Finance Minister Grant Robertson. Photo / Mark Mitchell
Finance Minister Grant Robertson. Photo / Mark Mitchell
The Government's 30-year Economic Plan has an overarching vision to "build a productive, sustainable and inclusive economy to improve the wellbeing and living standards of all New Zealanders".
The plan was released by Finance Minister Grant Robertson, Economic Development Minister Phil Twyford, Research, Science and Innovation Minister Megan Woods andSmall Business Minister Stuart Nash at Callaghan Innovation in Lower Hutt yesterday.
The plan has four goals. To grow and share New Zealand's prosperity, support thriving and sustainable regions, transition to a clean green and carbon neutral New Zealand and deliver responsible governance with a broader measure of success.
The plan outlines eight key economic shifts that are needed to enable the Government to achieve its vision.
1 The NZ economy moves from volume to value with Kiwi businesses, including SMEs, becoming more productive by:
• Building on NZ's existing strengths and international connections to leverage new opportunities in domestic and international markets. • Investing in new technology and being at the forefront of digital innovation including to drive mitigation and adaptation to climate change. • Thriving and dynamic small, medium and large enterprises.
2 People become skilled, adaptable and have access to lifelong learning through:
• Businesses accessing skills and labour when and where they need it. • People continually updating the skills they need for success in the future of work. • Higher wages and better conditions at work.
3 Deeper pools of capital are available to invest in infrastructure and grow NZ's productive assets so:
• NZ has the modern infrastructure needed to enable the transition to a low emissions economy. • Kiwis have confidence to invest in innovative NZ firms. • Regions and businesses have access to the world's knowledge and innovation through stronger international connections. • NZ businesses have timely access to capital to innovate & grow.
4 Strong and revitalised regions so:
• People and businesses thrive, irrespective of where they live or work. • Regions are connected and equipped with modern and resilient infrastructure. • Place-based comparative advantages and innovation strengths are backed.
5 Enable a step change for Māori and Pacific economies resulting in:
• Higher economic, social, environmental and cultural wellbeing. • The Crown and Maori, as partners, having strong, ongoing and effective relationships. • Success in business, education, employment, regions and land use.
6 Sustainable and affordable energy systems so:
• Businesses and households can access affordable, clean energy to achieve our economic potential. • NZ's foothold in high-value clean energy systems is established and NZ's know-how is exported to the world. • NZ's climate change targets are met by driving emissions reductions.
7 Land and resource use delivers greater value and improves environmental outcomes resulting in:
• Shifting land use to higher value use while maintaining and improving our environment. • Redesigning activities to minimise waste. • Transitioning to a low emissions economy.
8 Transform NZ's housing market to unlock productivity growth and make houses more affordable so:
• The housing shortage is overcome and capital investment is focused towards more productive areas of the NZ economy. • Current and future generations can access affordable housing in the places they desire close to the best jobs for them. • A productive building and construction sector results producing safe, healthy and durable homes and buildings.
