Australia could benefit too because if the Turnbull Government was looking for a template to increase innovation, international competitiveness and make Australia's economy less reliant on the mining sector, then Minister Joyce's growth agenda ticks the right boxes.
Turnbull has already shown his pragmatism about adopting policy ideas, no matter where they come from. On New Zealand's equity crowdfunding framework, he said: "I'm very attracted to just taking the New Zealand law, deleting New Zealand, and inserting Australia."
What is striking about New Zealand central governance is the continued execution of an economic plan that is well-articulated, forcefully promoted and coherent across electoral cycles.
This consistent leadership is what has enabled the Government to complete 36 growth projects since 2012, including financial markets reform, the broadening of public participation in share markets through the share offer program and the development of new sources for capital via equity crowdfunding.
New Zealand, like Australia, is a commodity-based economy and the commodity price cycle has delivered both benefits and elements of the famous resource curse over the decades.
The comparison with Australia, which has experienced seismic political instability through five prime ministers in five years, could not be greater. A number of recent international reports into global competitiveness and innovation starkly illustrate the challenge for Prime Minister Turnbull. Australia is lagging New Zealand on both the WEF Global Innovation Index and the IMD World Competitiveness Index.
If you look at Minister Joyce's growth agenda you can see why.
New Zealand, like Australia, is a commodity-based economy and the commodity price cycle has delivered both benefits and elements of the famous resource curse over the decades. Diversification is the challenge and what this Government has done is systematically broaden the New Zealand economy by improving business access to capital, increasing support to the export sector and bolstering investor confidence through its policy settings.
The benefits of New Zealand's approach are real GDP growth that reflects the job-creation going on in the economy. The jobs of tomorrow will come from companies that may not exist today but innovation requires significant investment if it is to thrive.
As Minister Joyce says, New Zealand needs up to an additional $200 billion in new capital in the coming decade if the Government is to achieve its goal of lifting exports to 40% of GDP by 2025. The domestic sector will be unable to generate the requisite level of funding.
So his Investment Attraction Strategy is particularly welcome as foreign investment is critical to New Zealand's growth prospects and continuing economic diversification. Other new elements of the agenda are also well-conceived: modernising tax collection, reducing compliance costs and smoothing tax collection impacts on business cash flows.
The growth agenda has delivered real benefits - unemployment remains well below 6% and GDP growth above 3% despite the challenges of a catastrophic fall in dairy prices, historically high exchange rate and global market volatility.
The growth agenda has delivered real benefits - unemployment remains well below 6% and GDP growth above 3% despite the challenges of a catastrophic fall in dairy prices, historically high exchange rate and global market volatility.
What is also interesting about the New Zealand success story is Mr Joyce's ministerial role itself.
He has a broad range of responsibilities with his economic development portfolio. This has enabled him to take a hands-on approach across a range of policy areas that directly impact business conditions.
Australia doesn't have a similar ministerial position. Treasurer Scott Morrison has overarching responsibility for the economy, Christopher Pyne, as Minister for Industry, Innovation and Science, commands key elements of Joyce's role, while the Minister for Trade and Investment is Andrew Robb.
As Prime Minister Turnbull considers his options for setting the economic agenda for Australia in 2016 and beyond, he might consider borrowing not only New Zealand's equity crowdfunding law and growth agenda but also create his own economic development ministerial role.
Alex Malley is chief executive of CPA Australia.
