It also frees Key to work on the defining characteristics for his Government and address some thorny issues flung up during the election campaign, such as child poverty.
Key's new Cabinet lineup has been adroitly designed when it comes to assessing its makeup from a business perspective.
He has a strong front row of ministers with plenty of new talent being blooded in the lower ranks.
As foreshadowed in an interview I did for the Herald's recent Infrastructure Report, Finance Minister Bill English expands his power base.
He picks up Housing New Zealand, which is central to the policy that will be rolled out this term to put social housing on a more commercial footing.
But crucially, Key has put high-flying minister Paula Bennett alongside English as State Services Minister to help drive the "investment ethos" the pair pioneered in Bennett's former Social Development portfolio further into the public sector.
The first focus is likely to be the justice system, especially prison services where reoffending rates pose fiscal risks. English's determination to look at the use of "big data" to drive public sector performance will also be explored.
Treasury Secretary Gabriel Makhlouf was relatively restrained when I discussed what will ultimately be the defining edge of this Government's economic agenda in Wellington this week.
Makhlouf's analytical teams have been working on a range of policies "for our times" under English's direction.
They have yet to be packaged in the fashion of "Economic Management", the 1984 agenda that was the blueprint for the liberalisation of the economy in the "Rogernomics" era, or the later "Government Management" document which foreshadowed the widespread reforms that were a hallmark of an earlier Treasury Secretary, Graham Scott.
But the "investment" focus - along with the Treasury's continuing focus on "improving the living standards for all New Zealanders" - will underpin what English describes as an exciting period for him in the coming three years after the travails of managing through the global financial crisis and the impact of the Canterbury earthquakes which slam-dunked the economy for a while.
There is a radical element to what English has in mind which will be spelled out in next May's Budget, which for the first time will show the investment focus.
On the housing front, English will again be joined by Bennett (who has been given Social Housing) and Nick Smith as Housing Minister to attack one of the Government's biggest challenges. Planning roadblocks have to be cleared to ensure more urban land is made available in cities (particularly Auckland) for moderately priced housing. Non-profit community housing providers will also be introduced into the social housing mix to provide more competition and efficiency.
Steven Joyce - as expected - remains in charge of the Business Growth Agenda. The challenge for Joyce is to focus on what will enable the Government to meet its export target, which it is so far undershooting.
Putting Simon Bridges into the Transport portfolio is a make-or-break move. He is firm but conciliatory and has made a reasonable fist of Energy.
There is no denying third-ranked minister Gerry Brownlee's competence. But he can be abrupt and does not readily gel with the moving shoals of Auckland's governance.
Brownlee continues to be responsible for Canterbury earthquake recovery. But with Cera's functions set to move next year under the wing of the Department of Prime Minister and Cabinet, Key can also be expected to play a leadership role here.
Other ministers to be blooded in new business-related portfolios include Bennett (Tourism), and Michael Woodhouse, who has responsibility for Workplace Relations and Safety - a change of name and emphasis from the previous Labour portfolio.
Renewal has also been flagged.
Two ministers who have clocked up the frequent flyer miles pursuing our interests overseas have been delicately moved slightly down the pecking order.
For both Murray McCully (Foreign Affairs) and Tim Groser (Trade) this is expected to be their final term.
Key appears to have singled out Todd McClay as a potential successor to either politician, making him both Associate Foreign Minister and Associate Trade Minister. While McClay retains his Revenue portfolio (this time from within the Cabinet) he makes no secret of his ambition to hold an external portfolio - particularly Trade. He has also been given another weighty portfolio in State-Owned Enterprises, where the Government has been grappling with how to manage and increase the commercial performance of SOEs such as KiwiRail and Solid Energy.
English will still be the overlord in these areas but there is much to be done with the Treasury working on various options.
For Groser this will be the first time he has had an associate. (He has been McCully's associate for the past six years.)
Key is not a purist when it comes to trade negotiations and is understood to have lent a guiding hand to ensure a palatable compromise is reached in difficult talks - like the Korean free-trade deal, where South Korea signalled it would go it alone with Australia and Canada if New Zealand did not play ball. Key has also shifted the emphasis of Groser's Climate Change portfolio away from international negotiations in recognition that the main negotiating play has yet to unfold.
What Key will be hoping from McClay's appointment is to spread the load so that McCully and Groser also have time to attend to the Wellington backlog and to have a potential replacement blooded if either takes a top-level international posting before the term expires.
Paul Goldsmith's appointment as Commerce and Consumer Affairs Minister (outside the Cabinet) is also relevant. He is as sharp as a tack and is expected to be a quick study getting to grips with difficult issues such as the policy on cartels, which has caused great friction between business and the Commerce Commission,
The Resource Management Act reforms will come under renewed scrutiny with Environment Minister Nick Smith expected to defuse the controversy over marrying a variety of environmental and economic objectives.
Expect to see more use of National Policy Statements, particularly in Auckland to alleviate housing problems.
It won't quite be business as usual. But it looks like an exciting - and possibly radical - three years ahead.
