwill every day over the next three years".